Floating Solar Panel Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Capacity (Up to 1MW, 1MW-5MW, Above 5MW), By Type (Stationary, Solar Tracking), By Connectivity (On Grid, Off Grid), By Region, By Competition Forecast 2018-2028

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Summary

Report Description

Floating Solar Panel Market is anticipated to develop rapidly during the forecast period at an impressive CAGR. The global floating solar panels market includes players, consumers, and other stakeholders that deal with the manufacturing, installation, and maintenance of solar panels that are specifically designed to float on water bodies, such as lakes, reservoirs, ponds, and lagoons. These solar panels are designed to harness solar energy and convert it into electricity, just like traditional solar panels that are installed on rooftops or the ground. Floating solar panels are an innovative solution to address land scarcity for solar power generation and offer several advantages, such as increased efficiency, reduced evaporation of water bodies, and potential for combined use with hydropower facilities.

The global floating solar panels market has expanded rapidly in recent years due to the increasing demand for renewable energy, coupled with the need to find alternative locations for solar power generation. The market is primarily driven by the rising awareness about climate change, the need to reduce greenhouse gas emissions, and the shift toward clean and sustainable energy sources. Government incentives, favorable policies, and technological advancements in solar panel technology have also played a significant role in driving the floating solar panels market across the world.

 

Asia-Pacific has surfaced as the largest market for floating solar panels, with countries, such as China, Japan, South Korea, and India, leading the market due to their large water bodies, high solar irradiation, and government support for renewable energy. Europe and North America are also emerging markets for floating solar panels, with increasing installations in countries, such as France, Germany, the Netherlands, and the United States. Developing regions, including Latin America, Africa, and the Middle East, are also expected to witness significant growth in the floating solar panels market in the coming years as renewable energy gains more traction.

 

The floating solar panels market is characterized by intense competition among key players, including solar panel manufacturers, EPC (engineering, procurement, and construction) companies, and project developers.

 

The outlook for the global floating solar panels market is expected to remain positive, with significant growth potential. Factors, such as increasing investments in renewable energy, declining costs of solar panels, favorable government policies, and growing environmental concerns are likely to drive the demand for floating solar panels during the forecast period. However, challenges, such as high initial installation costs, technical complexities, environmental and regulatory issues, and limited availability of suitable water bodies for floating solar installations may hinder market growth to some extent. Nevertheless, ongoing research and development efforts, innovation in floating solar panel technology, and collaborations among industry players are expected to unlock new opportunities and drive the growth of the global floating solar panel market in the coming years.

 

Supportive Government Policies

Globally, the growing energy crisis, high rates of carbon emissions, and growing concerns about environmental protection have increased the consumption of sustainable power generation. The increasing number of pacts and initiatives related to the implementation of solar energy projects across the world is the primary factor driving the increased installation of solar panels or PV modules, which is driving the floating solar panel market.

Some of the policies and initiatives are:

  • The government of India has formed Viability Gap Funding (VGF) support of Rs. 5,050 crores for setting up at least 5,000 MW Grid-connected Solar PV power projects by Solar Power Developers on a Build-Own-Operate basis.
  • In the US, there is an implementation of the Solar Investment Tax Credit (ITC), which is one of the significant federal policies to support the growth of solar energy. 
  • The Australian government has announced a USD 2 million grant as part of the National Product Stewardship Investment Fund to develop an industry-led product stewardship scheme for PV systems.



