Floating Solar Panels Industry Overview
The global floating solar panels market size is expected to reach USD 180.21 million by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 22.5% from 2022 to 2030. 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.
In addition, the reduction in land-related costs is likely to boost the demand over the forecast period. The stationary floating solar panels segment led the market in 2021. The segment is expected to keep its leading position over the forecast period. Stationary floating solar panels do not take up land area and are easy to install. These panels can be deployed easily on a body of water, such as a reservoir or a lake.
Floating Solar Panels Market Segmentation
Grand View Research has segmented the global floating solar panels market based on product and region:
Based on the Product Insights, the market is segmented into Tracking Floating Solar Panels and Stationary Floating Solar Panels
- The stationary floating solar panels segment led the market and accounted for a share of 80.42% of the global revenue in 2021.
- 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.
Floating Solar Panels Regional Outlook
- North America
- Europe
- Asia Pacific
- South & Central America
- Middle East & Africa (MEA)
Key Companies Profile & 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 prominent players in the global Floating Solar Panels market include:
- KYOCERA Corp.
- Trina Solar
- Yellow Tropus Pvt. Ltd.
- Wuxi Suntech Power Co., Ltd.
- Yingli Solar
- Ciel & Terre International
- LONGi Solar
- JA SOLAR Technology Co. Ltd.
- Hanwha Group
- Vikram Solar Ltd.
Order a free sample PDF of the Floating Solar Panels Market Intelligence Study, published by Grand View Research.
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