Global Floating Solar Panels Market Report and Forecast 2024-2032

Global Floating Solar Panels Market Outlook

The global floating solar panels market stood at a volume of around 1.72 GW in 2023. The market is further expected to grow at a CAGR of 29.1% in the forecast period of 2024-2032 to attain a volume of nearly 17.06 GW by 2032.

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Growing Popularity of Tracking Solar Panels to Bolster the Growth of the Floating Solar Panels Industry

Based on product type, the tracking solar panel segment is likely to witness a healthy growth in the forecast period, owing to the ability of the product to generate more electricity by optimising the land usage. The single axis and dual axis trackers in a tracing solar panel allow the user to find the perfect fit for a unique job site. Tracking solar panel is an ideal product when considering aspects like installations size, local weather, degree of latitude, and electrical requirements.

Meanwhile, the stationary solar panel segment accounts for a significant share in the market, owing to the lower installation cost and high strength elastic for the construction of panels. In addition to this, the stationary solar panels are durable and reliable, which is likely to bolster the growth of the segment.

The Asia Pacific Accounts for a Significant Share in the Floating Solar Panels Industry

The floating solar panels industry in the Asia Pacific is driven by the rapid expansion of industries such as automotive, food processing, oil and gas, and power generation, among others, which require high amounts of energy in order to sustain the day-to-day operations. In countries like China and Japan, a vast majority of floating solar panels have been installed in remote areas by giant solar farms owing to the favourable policies implemented by the governments and their ambitious plans pertaining to renewable energy installations. This is likely to be a major factor driving the industry growth in the region.

Floating Solar Panels: Market Segmentation

Floating solar panels, also known as floating photovoltaic (FPV), are defined as a solar power production installation mounted on a structure that floats on the surface of water. The panel is most likely to be located in a lake or basin, which might be artificial.

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Based on product type, the market is segmented into:

• Tracking Floating Solar Panels
• Stationary Floating Solar Panels

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

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Rising Demand for Clean Energy Sources to Boost the Growth of the Floating Solar Panels Industry

The global floating solar panels industry is driven by the growing demand for renewable sources to meet the rising global demand for energy. The favourable government initiatives to support the adoption of solar panels are significantly contributing to the market growth. In addition, the insufficiency of the land area is expected to drive the demand for floating solar panels to take advantage of water bodies like irrigation ponds, reservoirs, lakes, canals, and others to meet the energy needs for various applications. For instance, in the quarry and mining industry, the plants are located in remote areas, where energy and water supply are costly and challenging. Thus, floating solar panels offer an economical solution to meet energy needs for such industries. The product can also reduce the evaporation rate, which is favourable for the mining industry and others.

Key Industry Players in the Global Floating Solar Panels Market

The report gives a detailed analysis of the following key players in the global floating solar panels market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

• Floating Solar UK
• Akuo Industries
• Yellow Tropus Pvt. Ltd
• JA Solar Technology Co., Ltd.
• Hanwha Group
• Others

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.

Key Highlights of the Report