Increasing Use of Solar Energy

The increasing use of solar energy is indeed a significant factor, driving the global floating solar panel market. There are several reasons solar energy is becoming increasingly popular as a renewable energy source, and how it is contributing to the growth of the floating solar panel market:

  • Renewable and Clean Energy Source: Solar energy is a renewable and clean energy source that does not produce harmful greenhouse gas emissions or air pollutants. As concerns about climate change and environmental sustainability grow, there is a global push toward adopting cleaner sources of energy. Floating solar panels, which harness solar energy by floating on water bodies, such as reservoirs, ponds, and lakes, provide an innovative solution to tap into this clean energy source without using valuable land resources.
  • Land Constraints and Increasing Urbanization: Land constraints and increasing urbanization in many parts of the world have limited the availability of land for large-scale solar power installations. Floating solar panels offer an alternative by utilizing water bodies that may not be suitable for other uses, such as agriculture or construction. Floating solar panels can be deployed in areas where land availability is scarce, thereby expanding the potential for solar power generation.
  • Enhanced Energy Generation: Floating solar panels have several advantages over conventional ground-mounted solar panels. Firstly, the reflection of sunlight from the water surface can enhance the efficiency of solar panels, resulting in increased energy generation. Additionally, the cooling effect of water can reduce the operating temperature of solar panels, which can further improve their performance. These factors make floating solar panels an attractive option for maximizing solar energy generation and increasing overall system efficiency.
  • Water Conservation: Floating solar panels also offer potential benefits in terms of water conservation. By covering the water's surface, floating solar panels can help reduce water evaporation, which is a significant concern in many water-stressed regions. This can result in water savings and help in preserving precious freshwater resources, making floating solar panels an environmentally responsible choice.
  • Flexible Installation and Scalability: Floating solar panels are flexible in terms of installation and scalability. They can be installed on a wide range of water bodies, including man-made reservoirs, dams, and natural lakes. Floating solar panel systems can also be easily expanded or reconfigured as per the energy demand, making them highly scalable. This flexibility in installation and scalability makes floating solar panels a viable option for various applications, including utility-scale solar power plants, industrial and commercial installations, and rural electrification projects.

In conclusion, the increasing use of solar energy as a clean and renewable energy source, along with its advantages in terms of land constraints, enhanced energy generation, water conservation, and installation flexibility, are driving the global floating solar panel market. As the world continues to focus on sustainable energy solutions, floating solar panels are expected to play a significant role in the global transition toward renewable energy sources.

 

Some of the examples are: 

  • Apple is the fourth largest corporate solar user with a 101 MW installed capacity. The company has solar facilities, which produce adequate electricity to fully charge nearly 45 million iPhones every day for a year.
  • IKEA currently has more than 100 stores fitted with solar panels. The company has invested USD 1.6 billion toward the plan of sustainable harvest of their cotton and wood globally.

Key developments 

  • In October 2022, First Solar invested USD 270 million in a dedicated R&D innovation center in the development and production of advanced thin film photovoltaics (PV).
  • In May 2022, Reclaim PV Recycling and The Circular PV Alliance collaborated to reuse and resale solar panels and enhance the solar energy circular economy.

Market Segmentation

The global floating solar panel market is classified based on capacity and type. Based on the capacity, the market is categorized into Up to 1MW, 1MW-5MW, and above 5MW. Based on type, the market is divided into stationary and solar tracking. Based on connectivity, the market is segmented into on grid and off grid.

Market Players

Ciel & Terre International, Kyocera Corporation, JA Solar Co., Ltd., Trina Solar Limited, Sharp Corporation, Yingli Solar, SPG Solar, Vikram Solar, Solaris Synergy, and Novaton AG are the key players in the global floating solar panels market. Companies are actively investing in the development and innovations of floating solar panels. 

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million, and CAGR for 2018-2022 and 2023 – 2028

Report Coverage

Revenue forecast, company share, growth factors, and trends

Segments Covered

Capacity

Type

Connectivity

Region

Regional Scope

North America, Asia-Pacific, Europe, South America, and the Middle East & Africa

Country Scope

United States, Canada, Mexico, India, Japan, South Korea, Australia, Singapore, Malaysia, China, Germany, United Kingdom, France, Italy, Spain, Poland, Denmark, Brazil, Argentina, Colombia, Peru, Chile, Saudi Arabia, South Africa, UAE, Iraq, and Turkey

