Global Floating Solar Panels Market Size Set to Record Accelerated Growth at High CAGR of 26.8% during 2022–2028

Published | 10 November 2022

Global floating solar panels market is flourishing owing to the increasing usage of floating solar panels as it is a relatively new, affordable, and dependable sustainable option for generating solar electricity from unused water surfaces in lakes or reservoirs.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects the size of global floating solar panels market to grow at an impressive CAGR of 26.8% during the forecast period between 2022 and 2028. Major driving factors for global floating solar panels market include an increased emphasis on clean fuel power generating energy sources and a lack of available land. Regulatory organizations across countries are setting several clean energy goals that will aid in lowering pollution levels. Global attention has shifted away from conventional energy sources to green energy alternatives because of global warming and the rapid depletion of fossil fuels brought on by their use. The market is expected to grow because of shifting consumer preferences for power generation from renewable energy sources, such as solar and wind, numerous government initiatives to promote solar energy, rising energy demand, and increasing investments in renewable energy.

Global Floating Solar Panels Market – Overview

Due to the depletion of natural resources, such as crude oil, coal, and natural gas, as well as the harmful effects of fossil fuels on the environment, there has been an increase in the demand for renewable energy. Solar energy is regarded as a renewable energy source due to its widespread availability and accessibility. Compared to traditional solar panels, floating solar panels have several benefits. The demand for floating solar panels is expected to rise as a result, especially in areas with water bodies. Investor confidence is increased by the availability of skilled labor and government initiatives. Renewable energy sources are being used by countries with power shortages to meet their increasing demands. Floating solar panels are a less expensive alternative for solar power installations on land. An increasing demand for renewable energy sources is driving the growth of global floating solar market.

Favorable features of floating solar panels include low- to high-capacity scalability, adaptability to any electrical configuration, ease of dismantling and assembling, and the least requirement of heavyweight equipment in the manufacturing of solar panels. The rapid depletion of fossil fuel reserves has necessitated the use of renewable energy sources for power generation. Solar energy, as one of the fastest-growing renewable energy sources due to the ease of system installation, drives the market growth.

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Global Floating Solar Panels Market – Technology Advancements

Various massive projects have been envisioned to guarantee the floating solar panel market's prosperous future. Both stationary solar panels and floating solar panels with sunlight tracking have significantly different total capital and operating costs. The simple availability of stationary panels has increased the need for these panels. Major investors in renewable energy as a competitive alternative energy source in Europe include the UK and the Netherlands.

Global Floating Solar Panels Market – Segmental Information

Global floating solar panels market has segments, such as Stationary Floating Solar Panels and Solar-Tracking Floating Solar Panels based on type; On-Grid and Off-Grid based on connectivity; and Up to 1MW, 1MW–5MW, and more than 5MW based on capacity; The more than 5MW capacity segment is projected to dominate global floating solar panels market, accounting for most of the market share.

Impact of COVID-19 on Global Floating Solar Panels Market

COVID-19 pandemic affected product demand, adversely affecting the market for floating solar panels. Since the outbreak in December 2019, these lockdowns temporarily halted production of solar panels and their components. Curfew-like conditions prevented businesses, other than those providing essential services, from operating in several countries, reducing demand for floating solar panels. From the second half of 2020 onwards, several countries began to relax restrictions to improve their economic conditions. As a result, demand for floating solar panels is expected to rise in the coming years.

Competitive Landscape

Prominent players in global floating solar panels market include Hanwha SolarOne, Sharp Corporation, Canadian Solar Inc., Sun Power Corporation, REC Solar Holdings AS, SolarWorld Americas Inc., Panasonic Electric Works Europe AG, Ciel & Terre International, Solaris Energy Inc., Kyocera TCL, Trina Solar, Swimsol, Vari Pontoon Pvt Ltd, and Akuo Group. These companies use various strategies, including increasing investments in their R&D activities, mergers and acquisitions, joint ventures, collaborations, licensing agreements, and new product and service releases to further strengthen their position in global floating solar panels market.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Floating Solar Panels Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Floating Solar Panels Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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