The floating solar panel global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Floating Solar Panel Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The floating solar panel market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to rising government incentives, growing energy demand, water utility partnerships, corporate sustainability goals, and environmental regulations.
The floating solar panel market size is expected to see exponential growth in the next few years. It will grow to $8.73 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to energy storage solutions, cost reduction in solar technology, research and development, financial incentives and grants, and global renewable energy initiatives. Major trends in the forecast period include water quality improvement, insurance and financing, innovation in materials, public-private partnerships, and consumer demand.
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Scope Of Floating Solar Panel Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Floating Solar Panel Market Overview
Market Drivers –
The rising inclination towards renewable energy generation is expected to propel the growth of the floating solar panel market going forward. Renewable energy generation is rising due to increasing environmental awareness and the need to reduce greenhouse gas emissions. Floating solar panels enhance renewable energy generation by utilizing water surfaces for solar installations, increasing efficiency through cooling effects, and conserving valuable land resources, making them ideal for areas with limited land availability. For instance, in June 2024, according to the Department of Energy Security and Net Zero, a UK-based governmental organization, in the energy trend statistics for quarter 3 of 2023, renewable electricity generation reached 30.1 terawatt hours (TWh), marking a 6.8% increase compared to the corresponding period in 2022. Therefore, a rising inclination towards renewable energy generation is driving the growth of the floating solar panel market.
Market Trends –
Major companies operating in the floating solar panel market are focusing on developing advanced products with floating photovoltaic technology to enhance energy efficiency, reduce costs, and improve durability. Floating photovoltaic technology involves installing solar panels on floating platforms or bodies of water that enhance efficiency by cooling the panels and reducing land use, making it ideal for areas with limited land availability. For instance, in November 2023, Masdar, a UAE-based renewable energy company, partnered with PLN, an Indonesia-based utility company, to launch the 145-megawatt Cirata floating solar plant in Indonesia, which is the largest in Southeast Asia. The Cirata plant, built on a 250-hectare plot in West Java, is Masdar’s first floating photovoltaic project and aims to power 50,000 homes while offsetting 214,000 metric tons of carbon dioxide emissions annually. Floating solar plants such as Cirata are particularly beneficial for countries with limited land resources, offering higher efficiency due to water cooling effects.
The floating solar panel market covered in this report is segmented –
1) By Product: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Technology: Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Station Location: Onshore, Offshore
4) By Application: Utility, Residential
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Regional Insights –
North America was the largest region in the floating solar panel market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating solar panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the floating solar panel market are Mitsubishi Electric Corporation, Sharp Corporation, LONGi Solar, JinkoSolar Holding Co. Ltd., Kyocera Corporation, Trina Solar Limited, JA Solar Technology Co. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Solar Systems Ltd., Risen Energy Co. Ltd., SunPower Corporation, Adani Green Energy Ltd, Akuo Energy, SPI Energy Co., Ltd., Hanwha Q CELLS, BayWa r.e. renewable energy GmbH, Adtech Systems, LS Electric Co., Ltd., Pristine Sun Corporation, Sinovoltaics Group, Ciel & Terre International, Yingli Green Energy Holding Company Limited, Solaris Synergy
Table of Contents
1. Executive Summary
2. Floating Solar Panel Market Report Structure
3. Floating Solar Panel Market Trends And Strategies
4. Floating Solar Panel Market – Macro Economic Scenario
5. Floating Solar Panel Market Size And Growth
…..
27. Floating Solar Panel Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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