Key Companies Profiled

Ciel & Terre International, Kyocera Corporation, JA Solar Co., Ltd., Trina Solar Limited, Sharp Corporation, Yingli Solar, SPG Solar, Vikram Solar, Solaris Synergy, and Novaton AG, among others

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Report Scope:

In this report, the global floating solar panel market has been segmented into the following categories, in addition to the type trends, which have also been detailed below:

  • Global Floating Solar Panel Market, By Capacity:
    • Up to 1MW
    • 1MW - 5MW
    • Above 5MW
  • Global Floating Solar Panel Market, By Type:
    • Stationary
    • Solar Tracking
  • Global Floating Solar Panel Market, By Connectivity:
    • On Grid
    • Off Grid
  • Global Floating Solar Panel Market, By Region:
    • North America
      • United States
      • Mexico
      • Canada
    • Asia-Pacific
      • India
      • Japan
      • South Korea
      • Australia
      • Singapore
      • Malaysia
      • China
    • Europe
      • Germany
      • United Kingdom
      • France
      • Italy
      • Spain
      • Poland
      • Denmark
    • South America
      • Brazil
      • Argentina
      • Colombia
      • Peru
      • Chile
    • Middle East and Africa
      • Saudi Arabia
      • South Africa
      • UAE
      • Iraq
      • Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Floating Solar Panel Market.

Available Customizations:

With the given market data, TechSci Research, offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to ten).

The global floating solar panel market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

