Floating Solar Market Share 2023- Global Industry Trends, Revenue, Growth Drivers, Challenges, Business Opportunities and Future Outlook till 2033: SPER Market Research
Photovoltaic solar panels installed on floating structures in lakes, reservoirs, quarry lakes, irrigation canals, or sea areas are referred to as floating solar panels, or floatovoltaics. Tracked systems and stationary structures are the two primary categories of floating solar panel systems. Fixed structures are immobile, floating on the water’s surface, but tracked systems can move by constantly orienting themselves to face the sun in order to maximize solar power output. When compared to conventional land-based installations, floating solar panels offer a number of advantages. They do not occupy precious land, which could be put to better use for other profitable purposes. Installed on direct land surfaces, which are more likely to heat up quickly, the panels perform and are more efficient because of the water’s ability to keep them cooler. As the solar panels block direct sunlight, floating solar farms also aid in lowering evaporation from the waterbody.
According to SPER market research, ‘Floating Solar Market Size– By Type, By Technology, By Location, By Capacity- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Floating Solar Market is predicted to reach 70.33 billion by 2033 with a CAGR of 30.02%.
As fossil fuels run out, there is a growing need for sustainable energy sources, which is propelling the global floating solar panel market. The need for sustainable energy solutions is rising as people become more aware of environmental issues. Because floating solar panels don’t need to be on land, they have an advantage over standard solar panels in that they may be installed in water bodies like lakes, ponds, and reservoirs. They are the perfect option for nations where there is a shortage of land available for the production of solar energy due to this property. Furthermore, because installing solar photovoltaic cells on bodies of water slows the growth of algae and lowers evaporation, maintaining water cleanliness, the demand for floating solar panels is anticipated to rise dramatically in famine-prone countries over the course of the projection period.
The greater installation and maintenance expenses of floating solar panels in comparison to standard solar panels are one possible barrier to the global market for these panels. Although floating solar panels have several benefits, including less water evaporation and land conservation, their particular design necessitates expert installation and upkeep. Furthermore, maintenance expenses may rise due to the challenging environmental factors found in bodies of water, such as wind and waves. These elements may result in floating solar panels being less economical than standard solar panels, especially in areas with cheap electricity prices.
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Impact of COVID-19 on Global Floating Solar Market
The COVID-19 pandemic severely affected product demand, which had a knock-on effect on the floating solar panel industry due to the lockdowns that were put in place in numerous countries. Since the outbreak in December 2019, lockdowns around the country have halted production of solar panels and their components. The market for floating solar panels was impacted by curfew-like rules that prevented businesses—apart from those providing necessities—from operating in various countries.
Floating Solar Market Key Players:
Geographically, North America dominated the market because of the adoption of advantageous government policies and the rising need for renewable energy sources. Utility-scale projects are anticipated to dominate the US market due to the nation’s rising electricity consumption and supportive laws encouraging the use of solar energy. Significant participants in the market also include Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, and other well-known companies.
Floating Solar Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Floating Solar Market is segmented as; Solar-Tracking Floating Solar Panels, Stationary Floating Solar Panels.
By Technology: Based on the Technology, Global Floating Solar Market is segmented as; Concentrated Solar Power, Photovoltaic.
By Location: Based on the Location, Global Floating Solar Market is segmented as; Offshore, Onshore.
By Capacity: Based on the Capacity, Global Floating Solar Market is segmented as; Below 5MW, 5MW – 50MW, Above 50MW.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Floating Solar Market Future Outlook
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