Press release
Key Trend Reshaping the Floating Solar Panel Market in 2025: Innovative Advancements In Floating Solar Technology
Floating Solar Panel Market Size
The market size of floating solar panels has seen a significant expansion in the recent past. The projections for the market size see it escalating from $3.94 billion in 2024 to $4.82 billion in 2025, with a compound annual growth rate (CAGR) of 22.2%. This considerable growth in the historic phase is a result of increased government incentives, surging energy needs, collaborations with water utilities, corporate aspirations for sustainability, and stringent environmental regulations.
In the upcoming years, the floating solar panel market is projected to witness significant expansion. The market size is forecasted to reach $10.63 billion in 2029, growing at a compound annual growth rate (CAGR) of 21.9%. Factors contributing to the growth during the forecast period include solutions for energy storage, solar technology cost reduction, research and development efforts, financial incentives and grants, and worldwide initiatives for renewable energy. Key trends in the forecast period encompass improvements in water quality, insurance and financing options, advancements in material innovation, collaborations between public and private sectors, and rising consumer demand.
What Key Elements Are Boosting Growth in the Floating Solar Panel Market?
The growing preference for renewable energy production is anticipated to fuel the expansion of the floating solar panel market. The pursuit of renewable energy production is driven by heightened environmental consciousness and the urgency to curtail greenhouse gas emissions. Floating solar panels bolster renewable energy production by taking advantage of water surfaces for solar installations, boosting efficiency through their cooling impact, and preserving invaluable land resources, which makes them suitable for regions with restricted land availability. For example, as reported by the Department of Energy Security and Net Zero, a UK government organization, there was a significant increase in renewable electricity production, which reached 30.1 terawatt hours (TWh) in the third quarter of 2023. This demonstrated a 6.8% rise compared to the same period in 2022. Therefore, the rising preference for renewable energy production is a significant driver of the floating solar panel market's growth.
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Which Businesses Are at the Forefront of Floating Solar Panel Market Development?
Major companies operating in the floating solar panel market are Mitsubishi Electric Corporation, Sharp Corporation, LONGi Solar, JinkoSolar Holding Co. Ltd., Kyocera Corporation, Trina Solar Limited, JA Solar Technology Co. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Solar Systems Ltd., Risen Energy Co. Ltd., SunPower Corporation, Adani Green Energy Ltd, Akuo Energy, SPI Energy Co., Ltd., Hanwha Q CELLS, BayWa r.e. renewable energy GmbH, Adtech Systems, LS Electric Co., Ltd., Pristine Sun Corporation, Sinovoltaics Group, Ciel & Terre International, Yingli Green Energy Holding Company Limited, Solaris Synergy
What Are the Latest Innovations in the Floating Solar Panel Market?
Prominent players in the floating solar panel market are concentrating on creating sophisticated products using floating photovoltaic technology to increase energy efficiency, decrease costs, and improve durability. This technology places solar panels on floating structures or bodies of water, cooling the panels and reducing the need for land, making it perfect for regions with restricted land resources. For example, in November 2023, Masdar, a renewable energy company based in the UAE, allied with PLN, a utility company based in Indonesia, to inaugurate the 145-megawatt Cirata floating solar plant in Indonesia, the largest of its kind in Southeast Asia. Constructed on 250 hectares in West Java, the Cirata plant is Masdar's initial floating photovoltaic venture, designed to energize 50,000 homes and neutralize 214,000 metric tons of carbon dioxide emissions per year. Floating solar sites like Cirata are exceptionally advantageous for nations with sparse land resources, providing higher efficiency owing to water cooling results.
How Is the Floating Solar Panel Market Segmented?
The floating solar panel market covered in this report is segmented -
1) By Product: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Technology: Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Station Location: Onshore, Offshore
4) By Application: Utility, Residential
Subsegments
1) By Stationary Floating Solar Panels: Fixed Panel Systems, Non-tracking Systems
2) By Tracking Floating Solar Panels: Single-Axis Tracking Systems, Dual-Axis Tracking Systems
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Where Is the Floating Solar Panel Market Growth Most Prominent?
North America was the largest region in the floating solar panel market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the floating solar panel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Floating Solar Panel Global Market Report?
- Market Size Analysis: Analyze the Floating Solar Panel Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Floating Solar Panel Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Floating Solar Panel Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Floating Solar Panel Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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