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Key Trends Influencing the Growth of the Floating Solar Panel Market in 2025: Innovative Advancements In Floating Solar Technology
Floating Solar Panel Market
What Is the Expected CAGR for the Floating Solar Panel Market Through 2025?
The market size of floating solar panels has seen a tremendous increase in the past few years. It is projected that the market will advance from a value of $3.94 billion in 2024 to a sum of $4.79 billion in 2025, at a compound annual growth rate (CAGR) of 21.3%. Factors such as increased government incentives, surge in energy demand, collaborations with water utilities, corporate goals for sustainability, and environmental regulations have significantly contributed to the growth witnessed in the historical period.
What's the Projected Size of the Global Floating Solar Panel Market by 2029?
The market size of floating solar panels is predicted to witness a significant expansion in the coming years, estimated to reach a size of $10.48 billion in 2029 with a compound annual growth rate (CAGR) of 21.7%. This growth projection can be attributed to factors such as energy storage solutions, reduction in the cost of solar technology, increased research and development, financial incentives and grants, as well as global initiatives toward renewable energy. During the forecast period, key trends to watch out for include improvements in water quality, insurance and financing mechanisms, material innovations, collaborations between public and private entities, and the increase in consumer demand.
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Top Growth Drivers in the Floating Solar Panel Industry: What's Accelerating the Market?
The burgeoning preference for renewable energy production is predicted to fuel the expansion of the floating solar panel market in the future. This rise can be attributed to growing environmental consciousness and the imperative to minimize emissions of greenhouse gases. Floating solar panels augment renewable energy production by making use of water surfaces for solar installations. This not only enhances efficiency via cooling effects but also conserves crucial land resources, making them optimal for regions with scarce land availability. For example, in June 2024, the Department of Energy Security and Net Zero, a government organization in the UK, reported in their third-quarter energy trend statistics of 2023 that renewable electricity generation had hit 30.1 terawatt hours (TWh), marking a 6.8% ascent compared to the same time frame in 2022. Thus, the escalating preference for renewable energy production is steering the expansion of the floating solar panel market.
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What Trends Will Shape the Floating Solar Panel Market Through 2029 and Beyond?
Top firms active in the floating solar panel industry are working on next-generation products that leverage floating photovoltaic technology to boost energy optimization, decrease expenses, and increase longevity. The approach of floating photovoltaics entails deploying solar panels on floating structures or water bodies, which amplifies performance by cooling the panels and minimizing land use, making it a perfect choice for regions with scarce land. As an example, in November 2023, Masdar, a renewable energy firm from the UAE, collaborated with PLN, a utility firm from Indonesia, to inaugurate the 145-megawatt Cirata floating solar facility in Indonesia, the biggest of its kind in Southeast Asia. Constructed on a 250-hectare land in West Java, the Cirata facility is Masdar's inaugural floating photovoltaic venture and aspires to provide electricity to 50,000 households while counteracting 214,000 metric tonnes of carbon dioxide emissions yearly. Floating solar facilities like Cirata are specifically advantageous for countries with restricted land resources, due to the improved efficiency from the cooling effects of water.
What Are the Main Segments in the Floating Solar Panel Market?
The floating solar panelmarket 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 Top Companies are Driving 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
Which Regions Will Dominate the Floating Solar Panel Market Through 2029?
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.
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