Press release
Floating Solar Panels Market Size, Statistics, Share Price, Growth Prospects, Industry Trends 2031
The global floating solar panels market was valued at US$ 0.7 Bn in 2021
It is estimated to advance at a CAGR of 43.02% from 2022 to 2031
The global floating solar panels market is expected to reach US$ 24.5 Bn by the end of 2031
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Analysts' Viewpoint on Floating Solar Panels Market Scenario
Increase in demand for clean energy is driving the search for new solutions and possibilities related to solar floating power plants. Floating solar panel is based on the more mature, ground-mounted solar panel technology, and benefits from a wide range of installation possibilities. Solar energy is one of the leading solutions for addressing climate change. The number of distributed PV (photovoltaic) solar systems installed on rooftops and solar farms to increase clean energy production has been rising since the last few years. Consistent research and development in the renewable energy sector has led to innovation of a new device called floating solar panel. These panels are PV modules mounted on platforms that float on water reservoirs, lakes, and where conditions are favorable, such as seas and oceans. However, these floating PV systems are more challenging and expensive to construct.
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Advantages of Floating Solar Over Land-based Systems to Drive Floating Solar Panels Market
Floating solar eliminates the need to acquire expensive land areas for harvesting solar power, especially farmlands that are near any substation. This significantly lowers the price of solar power generation and also frees the land for other purposes. The requirement of land for solar installation has driven the prices of even arid wastelands to more than 10 to 20 times in California, the U.S. The high prices of land reflect in the total cost of generation of solar power. However, floating solar panels are installed on water surfaces; hence, they require a surface of water bodies that are not used for any other purposes.
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High Demand for Stationary Floating Solar Panels to Benefit Manufacturers
In terms of type, the global floating solar panels market has been bifurcated into stationary floating solar panels and solar-tracking floating solar panels. The stationary floating solar panels segment held major share of 99.92% % of the global market in 2021. Growth of the stationary floating solar panels segment is estimated to augment the floating solar panels market size during the forecast period.
Stationary floating solar PV systems are installed on the water surface. PV panels float on a structure that floats on a water body. The entire system contains a series of solar panels, aluminum frames, cables, and invertors. Stationary floating solar system has panels that are fixed on a centralized tilt angle. Stationary solar panels are effective and require less care and occasional inspection. The overall cost of stationary floating systems is less than movers or tracking solar panels.
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Analysis of Key Players in Global Floating Solar Panels Market
The global floating solar panels market comprises several small and large-scale service providers that control a majority of the share. Most of the firms are adopting new technologies and strategies with comprehensive research and development activities, primarily to develop and prioritize sustainable power maintenance services. Diversification of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. Ciel & Terre International, NOVATION AG, Solaris Synergy, Solimpeks Corp., Sharp Corporation, Sunengy, Trina Solar Limited, KTOCERA Corporation, JA Solar Co., Ltd, Yingli Solar, SPG Solar,Inc., and Pristine Sun LLC are the prominent entities operating in the market.
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