Floating Solar Panels Market by Product, Component, Capacity, Deployment, Implementation

Description

List of Tables

[189 Pages Report] The Floating Solar Panels Market size was estimated at USD 323.75 million in 2023 and expected to reach USD 365.36 million in 2024, at a CAGR 13.28% to reach USD 775.44 million by 2030.

Floating solar panels are an array of photovoltaics that are designed and installed on buoyant structures to keep them afloat in water bodies such as water treatment ponds, hydroelectric dams, mining ponds, industrial ponds, lakes, and lagoons. Floating solar often consists of solar models, frames, footrests, and mounting assembly, and the floating structures are anchored and moored. The technology provides higher gains in energy production, reduces water evaporation in water resources, and complements operations with hydroelectric power plants. The surging demand for power worldwide with increasing industrialization, coupled with private and public sector investments in renewable energy, drives the need for floating solar panels. On the other hand, cost-intensive deployment and maintenance and operational complexities in extreme weather conditions hinder market growth. However, the improvements in floating solar panel design and integration of AI and IoT technologies for maintenance and management are expected to proliferate their usage in the coming years.

KEY MARKET STATISTICS
Base Year [2023]	USD 323.75 million
Estimated Year [2024]	USD 365.36 million
Forecast Year [2030]	USD 775.44 million
CAGR (%)	13.28%

Product: Increasing scope for tracking floating solar panels with technological advancements

In stationary floating solar panels, solar panels are attached to fixed systems. They are the most common type of mounting commercially used in projects due to their affordability, simple deployment, and strength. Tracking floating solar panels are solar panels installed on solar trackers or tracking systems, which are mounting systems designed to ensure maximum power generation by following the position of the sun. Although their installation is complex and slightly cost-intensive compared to conventional technology, tracking floating solar panels receives over 20% more sunlight than stationary floating solar panels, ensuring higher efficiency as the panels are aligned perpendicular to the sun's rays for an extended period. When comparing stationary and tracking floating solar panels, key factors to consider include efficiency, cost, installation complexity, and maintenance requirements. Stationary floating solar panels are more economically accessible due to their lower costs and simpler designs, but may not generate as much energy as tracking systems. On the other hand, tracking FPVs can produce significantly more electricity by following the sun's path throughout the day; however, it comes with increased costs and complexities in design and installation. The choice between these two options primarily depends on the specific needs of each project or industry.

Component: Developments in PV modules for higher efficiencies and improved power output

The cabling in floating solar panel systems ensures proper electrical connections between panels and other components, such as inverters and transformers. There is a preference for UV-resistant and waterproof cables to withstand the harsh conditions of water-based installations. A combined box consolidates electrical output from multiple photovoltaic (PV) modules before connecting to the transformer or inverter. Floaters provide buoyancy to the PV modules, enabling them to float on water surfaces while maintaining stability against waves and wind forces. Material preferences include high-density polyethylene (HDPE) for durability and resistance to degradation under UV exposure or chemical reactions with water. A mooring system anchors the floating solar installation to the bed of a body of water or another fixed point to maintain stability and prevent drifting due to currents or winds. PV modules convert sunlight into electricity and are the primary component of a floating solar panel system. High-efficiency modules with durable encapsulation materials are preferred to maximize power output and withstand environmental challenges. Monocrystalline cells are made from a single-crystal silicon structure, resulting in higher efficiency rates but at a higher cost. Polycrystalline cells, composed of multiple smaller silicon crystals, have lower efficiency rates but are less expensive, making them a popular choice for large-scale projects. Transformers adjust voltage levels between the floating solar plant and the grid connection point, ensuring smooth electricity transmission to the grid or local energy consumers. The transmission system facilitates efficient delivery of generated power from the floating solar plant to end users or the grid infrastructure. Cable quality, distance from shore, and voltage level determine AC or DC transmission system preferences.

Capacity: Growing preference for capacity of 1-50MW floating solar panels across medium to large-scaled commercial projects

The 1-50MW capacity is the common scale for floating solar panel installations, catering to the needs of medium to large-sized utility projects. This capacity range is ideal for countries and regions with limited land space but abundant water bodies such as lakes, reservoirs, and wastewater treatment ponds. These installations help save valuable land resources while generating clean energy without significant environmental impacts. 1-50MW floating solar plants can provide a higher return on investment owing to their potential for economies of scale. Floating solar panels with capacities less than 1MW cater to small-scale installations primarily for residential usage, private businesses, or facilities with limited energy requirements. Less than 1MW capacity enables users to harness green energy from unused water bodies such as small ponds or reservoirs without occupying land space. More than 50MW floating solar panels cater to large-scale utility projects that require massive electricity generation capacities. These installations are ideal for governments and utility companies looking to generate a significant portion of their renewable energy goals from water bodies without sacrificing vast tracts of land. More than 50MW systems have the highest upfront costs but also offer greater economies of scale and long-term returns on investment compared to smaller installations.

