Floating Solar Panels Market Share Projected to Reach USD 4.3 Billion, with a CAGR of 24.40% by 2030 – Report by Market Research Future (MRFR)
Market Research Future
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Market Research Future
Floating Solar Panels Market Growth Boost by Higher Demands, Advanced Technology, and Growing investments in renewable energy
New York, US, May 19, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Floating Solar Panels Market Information by Product, Location, and Region - Forecast till 2030”, the Floating Solar Panels Market could thrive at a rate of 24.40% between 2022 and 2030. The market size will be reaching around USD 4.3 Billion by the end of the year 2030
Floating Solar Panels Market Overview
Floating solar panels are an emerging technology in the renewable energy sector. They are photovoltaic panels that are installed on water bodies such as ponds, lakes, reservoirs, and even the ocean. The availability of land for solar panel installations is limited in many parts of the world. Floating solar panels provide a solution to this problem by utilizing water bodies that are often underutilized. Floating solar panels are more efficient than land-based solar panels due to the cooling effect of the water, which reduces the temperature of the panels and improves their efficiency.
Market Competitive Landscape:
The affluent companies in the Floating Solar Panels industry include
KYOCERA Corporation and AVX Corporation merged to form KYOCERA AVX, a new integrated brand for the KYOCERA Group's electronic components sector. This merger is expected to enhance the company's electrical components sector
February 2021
GreenYellow Limited, a division of GreenYellow, constructed a 2MW floating solar power plant at SPM Group sites in Thailand
Floating Solar Panels Market Segmentation
By Product
The product in the market includes Stationary Floating Solar Panels and Tracking Floating Solar Panels.
By Location
By location, the segment includes Onshore and Offshore.
Report Scope:
Report Metrics
Details
Market Size 2030
2030: USD 4.3 Billion
CAGR during 2022-2030
24.50% CAGR
Base Year
2021
Forecast
2022-2030
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Product, Location and Region
Key Market Opportunities
Rising conversion efficiency of solar PVs
Key Market Dynamics
Increasing desire for renewable energy sources to fulfill the rising global energy demand Rising investment in renewable energy
Browse In-depth Market Research Report (100 Pages) onFloating Solar Panels Market:
One driver of the floating solar panel market is the increasing demand for renewable energy sources. The global electricity demand is increasing, and there is a growing need for clean and sustainable energy sources. Renewable energy sources such as solar, wind, and hydroelectric power are gaining popularity due to their lower environmental impact and decreasing costs. Floating solar panels offer a unique advantage in the renewable energy sector by providing an efficient and cost-effective way to generate electricity without using land.
Another driver of the floating solar panel market is the potential for increased efficiency compared to land-based solar panels. Floating solar panels are more efficient because they are cooled by water, which reduces the temperature of the panels and improves their efficiency. Additionally, the reflection of the sun's rays off the water can increase the amount of light that reaches the panels, further increasing their efficiency.
Market Restraints:
One of the main restraints is the limited availability of suitable water bodies for the installation of floating solar panels. Not all water bodies are suitable for floating solar panel installations due to factors such as water depth, water quality, and location. The installation of floating solar panels in some locations may also be restricted due to environmental concerns or regulatory barriers. The installation of floating solar panels may affect the local water temperature and the flow of water, which could impact aquatic life. The use of materials in the construction of floating solar panels could also pose a risk to the environment if they are not properly disposed of or recycled at the end of their life cycle.
One of the main impacts of COVID-19 on the floating solar panel market has been delays in project construction and installation. The pandemic has caused disruptions in the supply chain, labor shortages, and restrictions on travel and movement, which have delayed the construction and installation of floating solar panels. This has led to delays in the completion of projects and a slowdown in the growth of the market.
However, there have also been some positive impacts of COVID-19 on the floating solar panel market. The pandemic has highlighted the importance of clean and sustainable energy sources, and governments and businesses around the world are increasingly looking to invest in renewable energy. In addition, the economic downturn caused by the pandemic has led to lower oil prices, which has made renewable energy sources such as floating solar panels more competitive in the energy market.
Floating Solar Panels MarketRegional Insights
North America is a significant market for floating solar panels, primarily driven by the increasing demand for renewable energy sources and the growing adoption of floating solar panel technology. The US is the largest market in North America, accounting for the majority of the region's market share. The government initiatives to promote renewable energy and the growing investments in floating solar panel projects have fueled the growth of the market in North America. Additionally, the region's abundant water bodies such as reservoirs, lakes, and ponds have provided ample opportunities for the installation of floating solar panels.
Europe is also a prominent market for floating solar panels, driven by the region's ambitious climate goals and the growing demand for renewable energy sources. Countries such as France, Germany, and the Netherlands have been at the forefront of the adoption of floating solar panels in Europe. The region's strict environmental regulations have also pushed companies to adopt sustainable energy sources, such as floating solar panels, to reduce their carbon footprint.
The Asia Pacific region is the largest and fastest-growing market for floating solar panels, driven by the increasing demand for electricity and the region's favorable regulatory environment. Countries such as China, Japan, India, and South Korea are the key markets in the region, with China being the largest market globally. The growing population and urbanization in the region have led to a surge in electricity demand, which has created significant opportunities for renewable energy sources such as floating solar panels.
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