Press release
Global Floating Solar Panels Market Growth Analysis by Type, Application 2024 - 2031 | Ciel & Terre International, Hanwha Group
Global Floating Solar Panels Marke
Floating solar panels are photovoltaic solar panels installed on floating structures located on bodies of water like lakes, reservoirs, and quarries. These panels help generate solar power while avoiding the use of valuable land resources. Used majorly in hydroelectric facilities, the floating panels are gaining popularity among commercial and residential sectors.
Market Dynamics:
Increasing investments made by several governments and private organizations in renewable energy projects and rising concern over limited availability of suitable land area for traditional ground-mounted systems are some of the major factors driving the growth of the global floating solar panels market. According to the report, Taiwan will reach over 500MW of floating PV capacity by 2024 through continued government support for renewable energy development. There is also a growing need to optimize the usable space in dams, lakes, and reservoirs has led to rising installation of floating solar panels which is further propelling the market growth during the forecast period.
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Global Floating Solar Panels Market Drivers
Rising Demand for Renewable Energy Sources is Driving the Adoption of Floating Solar Panels
With growing environmental concerns over the use of fossil fuels, governments and organizations across the world are investing heavily in clean and renewable sources of energy like solar and wind. Floating solar panels provide a viable solution to harness solar energy even in areas where land is scarce. As per estimates, installing floating solar panels can generate up to 25% more energy compared to traditional ground-mounted systems. The high efficiency along with minimal space requirements is encouraging more utilities and commercial establishments to implement floating solar projects.
Declining Cost of Solar Technology is Boosting the Popularity of Floating Solar Panels
Over the past decade, there has been a steep decline in the costs associated with solar power generation. The prices of solar modules, inverters, mounting structures and other key components required for floating solar installations have reduced substantially. This has led to a significant drop in the Levelized Cost of Energy (LCOE) of floating solar projects. According to studies, the LCOE from floating solar is now either comparable or slightly higher than traditional ground-mounted or rooftop systems. As solar technology becomes more affordable, it is expected that floating solar will witness higher adoption in the coming years especially in regions facing land constraints.
Global Floating Solar Panels Market Opportunity
Growing Interest in Solar-Plus-Storage Solutions
Energy storage systems paired with floating solar panels provide an opportunity to maximize renewable energy utilization especially in off-grid and island communities. By storing surplus solar power generated during daylight hours, storage helps address the intermittent nature of solar by improving power supply after sunset. It also boosts self-consumption of clean energy. The pairing of floating solar with battery storage is gaining traction as a decentralized renewable electricity solution. Governments and project developers are showing increased willingness to explore innovative business models around 'solar-plus-storage' which can enhance the bankability of floating solar projects.
Global Floating Solar Panels Market Trend
Rise of Megawatt Scale Floating Solar Farms
Earlier, most floating solar installations were limited to small pilot projects in the kilowatt range undertaken by utilities, commercial buildings and research institutions. However, over the past 3-4 years the market has witnessed a growing trend of large, utility-scale floating solar farms with capacities in multiple megawatts. Countries like China, Japan, Singapore, India and others have commissioned or are in the process of developing floating solar farms ranging between 5-40 MW. Mass manufacturing of floating solar components and standardization of design technologies have made it economically feasible to set up such large floating PV plants. This trend will continue to reshape the sector with more gigawatt scale floating solar projects coming online globally.
Top Companies Featured in This Report:
★ Ciel & Terre International
★ Hanwha Group
★ JA SOLAR Technology Co. Ltd.
★ KYOCERA Corp.
★ LONGi Solar
★ Trina Solar
★ Vikram Solar Ltd.
★ Wuxi Suntech Power Co., Ltd.,
★ Yellow Tropus Pvt. Ltd.
★ Yingli Solar
Market Segmentation:
By Product Type:
★ By Product: Tracking Floating Solar Panels, Stationary Floating Solar Panels
★ By End User: Agriculturale, Commercial, Industrial, Residential, Government
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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Impact of the Global Floating Solar Panels Market Report:
Thorough evaluation of all opportunities and risks in the Global Floating Solar Panels market.
Analysis of recent innovations and significant events in the Global Floating Solar Panels market.
Comprehensive examination of business strategies employed by leading players to foster growth in the Global Floating Solar Panels market.
Definitive assessment of the growth trajectory of the Global Floating Solar Panels market for the coming years.
Detailed insight into the specific drivers, constraints, and key micro markets within the Global Floating Solar Panels market.
Understanding the influence of crucial technological advancements and the latest market trends shaping the Global Floating Solar Panels market.
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Global Floating Solar Panels Market Competition Landscape by Players
Chapter 4: Assessment of Global Floating Solar Panels Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
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Ultimately, the Global Floating Solar Panels Market report serves as a reliable source for market research, essential for significantly boosting your business. It provides crucial insights into market dynamics such as regional economic conditions, product pricing, profitability, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility assessment, and return on investment analysis for new projects.
Should the report above not fully align with your requirements, we offer customized research services tailored to your specific needs. Our custom research will comprehensively cover the business information necessary for making strategic and profitable decisions.
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