Breaking News: Floating Solar Panels Market Projection – Expected to Exceed $6.5 Billion by 2031! Get the Inside Scoop on Transparency Market Research Now!
In this comprehensive analysis, explore the promising future of the floating solar panels market as projected by Transparency Market Research. With expectations to surpass a staggering USD 6.5 billion by 2031, delve into the insights and factors contributing to this remarkable growth trend in renewable energy technology.
Transparency Market Research Report
Transparency Market Research Inc. reports that the market for floating solar panels achieved a substantial valuation of USD 1.8 billion in 2022. Forecasts indicate that this market is poised to soar to an impressive USD 6.5 billion by the year 2031, representing a remarkable compound annual growth rate (CAGR) of 15.9% from 2023 through 2031.
Floating solar panels find their application on various water bodies, including lakes, reservoirs, and even the expansive open sea. These panels harness solar energy when sunlight graces their surface, generating direct current (DC) power. Subsequently, innovative inverters convert this DC power into alternating current (AC), making it seamlessly integratable into the existing electrical grid.
The evolution of floating solar technology is projected to be marked by substantial expansion, driven primarily by the escalating demand for reliable and sustainable sources of renewable energy. In recent years, the global market for floating solar panels has garnered significant attention from both corporations and governments alike, recognizing its potential to address the world’s energy needs in an eco-friendly manner.
Recent advancements, such as enhancements in solar panel efficiency and the utilization of durable materials in floating solar technology, have significantly bolstered the reliability of these installations. Moreover, in the planning and execution of floating solar projects, heightened emphasis is being placed on environmental considerations, as developers strive to mitigate ecological disruptions.
Key Insights from the Market Report
Stationary panels are the preferred choice over solar tracking panels, primarily due to the substantial price differential.
Solar tracking floating panels have also secured a significant share in the global market.
Trends Shaping the Floating Solar Panels Market
The market is witnessing a slew of trends that are shaping its trajectory, including the proliferation of hybrid systems, increased adoption in coastal regions, and a more comprehensive focus on environmental impact assessments. Governments worldwide are proactively launching supportive policies aimed at driving the growth of the floating solar panels market. Furthermore, continuous innovations in solar panel efficiency and float materials are contributing to the enhanced performance of floating solar installations.
Global Landscape for Floating Solar Panels: Regional Outlook
Asia Pacific is emerging as a highly promising market for floating solar panels, driven by the rising awareness of floating solar technology and the decreasing costs associated with solar panel production. Meanwhile, the United States, France, Germany, and Canada are anticipated to witness substantial industrial growth, owing to favorable legislative measures encouraging the utilization of solar energy for power generation.
Leading Players in the Global Floating Solar Panels Market
Prominent players in the global floating solar panels market are deeply committed to sustainability and environmental responsibility, aligning with the global trend toward eco-friendly solutions. Their robust customer networks enable them to offer their services across various sectors and geographical locations, making substantial contributions to the floating solar panels market landscape.
Market leaders are heavily investing in research and development efforts to expand their product portfolios and solidify their dominance in this highly competitive sector. A select few notable players in the floating solar panels market include:
- Sharp Energy Solutions Corporation
- KYOCERA Corporation
- Cleantech Solar
- Trina Solar
- JA SOLAR Technology Co., Ltd
- Solarvest Holdings Berhad
- Sunseap Group
- Solar EPC Development Ltd
- Pristine Sun Corp.
- Cypark Estuary Solar Sdn Bhd
- Masdar Clean Energy
Distinguished Product Portfolios:
- Kyocera Corporation has been actively engaged in several large-scale floating solar projects in Japan, with a primary focus on the production of top-tier solar panels designed specifically for floating installations.
- JA Solar, a prominent solar panel manufacturer based in China, has played a pivotal role in advancing solar panel technology used in floating solar projects, thereby enhancing energy generation efficiency.
- Trina Solar, another leading solar panel manufacturer in China, has been actively involved in various floating solar projects.
- Sungrow FPV, a Chinese provider of floating solar solutions, recently secured a contract in March 2023 for supplying floating systems for Indonesia’s largest floating solar project. This project is considered a landmark venture, featuring the deepest water depth, largest water level fluctuation, and highest underwater elevation difference. Sungrow FPV is set to commence system deliveries for the 192 MW Cirata floating solar project in the first quarter of 2023.
- In July 2023, Sarawak Energy Bhd (SEB) awarded its inaugural large-scale floating solar farm project to China’s Trina Solar Company. The project, spanning over 190 hectares on the Batang Ai hydroelectric dam in Sri Aman Division, boasts a capacity of 71 MW. Trina Solar will also be responsible for upgrading the high-voltage substation, conducting operations and maintenance (O&M) services, in addition to constructing the FPV plant. It is expected to become operational by the end of 2024.
Comprehensive Segmentation of the Global Ceramic Sanitary Ware Market
- Stationary Floating Solar Panels
- Solar Tracking Floating Solar Panels
- Below 5 MW
- 5 MW – 50 MW
- Above 50 MW
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- North America
- Latin America
- Asia Pacific
- The Middle East & Africa
About Transparency Market Research
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Frequently Asked Questions
Q: What is the current valuation of the floating solar panels market?
Ans: The floating solar panels market was valued at USD 1.8 billion in 2022.
Q: What is the projected market size for floating solar panels by 2031?
Ans: It is anticipated to reach USD 6.5 billion by 2031.
Q: How does floating solar technology work?
Ans: Floating solar panels generate direct current (DC) power from sunlight, which is then converted into alternating current (AC) via inverters for integration into the electrical grid.
Q: What factors are driving the growth of floating solar technology?
Ans: The increasing demand for reliable renewable energy sources and the focus on sustainability are key drivers.
Q: What are the key trends in the floating solar panels market?
Ans: Trends include the preference for stationary panels, growing adoption of solar tracking panels, and increased environmental impact assessments.
Q: Are there any environmental considerations in floating solar projects?
Ans: Yes, developers are taking measures to address ecological disruptions in the planning and execution of such projects.
Q: Which regions are expected to be promising markets for floating solar panels?
Ans: Asia Pacific is emerging as a promising market, driven by awareness and decreasing solar panel costs. The United States, France, Germany, and Canada are also expected to experience growth.
Q: Who are the leading players in the global floating solar panels market?
Ans: Prominent companies include Sharp Energy Solutions Corporation, KYOCERA Corporation, Cleantech Solar, Sungrow, Trina Solar, JA SOLAR Technology Co., Ltd, and more.
Q: What are some of the notable projects involving floating solar panels?
Ans: Projects such as Sungrow FPV’s contract for Indonesia’s largest floating solar project and Trina Solar’s 71 MW project on the Batang Ai hydroelectric dam are noteworthy.
Q: How is the global ceramic sanitary ware market segmented in this context?
Ans: It is segmented by type (stationary and solar tracking), capacity (below 5 MW, 5 MW – 50 MW, above 50 MW), technology (monocrystalline silicon, polycrystalline silicon, thin film, and others), and region (North America, Latin America, Asia Pacific, Europe, The Middle East and Africa).