Deployment: Evolving on-grid deployment of floating solar panels to fulfill large-scale power demand through grid connectivity

Off-grid floating solar panel systems are designed for remote locations where connection to the main power grid is not feasible or expensive. These standalone systems often serve as a reliable and sustainable power source for rural communities, island nations, and individual consumers needing electricity for basic needs such as lighting, pumping water, or running small appliances. The preference for off-grid floating solar panel systems is high due to reduced land-use conflicts by utilizing under-utilized water bodies such as reservoirs, ponds, or lakes instead of occupying valuable agricultural or forest land. On the other hand, on-grid floating solar panel systems are linked to the main power grid and aim to fulfill large-scale energy demands. These installations are ideal for densely populated urban areas, industrial facilities, and utility companies looking to diversify their energy portfolio with clean and renewable sources. The preference for on-grid floating solar panels is driven by the need for large-scale power generation without occupying vast land areas traditionally required for solar farms. On-grid floating solar systems also benefit from economies of scale, resulting in more competitive electricity costs compared to off-grid options.

Implementation: Growing demand for integrated solar power projects along with hydroelectric power

Integrated floating solar panels are solar panel systems that have been seamlessly incorporated into the design of existing water facilities, such as hydroelectric dams or reservoirs. This unique approach allows for the simultaneous utilization of land and water resources, maximizing power generation potential. A key advantage of integrated systems is their ability to mitigate issues related to evaporation by reducing the exposed surface area of the water body. Need-based preferences for integrated systems typically arise in locations with limited available land for conventional PV installations or where water conservation efforts are paramount. Standalone floating solar panels are designed specifically for independent operation on open bodies of water such as lakes, ponds, or lagoons. These systems offer numerous benefits over traditional ground-mounted panels, particularly regarding reduced installation costs and higher power output due to natural cooling effects from water bodies. A need-based preference for standalone floating solar panels may arise in regions experiencing rapid urbanization or industrial development where available land is scarce. Additionally, these systems can be advantageous in areas prone to flooding or extreme temperature fluctuations. Integrated systems are well-suited for synergistic deployment alongside existing water infrastructure projects, offering dual power generation and water conservation benefits. In contrast, standalone systems offer greater flexibility regarding installation locations and size variation.

Regional Insights

In the Americas, particularly North America, the floating solar panels market has witnessed a positive growth trajectory in recent years due to the considerable investments in renewable energy and increasing deployment of floating solar projects in countries. South America also presents opportunities for floating solar panels, rising interest, and investments in floating solar farms with the entry of global players in the region. In the Asia-Pacific region, countries including Japan, China, India, and South Korea are emerging as frontrunners in adopting clean energy solutions that involve solar energy due to investments made by the private sector and initiatives launched by the regional governments. Moreover, the easy access to raw materials and advancements in floating solar technology with continuous research efforts support the market growth in the region. In the EMEA region, Europe is actively pursuing the installation of floating solar panels as a key strategy for achieving its ambitious low-carbon energy goals. The Middle East and Africa also hold potential for floating solar expansion due to their growing interest in sustainable energy solutions.

FPNV Positioning Matrix

The FPNV Positioning Matrix is pivotal in evaluating the Floating Solar Panels Market. It offers a comprehensive assessment of vendors, examining key metrics related to Business Strategy and Product Satisfaction. This in-depth analysis empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success: Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The Market Share Analysis is a comprehensive tool that provides an insightful and in-depth examination of the current state of vendors in the Floating Solar Panels Market. By meticulously comparing and analyzing vendor contributions in terms of overall revenue, customer base, and other key metrics, we can offer companies a greater understanding of their performance and the challenges they face when competing for market share. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With this expanded level of detail, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Key Company Profiles