2.    Research Methodology

3.    Executive Summary

4.    Voice of Customers

5.    Global Floating Solar Panel Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Value

5.2.  Market Share & Forecast

5.2.1.    By Capacity (Up to 1MW, 1MW-5MW and Above 5MW)

5.2.2.    By Type (Stationary and Solar Tracking)

5.2.3.    By Connectivity (On Grid and Off Grid)

5.2.4.    By Region

5.3.  By Company (2022)

5.4.  Market Map

6.    North America Floating Solar Panel Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Value

6.2.  Market Share & Forecast

6.2.1.    By Capacity

6.2.2.    By Type

6.2.3.    By Connectivity

6.2.4.    By Country

6.3.  North America: Country Analysis

6.3.1.    United States Floating Solar Panel Market Outlook

6.3.1.1.        Market Size & Forecast

6.3.1.1.1.           By Value 

6.3.1.2.        Market Share & Forecast

6.3.1.2.1.           By Capacity

6.3.1.2.2.           By Type

6.3.1.2.3.           By Connectivity

6.3.2.    Canada Floating Solar Panel Market Outlook

6.3.2.1.        Market Size & Forecast

6.3.2.1.1.           By Value 

6.3.2.2.        Market Share & Forecast

6.3.2.2.1.           By Capacity

6.3.2.2.2.           By Type

6.3.2.2.3.           By Connectivity

6.3.3.    Mexico Floating Solar Panel Market Outlook

6.3.3.1.        Market Size & Forecast

6.3.3.1.1.           By Value 

6.3.3.2.        Market Share & Forecast

6.3.3.2.1.           By Capacity

6.3.3.2.2.           By Type

6.3.3.2.3.           By Connectivity

7.    Asia-Pacific Floating Solar Panel Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Value

7.2.  Market Share & Forecast

7.2.1.    By Capacity

7.2.2.    By Type

7.2.3.    By Connectivity

7.2.4.    By Country

7.3.  Asia-Pacific: Country Analysis

7.3.1.    China Floating Solar Panel Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value 

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Capacity

7.3.1.2.2.           By Type

7.3.1.2.3.           By Connectivity

7.3.2.    India Floating Solar Panel Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value 

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Capacity

7.3.2.2.2.           By Type

7.3.2.2.3.           By Connectivity

7.3.3.    Japan Floating Solar Panel Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value 

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Capacity

7.3.3.2.2.           By Type

7.3.3.2.3.           By Connectivity

7.3.4.    South Korea Floating Solar Panel Market Outlook

7.3.4.1.        Market Size & Forecast

7.3.4.1.1.           By Value 

7.3.4.2.        Market Share & Forecast

7.3.4.2.1.           By Capacity

7.3.4.2.2.           By Type

7.3.4.2.3.           By Connectivity

7.3.5.    Australia Floating Solar Panel Market Outlook

7.3.5.1.        Market Size & Forecast

7.3.5.1.1.           By Value 

7.3.5.2.        Market Share & Forecast

7.3.5.2.1.           By Capacity

7.3.5.2.2.           By Type

7.3.5.2.3.           By Connectivity

7.3.6.    Singapore Floating Solar Panel Market Outlook

7.3.6.1.        Market Size & Forecast

7.3.6.1.1.           By Value 

7.3.6.2.        Market Share & Forecast

7.3.6.2.1.           By Capacity

7.3.6.2.2.           By Type

7.3.6.2.3.           By Connectivity

7.3.7.    Malaysia Floating Solar Panel Market Outlook

7.3.7.1.        Market Size & Forecast

7.3.7.1.1.           By Value 

7.3.7.2.        Market Share & Forecast

7.3.7.2.1.           By Capacity

7.3.7.2.2.           By Type

7.3.7.2.3.           By Connectivity

8.    Europe Floating Solar Panel Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Capacity

8.2.2.    By Type

8.2.3.    By Country

8.3.  Europe: Country Analysis

8.3.1.    Germany Floating Solar Panel Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Capacity

8.3.1.2.2.           By Type

8.3.1.2.3.           By Connectivity

8.3.2.    United Kingdom Floating Solar Panel Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Capacity

8.3.2.2.2.           By Type

8.3.2.2.3.           By Connectivity

8.3.3.    France Floating Solar Panel Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Capacity

8.3.3.2.2.           By Type

8.3.3.2.3.           By Connectivity

8.3.4.    Italy Floating Solar Panel Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Capacity

8.3.4.2.2.           By Type

8.3.4.2.3.           By Connectivity

8.3.5.    Spain Floating Solar Panel Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Capacity

8.3.5.2.2.           By Type

8.3.5.2.3.           By Connectivity

8.3.6.    Poland Floating Solar Panel Market Outlook

8.3.6.1.        Market Size & Forecast

8.3.6.1.1.           By Value 

8.3.6.2.        Market Share & Forecast

8.3.6.2.1.           By Capacity

8.3.6.2.2.           By Type

8.3.6.2.3.           By Connectivity

8.3.7.    Denmark Floating Solar Panel Market Outlook

8.3.7.1.        Market Size & Forecast

8.3.7.1.1.           By Value 

8.3.7.2.        Market Share & Forecast

8.3.7.2.1.           By Capacity

8.3.7.2.2.           By Type

8.3.7.2.3.           By Connectivity

9.    South America Floating Solar Panel Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Value

9.2.  Market Share & Forecast

9.2.1.    By Capacity

9.2.2.    By Type

9.2.3.    By Country

9.3.  South America: Country Analysis

9.3.1.    Brazil Floating Solar Panel Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Capacity

9.3.1.2.2.           By Type

9.3.2.    Argentina Floating Solar Panel Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value 

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Capacity

