The Worldwide Floating Solar Panels market size was valued at USD 31.10 million in 2021 and is projected to grow at a CAGR of 23.1% from 2022 to 2030.
Floating solar panel technology is gaining attention as an advantageous and cost-effective alternative to land-based solar power systems. Floating solar panels consist of panels installed in bodies of water such as irrigation ponds, reservoirs, lakes, canals, and seas. It is a new way to generate solar energy by utilizing the water surface available in dams, reservoirs and other bodies of water. These panels in the body of water help maintain the temperature of the silicon panels by maintaining their efficiency.
These systems have a number of advantages over traditional power generation systems, such as safe and noiseless power generation. A floating solar panel based plant or farm is an array of solar panels on a structure floating in a body of water, usually a lake or reservoir. The solar panels used in the construction of floating solar power plants are known as floating solar panels. Floating solar panels/plants save water through reduced evaporation and increase power generation due to the cooling effect of the solar panels.
Market Dynamics:
Installation of floating solar panels/systems requires special floaters anchored to the bottom of the reservoir to prevent movement of the panels due to wind. Tracking technology is in its infancy. The overall technology cost is higher than fixed type, which affects the project cost. The high installation cost associated with floating solar panels/systems is a major restraining factor for the global floating solar panels market.
High investment costs also make the system less profitable and make project investment difficult. Project finance solutions are provided to customers by organisations like Ciel & Terre. Along with EPC and operation and maintenance services, we also provide our clients a comprehensive package of project development services. Various governments, including those in Brazil, India, and Singapore, have shown interest in the technology. These nations offer financial incentives to owners of projects utilising floating solar panels.
Key players:
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And Others
Market Segmentation:
Floating Solar Panels Market, By Type
Floating Solar Panels Market, By Capacity
Floating Solar Panels Market, By region:
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North America
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Europe
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Asia Pacific
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Latin America
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Middle East & Africa
Regional Analysis:
The Asia-Pacific region has high penetration of floating solar panels due to limited available land and a fixed supply of fossil fuels. As a result, governments have approved many designs and structures for floating solar panels to accommodate growing electricity demand while reducing ecological damage.
On the other hand, North America is expected to develop at the fastest pace during the forecast period. Variables such as floating solar technology's ability to reduce evaporation and land availability are expected to increase the demand for floating solar in the region over the forecast period.
Scope of the Report:
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Details |
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Market Size Available For Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Type, Deployment Model, Provider, Application, Enterprise Size, and Region |
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Regions Covered |
North America (the U.S. and Canada), Europe (Germany, the UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
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Companies Covered |
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User
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
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