The report delves into recent significant developments in the Floating Solar Panels Market, highlighting leading vendors and their innovative profiles. These include Adani Green Energy Limited, Adtech Systems Limited, Ciel et Terre International SAS, EDF Renewables SA, First Solar, Inc, Hanwha Group, HelioRec S.A.S., Iberdrola, S.A., JA SOLAR Technology Co., Ltd., JinkoSolar Holding Co., Ltd., Kyocera Corporation, KYORAKU Co., Ltd., Larsen & Toubro Limited, LERRI Solar Technology Co., Ltd. by LONGi Green Energy Technology Co. Ltd., LG CNS Co., Ltd., Masdar, Nouria Energy Corporation, NRG ISLAND s.r.l., Ocean Sun AS, Pristine Sun LLC, Q ENERGY Solutions SE, REC Solar Holdings AS, RWE AG, Scotra Co., Ltd., SPG Solar, Inc., Sungrow Power Supply Co., Ltd., Swimsol GmbH, Tata Power Solar Systems Limited, The Sumitomo Mitsui Construction Company, Ltd., Trina Solar Co., Ltd., Vikram Solar Limited, Wuxi Suntech Power Co., Ltd., Xiamen Mibet New Energy Co., Ltd., and Yingli Energy Development Co., Ltd..

Market Segmentation & Coverage

This research report categorizes the Floating Solar Panels Market to forecast the revenues and analyze trends in each of the following sub-markets:

Product
- Stationary Floating Solar Panels
- Tracking Floating Solar Panels

Component
- Cabling
- Combine Box
- Floaters
- Mooring System
- PV Modules
  - Monocrystalline
  - Polycrystalline

Transformer
Transmission System

Capacity
- 1-50MW
- Less than 1MW
- More than 50MW

Deployment
- Off-Grid
- On-Grid

Implementation
- Integrated
- Standalone

Region
- Americas
  - Argentina
  - Brazil
  - Canada
  - Mexico
  - United States
    - California
    - Florida
    - Illinois
    - Massachusetts
    - New Jersey
    - New York
    - Ohio
    - Pennsylvania
    - Texas
- Asia-Pacific
  - Australia
  - China
  - India
  - Indonesia
  - Japan
  - Malaysia
  - Philippines
  - Singapore
  - South Korea
  - Taiwan
  - Thailand
  - Vietnam

Europe, Middle East & Africa
- Denmark
- Egypt
- Finland
- France
- Germany
- Israel
- Italy
- Netherlands
- Nigeria
- Norway
- Poland
- Qatar
- Russia
- Saudi Arabia
- South Africa
- Spain
- Sweden
- Switzerland
- Turkey
- United Arab Emirates
- United Kingdom

The report offers valuable insights on the following aspects:

1. Market Penetration: It presents comprehensive information on the market provided by key players.

2. Market Development: It delves deep into lucrative emerging markets and analyzes the penetration across mature market segments.

3. Market Diversification: It provides detailed information on new product launches, untapped geographic regions, recent developments, and investments.

4. Competitive Assessment & Intelligence: It conducts an exhaustive assessment of market shares, strategies, products, certifications, regulatory approvals, patent landscape, and manufacturing capabilities of the leading players.

5. Product Development & Innovation: It offers intelligent insights on future technologies, R&D activities, and breakthrough product developments.

The report addresses key questions such as:

1. What is the market size and forecast of the Floating Solar Panels Market?

2. Which products, segments, applications, and areas should one consider investing in over the forecast period in the Floating Solar Panels Market?

3. What are the technology trends and regulatory frameworks in the Floating Solar Panels Market?

4. What is the market share of the leading vendors in the Floating Solar Panels Market?

5. Which modes and strategic moves are suitable for entering the Floating Solar Panels Market?

Product Code: MRR-432F399B3AFB

1. Preface

1.1. Objectives of the Study
1.2. Market Segmentation & Coverage
1.3. Years Considered for the Study
1.4. Currency & Pricing
1.5. Language
1.6. Stakeholders

2. Research Methodology

2.1. Define: Research Objective
2.2. Determine: Research Design
2.3. Prepare: Research Instrument
2.4. Collect: Data Source
2.5. Analyze: Data Interpretation
2.6. Formulate: Data Verification
2.7. Publish: Research Report
2.8. Repeat: Report Update