9.3.2.2.2.           By Type

9.3.2.2.3.           By Connectivity

9.3.3.    Colombia Floating Solar Panel Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Capacity

9.3.3.2.2.           By Type

9.3.3.2.3.           By Connectivity

9.3.4.    Peru Floating Solar Panel Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Capacity

9.3.4.2.2.           By Type

9.3.4.2.3.           By Connectivity

9.3.5.    Chile Floating Solar Panel Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Capacity

9.3.5.2.2.           By Type

9.3.5.2.3.           By Connectivity

10. Middle East & Africa Floating Solar Panel Market Outlook

10.1.             Market Size & Forecast

10.1.1. By Value

10.2.             Market Share & Forecast

10.2.1. By Capacity

10.2.2. By Type

10.3.             Middle East & Africa: Country Analysis

10.3.1. Saudi Arabia Floating Solar Panel Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Capacity

10.3.1.2.2.         By Type

10.3.1.2.3.         By Connectivity

10.3.2. South Africa Floating Solar Panel Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Capacity

10.3.2.2.2.         By Type

10.3.2.2.3.         By Connectivity

10.3.3. UAE Floating Solar Panel Market Outlook

10.3.3.1.     Market Size & Forecast

10.3.3.1.1.         By Value 

10.3.3.2.     Market Share & Forecast

10.3.3.2.1.         By Capacity

10.3.3.2.2.         By Type

10.3.3.2.3.         By Connectivity

10.3.4. Iraq Floating Solar Panel Market Outlook

10.3.4.1.     Market Size & Forecast

10.3.4.1.1.         By Value 

10.3.4.2.     Market Share & Forecast

10.3.4.2.1.         By Capacity

10.3.4.2.2.         By Type

10.3.4.2.3.         By Connectivity

10.3.5. Turkey Floating Solar Panel Market Outlook

10.3.5.1.     Market Size & Forecast

10.3.5.1.1.         By Value 

10.3.5.2.     Market Share & Forecast

10.3.5.2.1.         By Capacity

10.3.5.2.2.         By Type

10.3.5.2.3.         By Connectivity

11. Market Dynamics

11.1.             Drivers

11.1.1. Favorable government regulations

11.1.2. Rise in environmental concerns

11.1.3. Increasing use of solar energy

11.2.             Challenges

11.2.1. Complex deployment

11.2.2. High cost

12. Market Trends & Developments

12.1.             Trends and Developments

12.1.1. Adoption of automation and technologies in the various verticals across the globe

12.1.2. Growing demand for energy-efficient technologies

12.1.3. Rise in innovations and developments from market players

12.1.4. Improved recycling solutions

12.1.5. End-of-Life (EoL) of solar panels

13. Company Profiles

13.1.             Ciel & Terre International

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (if available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.             Kyocera Corporation

13.2.1. Business Overview

13.2.2. Key Revenue and Financials (if available)

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             JA Solar Co., Ltd

13.3.1. Business Overview

13.3.2. Key Revenue and Financials (if available)

13.3.3. Recent Developments

13.3.4. Key Personnel

13.3.5. Key Product/Services

13.4.             Trina Solar Limited

13.4.1. Business Overview

13.4.2. Key Revenue and Financials (if available)

13.4.3. Recent Developments

13.4.4. Key Personnel

13.4.5. Key Product/Services

13.5.             Sharp Corporation

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (if available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             Yingli Solar

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (if available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             SPG Solar

13.7.1. Business Overview

13.7.2. Key Revenue and Financials (if available)

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             Vikram Solar

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (if available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             Solaris Synergy

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (if available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Novaton AG

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials (if available)

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The key players in the global floating solar panel market are Ciel & Terre International, Kyocera Corporation, JA Solar Co., Ltd., Trina Solar Limited, Sharp Corporation, Yingli Solar, SPG Solar, Vikram Solar, Solaris Synergy, and Novaton AG. These companies are actively investing in R&D to produce innovative and advanced solar panels.

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Floating solar panels have shown potential for future growth in the renewable energy sector as the systems can be installed on bodies of water, such as lakes, reservoirs, and man-made ponds, and it is providing a substitute for traditional ground-mounted solar arrays.

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The significant advantage of using the floating solar panel market is that installations do not require valuable and scarce land space

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The installation costs of floating solar panels are higher than traditional solar installations due to additional costs, such as anchoring systems, mooring, and floating platforms. This factor acts as a challenge for the global floating solar panel market.

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The increasing use of solar energy is expected to boost the global floating solar panel market during the forecast period.

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