Floating Solar Panels Market Size, Share & Trends Analysis Report By Product (Tracking, Stationary), By Region (Asia Pacific, North America, Europe, Middle East & Africa) And Segment Forecasts, 2022 - 2030

Report Overview

The global floating solar panels market size was valued at USD 30.16 million in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 22.5% from 2022 to 2030. Increasing focus on clean fuel power generation energy sources coupled with insufficiency of the land area will boost the global market during the projection period. Regulatory boards across the world are setting up several targets related to clean energy, which will help in controlling the pollution level. The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owing to the growing demand for dependable renewable sources of energy for power generation.

The U.S. market is anticipated to witness substantial growth in the forecast period on account of strong federal schemes that include rising demand across the public and private sectors for green electricity, and solar investment tax credits. As per the Solar Energy Industries Association, in 2019, the United States solar industry generated an investment of USD 33 billion of private investment. Strict regulations to limit GHG emissions will propel global market growth. In 2016, the Government of China under its 13th 5-year plan introduced its plans to lessen the emission level to 18% by 2020.

Low- to high-capacity scalability, adaptability to any electrical configuration, ease to dismantle and assemble, and the least requirement of heavyweight equipment in the manufacturing of solar panels are some of the features, which undoubtedly inspire the business scope. The rapid reduction in fossil fuel reserves has created a need for the utilization of renewable sources of power generation. Solar energy, being one of the fastest-growing renewable sources of energy owing to the easy system installation, leads to further growth of the market. The advantages associated with floating panel installations are likely to propel the growth.

Product Insights

The stationary floating solar panels segment led the market and accounted for a share of 80.42% of the global revenue in 2021. Stationary floating solar panels can be deployed easily on a body of water, such as a reservoir or a lake. Stationary floating solar panels also double as shades for the water body, which reduces the evaporation of water. Due to the use of low-cost, high-strength elastic in the construction of the panels, the cost of installing a stationary floating solar panel is cheaper than that of installing a tracking floating solar panel. Growing expenditures in the manufacturing and installation of solar panels in developing countries are expected to enhance demand in the coming years due to the stable, lasting, and dependable nature of solar tracking technology with lower maintenance costs.

Tracking solar panels are very competitive due to their ability to follow the sun, increasing the system’s operating output. Due to its higher operational productivity, tracking solar technology is projected to gain traction in floating solar farms, which will have a beneficial impact on demand. However, due to its moving elements, tracking solar panels require more maintenance than fixed floating solar panels farms, which is expected to hinder the segment growth in the coming years. Tracking floating solar panels held a significant share of the global revenue in 2021.

Solar tracking technology is more efficient as compared to its counterpart; stationery panels are preferred over solar tracking panels owing to the high cost associated with the product. However, the growing research & development investments by manufacturers are expected to bring down the maintenance cost, which, in turn, is expected to drive market growth over the next nine years. The solar tracking technology is expected to grow at a faster rate as compared to its counterpart in developed economies on account of its high-performance efficiency.

Regional Insights

Asia Pacific dominated the global market in 2021 and accounted for the largest revenue share of over 73.27%.In Japan, the level of penetration of floating solar panels is high due to the less availability of land tied to the limited amount of fossil fuels. As a result, the government has authorized several plans for floating panels to meet the growing electricity consumption with lesser damage to the environment. In the APAC region, the penetration of floating solar technology is expected to surge due to its high market potential. In addition, a decrease in solar panel costs in the region coupled with growing awareness about floating solar technology is anticipated to boost market growth over the coming years. For instance, in 2018, KYOCERA Corporation of Japan started its operation at Japan’s largest 13.7 MW floating solar panel plant.

The market is likely to grow in developed countries like France, Germany, the U.S., and Canada owing to supportive regulations that are sponsoring the usage of solar energy for power generation. Furthermore, factors, such as land availability and the ability to float solar technology to decline the effect of evaporation, are likely to boost the product demand. The installation of floating solar farms reduces the rate of evaporation, which, in turn, assists in cutting the prospect of drought in locations with high temperatures, such as central states of the United States. The shortage of land space for setting up ground-mounted PV cells in some countries will fuel the market growth. For instance, Singapore, with a land area of over 700 Km2 (270 sq. miles) for over 5.70 million population, is working agitatedly to efficiently utilize its areas for the deployment of new floating solar panels.

Key Companies & Market Share Insights

The global market is highly competitive due to the presence of major industries across the region as these companies are fairly concentrated and highly competitive. Ciel & Terre is one the biggest installer in the market. The company operates in almost all parts of the world with a well-established track record of over 180 floating solar PV farms. The company has installed more than fifty percent of the total number of floating solar panel farms present across the world. Also, the company is the utmost active participant in the industry and has up-to-date technology solutions. Some of the prominent players operating in the global floating solar panels market are:

• Ciel & Terre International

• Hanwha Group

• JA SOLAR Technology Co. Ltd.

• KYOCERA Corp.

• LONGi Solar

• Trina Solar

• Vikram Solar Ltd.

• Wuxi Suntech Power Co., Ltd.

• Yellow Tropus Pvt. Ltd.

• Yingli Solar

Floating Solar Panels Market Report Scope

Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, Grand View Research has segmented the global floating solar panels market report on the basis of product and region:

• Product Outlook (Capacity, MW; Revenue, USD Million, 2019 - 2030)

  • Tracking Floating Solar Panels

  • Stationary Floating Solar Panels

• Regional Outlook (Capacity, MWs; Revenue, USD Million, 2019 - 2030)

  • North America

    • U.S.

  • Europe

    • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • Central & South America

  • Middle East & Africa