3. Executive Summary

4. Market Overview

5. Market Insights

5.1. Market Dynamics
- 5.1.1. Drivers
  - 5.1.1.1. Rising demand for energy with urbanization and industrialization
  - 5.1.1.2. Increasing supportive government investments & initiatives in solar power across economies
- 5.1.2. Restraints
  - 5.1.2.1. High cost associated with installation and deployment
- 5.1.3. Opportunities
  - 5.1.3.1. Continuous improvements and introduction of advanced floating solar panels
  - 5.1.3.2. Development of IoT and AI-based predictive analytics and maintenance technologies
- 5.1.4. Challenges
  - 5.1.4.1. Technical issues and concerns associated with extreme weather situations
5.2. Market Segmentation Analysis
- 5.2.1. Product: Increasing scope for tracking floating solar panels with technological advancements
- 5.2.2. Component: Developments in PV modules for higher efficiencies and improved power output
- 5.2.3. Capacity: Growing preference for capacity of 1-50MW floating solar panels across medium to large-scaled commercial projects
- 5.2.4. Deployment: Evolving on-grid deployment of floating solar panels to fulfill large-scale power demand through grid connectivity
- 5.2.5. Implementation: Growing demand for integrated solar power projects along with hydroelectric power
5.3. Market Trend Analysis
- 5.3.1. Emphasis on clean energy generation and deployment of floating solar panels to fulfill commercial energy needs in the Americas
- 5.3.2. Burgeoning investments coupled with government support encouraging the deployment of floating solar panels in the APAC region
- 5.3.3. Vast potential for floating solar panel deployment supported by strong market player-government cooperation in EMEA
5.4. Cumulative Impact of High Inflation
5.5. Porter's Five Forces Analysis
- 5.5.1. Threat of New Entrants
- 5.5.2. Threat of Substitutes
- 5.5.3. Bargaining Power of Customers
- 5.5.4. Bargaining Power of Suppliers
- 5.5.5. Industry Rivalry
5.6. Value Chain & Critical Path Analysis
5.7. Regulatory Framework Analysis

6. Floating Solar Panels Market, by Product

6.1. Introduction
6.2. Stationary Floating Solar Panels
6.3. Tracking Floating Solar Panels

7. Floating Solar Panels Market, by Component

7.1. Introduction
7.2. Cabling
7.3. Combine Box
7.4. Floaters
7.5. Mooring System
7.6. PV Modules
7.7. Transformer
7.8. Transmission System

8. Floating Solar Panels Market, by Capacity

8.1. Introduction
8.2. 1-50MW
8.3. Less than 1MW
8.4. More than 50MW

9. Floating Solar Panels Market, by Deployment

9.1. Introduction
9.2. Off-Grid
9.3. On-Grid

10. Floating Solar Panels Market, by Implementation

10.1. Introduction
10.2. Integrated
10.3. Standalone

11. Americas Floating Solar Panels Market

11.1. Introduction
11.2. Argentina
11.3. Brazil
11.4. Canada
11.5. Mexico
11.6. United States

12. Asia-Pacific Floating Solar Panels Market

12.1. Introduction
12.2. Australia
12.3. China
12.4. India
12.5. Indonesia
12.6. Japan
12.7. Malaysia
12.8. Philippines
12.9. Singapore
12.10. South Korea
12.11. Taiwan
12.12. Thailand
12.13. Vietnam

13. Europe, Middle East & Africa Floating Solar Panels Market

13.1. Introduction
13.2. Denmark
13.3. Egypt
13.4. Finland
13.5. France
13.6. Germany
13.7. Israel
13.8. Italy
13.9. Netherlands
13.10. Nigeria
13.11. Norway
13.12. Poland
13.13. Qatar
13.14. Russia
13.15. Saudi Arabia
13.16. South Africa
13.17. Spain
13.18. Sweden
13.19. Switzerland
13.20. Turkey
13.21. United Arab Emirates
13.22. United Kingdom

14. Competitive Landscape

14.1. Market Share Analysis, 2023
14.2. FPNV Positioning Matrix, 2023
14.3. Competitive Scenario Analysis
- 14.3.1. Chenya Energy launched The Changua Floating Solar Project in Taiwan
- 14.3.2. M K Land Holdings Berhad Initiates Partnership With MajuPerak Holdings For Floating Solar Farm Project In Perak
- 14.3.3. Q ENERGY to Start Construction of Europe's Biggest Floating Solar Farm in France
- 14.3.4. Mibet Energy Forms Strategic Partnership With Zing Energy For Solar Floating Solutions
- 14.3.5. Colombia Launched 1.52MWp Floating Solar Pilot Project
- 14.3.6. Zimbabwean Energy Group To Raise USD 250m For Floating Solar Plant
- 14.3.7. ICG Asia-Pacific Infrastructure completes Debut Investment In AMP India
- 14.3.8. BASF SE And Noria Energy Install First of Its Kind Floating Solar System At BASF's Manufacturing Site In the United States
- 14.3.9. China Energy Plans 1000 MW Floating Solar Plant In Zimbabwe
- 14.3.10. Larsen & Toubro Has Secured A Contract For The Engineering, Procurement And Construction (Epc)
- 14.3.11. Sembcorp Secures 559MW of Indian Solar Assets With Acquisition of Vector Green Energy

15. Competitive Portfolio

15.1. Key Company Profiles
15.2. Key Product Portfolio