Floating Solar Panels Market
The global floating solar panels industry is witnessing significant growth as countries around the world seek innovative solutions to meet their renewable energy targets. Floating solar panels, also known as floatovoltaics, offer a unique approach to solar energy generation by utilizing water bodies such as lakes, reservoirs, and ponds for the installation of photovoltaic systems. This technology provides several advantages, including the optimization of land use, reduced water evaporation, and improved energy efficiency due to the cooling effect of water. As the demand for renewable energy continues to rise, floating solar panels are becoming an increasingly attractive option for governments and private investors alike.
One of the key drivers of the floating solar panels market is the increasing need to maximize the use of available space for renewable energy projects, particularly in densely populated or land-scarce regions. Additionally, the environmental benefits of floating solar panels, such as the reduction of water evaporation and the enhancement of water quality, are attracting attention in regions facing water scarcity. Technological advancements and cost reductions are also contributing to the growth of the market, making floating solar panels more accessible and economically viable. As more countries adopt this technology, the global floating solar panels market is expected to expand significantly, playing a crucial role in the global transition to renewable energy.
According to MRFR's study materials, the floating solar panels market research report provides information by region, product, and location, with a forecast. The market for floating solar panels is expected to grow significantly between 2022 and 2030, at a substantial compound annual growth rate of over 24.40%, during the evaluation period.
The study documents suggest projections related to the global market's mounting revenue data, which will likely attain a market of USD 4.3 billion by the end of 2032.
As per the reports, the market was priced at almost USD 0.8 billion in 2022. The Floating Solar Panels market has recently advanced. The main feature causing a rise in market performance is the growing demand for clean and renewable energy around the world. Furthermore, several nations are turning to clean energy sources. Because of its substantial untapped potential, floating solar is becoming more popular among the available sources, with the availability of government incentives and tax refunds over the deployment of photovoltaic technology.
Competitive Analysis
- GEITS
- Kyocera Corporation
- Wuxi Suntech Power Ltd.
- Japan Mega Solar Power Co.
- Yingli Solar
- Suntech Power Holdings Co. Ltd.
- SPG Solar
- Solaris Synergy
- Ciel & Terre
- Sharp Corporation
- Trina Solar Limited
Market Drivers
The Floating Solar Panels market has recently advanced. The main feature causing a rise in market performance is the growing demand for clean and renewable energy around the world. Furthermore, several nations are turning to clean energy sources. Because of its substantial untapped potential, floating solar is becoming more popular among the available sources, with the availability of government incentives and tax refunds over the deployment of photovoltaic technology.
Market Restraints
On the contrary, various aspects may harm expanding the global market for Floating Solar Panels. One of the main restraints in advancing the market's growth is the elevated prices allied with raw materials.
Segment Analysis
The global market for Floating Solar Panels has been segregated into various segments based on location, product, and region.
Based on the product, the global market for Floating Solar Panels is divided into tracking floating solar panels and stationary floating solar panels.
Based on the location, the global market for Floating Solar Panels is divided into offshore and onshore.
Regional Analysis
The study offers market data by region for North America, Asia-Pacific, Europe, and the Rest of the World.
The study documents by MRFR entail that The Asia-Pacific Region ensured the prime position across the Floating Solar Panels market in 2022, with the largest contribution of nearly USD 0.3 billion. The regional market is anticipated to grow substantially during the assessment period at a healthy growth rate of around 42.80%. The area is recognized for dynamic development contributors such as China, India, and Indonesia. The primary aspect boosting the development of the regional Floating Solar Panels market is the absence of suitable land and a steady supply of fossil fuels. To meet the rising demand need for electricity while minimizing environmental harm, the government has approved a wide variety of designs and constructions for floating solar panels.
The North American region is estimated to grow at the highest pace across the Floating Solar Panels market over the assessment era. The area is recognized for dynamic development contributors such as Mexico, Canada, and the US. The primary aspect boosting the development of the regional Floating Solar Panels market is the capacity of floating solar technology to lower evaporation and land availability. In regions with high temperatures, like the central regions of the United States, the deployment of floating solar farms reduces the rate of evaporation, which assists in lessening the likelihood of drought.
The European Region will grow substantially across the Floating Solar Panels market from 2023 to 2032. The area is recognized for dynamic development contributors such as Germany, France, and the UK. The primary aspect boosting the development of the regional Floating Solar Panels market is the laws that favor the use of solar energy for generating electricity. Furthermore, land availability and solar technology's capacity to float to lower the impact of evaporation are anticipated to increase product demand.
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