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In-Depth Analysis of the Floating Solar Panel Market: Growth Opportunities, Key Trends, and Forecast 2025-2034
Floating Solar Panel
The growing preference for renewable energy generation is likely to accelerate the growth of the floating solar panel market. Rising environmental concerns and the push for reduced greenhouse gas emissions are driving the shift toward renewable energy. Floating solar panels offer an innovative solution by using water surfaces to install solar systems, benefiting from cooling effects and conserving land. According to the UK Department of Energy Security and Net Zero, renewable electricity generation reached 30.1 TWh in Q3 of 2023, a 6.8% increase compared to 2022, reflecting the increasing shift towards renewable energy and supporting the floating solar panel market.
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What is the projected compound annual growth rate (CAGR) of the floating solar panel market from 2025 to 2034, and what factors influence it?
The floating solar panel market has witnessed exponential growth in recent years. It will expand from $3.94 billion in 2024 to $4.82 billion in 2025, at a CAGR of 22.2%. This rapid growth is attributed to rising government incentives, increasing energy demand, partnerships with water utilities, corporate sustainability goals, and environmental regulations.
The floating solar panel market will see exponential growth, reaching $10.63 billion by 2029, at a CAGR of 21.9%. This growth is driven by energy storage solutions, reduced solar tech costs, R&D, financial incentives, and global renewable energy efforts. Trends include water quality improvement, innovation in materials, public-private partnerships, and consumer demand for clean energy.
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How are the latest trends influencing the growth of the floating solar panel market?
Companies in the floating solar panel market are developing advanced floating photovoltaic technology to increase energy efficiency, reduce costs, and improve durability. Floating solar technology utilizes bodies of water to cool solar panels, enhancing their performance. For instance, in November 2023, Masdar partnered with PLN to launch the 145 MW Cirata floating solar plant in Indonesia, Southeast Asia's largest. This project powers 50,000 homes and offsets 214,000 metric tons of CO2 annually.
What are the major segments of the floating solar panel market and their role in driving growth?
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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Which regions are key players in the growth of the floating solar panel market?
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.
Who are the key firms paving the way for growth in the floating solar panel market?
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
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What Is Covered In The Floating Solar Panel Global Market Report?
•Market Size Forecast: Examine the floating solar panel market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the floating solar panel market for a structured understanding.
•Key Players Overview: Analyze major players in the floating solar panel market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the floating solar panel market.
•Segment Contributions: Evaluate how different segments drive overall growth in the floating solar panel market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the floating solar panel market.
•Industry Challenges: Identify potential risks and obstacles affecting the floating solar panel market.
•Competitive Landscape: Review strategic developments in the floating solar panel market, including expansions, agreements, and new product launches.
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