Floating Solar Market Set to Reach $15.08 Billion by 2029 with 26.1% Yearly Growth

What Is the Estimated Market Size and Growth Rate for the Floating Solar Market?
The market size for floating solar has seen an exponential increase in recent years. It is projected that it will escalate from $4.72 billion in 2024 to $5.97 billion in 2025, boasting a compound annual growth rate (CAGR) of 26.5%. This substantial growth during the historical period can be linked to factors such as the rise in urbanization, heightened consciousness about the benefits of renewable energy, increasing realization about climate change, growing mandate for clean electricity, and an uptick in investments in solar energy.

Anticipated to exhibit exponential growth in the coming years, the floating solar market size is projected to escalate to $15.08 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 26.1%. This growth during the forecast period can be credited to heightened investment in renewable energy, rising energy expenses, growing demands for land for agricultural and urbanization purposes, increased need for energy, and the mounting necessity for electricity generation that minimally impacts the environment. The forecast period will see significant trends such as technological progressions, hybrid systems, integration into smart grids, anchoring systems, and systems monitoring water quality.

What Are the Forces Behind the Rapid Growth of the Floating Solar Market?
The rising emphasis on green energy creation is anticipated to fuel the growth of the floating solar industry. Green energy is sourced from renewable resources that emit little or no greenhouse gases, endorsing a sustainable energy future. This focus is motivated by several critical factors such as environmental preservation, the quest for energy independence, and encouraging governmental policies. A critical role in green energy is played by floating solar systems, providing an efficient, sustainable electricity source with reduced land utilization and additional environmental benefits. For instance, the International Energy Agency, a French intergovernmental organization, reported in May 2023 that total investment in clean energy jumped from 1,617 billion in 2022 to 1,740 billion in 2023. Consequently, the continued focus on green energy creation is a considerable driver of the floating solar industry growth.

Get Your Free Sample Now - Explore Exclusive Market Insights:
https://www.thebusinessresearchcompany.com/sample.aspx?id=19439&type=smp

Who Are the Dominant Companies Influencing Floating Solar Market Trends?
Major companies operating in the floating solar market are Sharp Corporation, LONGi Green Energy Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Kyocera Corporation, Trina Solar Limited, JA SOLAR Technology Co. Ltd., Canadian Solar Inc., Sungrow Power Supply Co. Ltd., Risen Energy Co. Ltd., First Solar Inc., GCL-Poly Energy Holdings Limited, SunPower Corporation, Tata Power Solar Systems Limited, Cleantech Solar, Vikram Solar Limited, REC Solar Holdings AS, Greenyellow, Seraphim Solar System Co. Ltd., Adtech Systems Limited, Pristine Sun Corporation, Mecasolar, Ciel & Terre International, Yingli Green Energy Holding Company Limited, Solaris Synergy, Swimsol GmbH

How Is the Floating Solar Market Evolving?
The leading businesses in the floating solar market are focusing their efforts on creating pioneering technologies and large-scale deployments, specifically floating solar ventures, as a strategy to optimize power generation, improve performance, and fully leverage the use of water bodies for renewable energy creation. These floating solar initiatives involve installing solar power systems on floating structures or platforms set up on bodies of water, such as ponds, reservoirs, and lakes. For example, in June 2023, Aquasol floating solar projects were introduced by Noria Energy, a US renewable energy firm, making it the biggest floating solar venture in South America, located at Colombia's Urrá Dam. This impressive venture highlighted several solar panels fitted on progressive floating platforms, designed to elevate energy output while reducing land utilization. The floating solar system gains from the inherent cooling impact of the water, boosting the efficiency and functioning of the PV panels. It smoothly integrates with Urrá Dam's existing hydropower framework, optimizing total energy production, and facilitating a more dependable and sustainable power source.

What Are the Different Segmentations in the Floating Solar Market?
The floating solarmarket covered in this report is segmented -

1) By Type: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Capacity: Below 5MW, 5MW To 50MW, Above 50MW
3) By Connectivity: On Grid, Off Grid

Subsegments:
1) By Stationary Floating Solar Panels: Fixed-Angle Floating Solar Systems, Fixed Ground-Mounted Floating Platforms, Shallow Water Stationary Floating Systems, Low-Cost Stationary Panel Arrays, Offshore Stationary Floating Solar Arrays
2) By Tracking Floating Solar Panels: Single-Axis Tracking Floating Solar Panels, Dual-Axis Tracking Floating Solar Panels, Automatic And Adaptive Tracking Systems, Integrated Hybrid Solar Panels With Tracking Systems, High-Efficiency Tracking Floating Solar Arrays

Pre-Book Your Report Now For A Swift Delivery:
https://www.thebusinessresearchcompany.com/report/floating-solar-global-market-report

Which Region Is at the Forefront of the Floating Solar Market?
Asia-Pacific was the largest region in the floating solar market in 2024. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the floating solar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Floating Solar Global Market Report?

- Market Size Analysis: Analyze the Floating Solar Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Floating Solar 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 Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Floating Solar Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

Unlock Exclusive Market Insights - Purchase Your Research Report Now!
https://www.thebusinessresearchcompany.com/purchaseoptions.aspx?id=19439

Connect with us on:
LinkedIn: https://in.linkedin.com/company/the-business-research-company,
Twitter: https://twitter.com/tbrc_info,
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ.

Contact Us
Europe: +44 207 1930 708,
Asia: +91 88972 63534,
Americas: +1 315 623 0293 or
Email: mailto:info@tbrc.info

Learn More About The Business Research Company
With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.

This release was published on openPR.