Floating Solar Panels Market Growth Drivers, Revenue Factors, and Competitive Analysis By 2030 | MRFR

Floating Solar Panels Market Analysis:

Global Floating Solar Panels Market research report provides an In-Depth analysis that includes an executive summary, definition, and scope of the market. The Floating Solar Panels Industry is segmented on the basis of product, location and region. The segmentation is intended to give the readers a detailed understanding of the market and the essential factors comprising it. This allows giving a better description of the drivers, restraints, threats, and opportunities.

According to Market Research Future (MRFR), the market is set to witness a compound annual growth rate (CAGR) of 24.40% during the forecast period (2023-2030). The market is poised to garner fabulous traction over the next couple of years owing to solar panels’ mobility and flexibility according to the sun’s position. Floating solar panels systems do not require valuable land space for installations, which is one of their biggest advantages. Resultantly, their installations are multiplying, and its market demonstrates a huge growth potential.

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When it comes to large-scale solar projects, rooftop solar panel systems, ground mounts, or solar canopies are the most sought-after options. However, land scarcity is inevitable when the dramatically increasing population is spreading on whatsoever the little space available on the Earth, where about 70 percent of the surface is already covered with water. Here floating solar panels come to aid, providing a newer alternative that’s making quite the splash in the solar industry.

Floating solar panels can provide a reliable electricity supply without requiring a large site and compatibility with the water types. It is a mobile asset that can be relocated or traded, and most importantly, it provides a secure power supply in the event of earthquakes or floods. Additional factors substantiating the market growth are augmenting demand for uninterrupted power supply and rising population, world economy, urbanization, and industrialization.

Floating Solar Panels Market Segmentation

Floating Solar Panels Product Outlook (USD Billion, 2018-2030)

• Stationary Floating Solar Panels
• Tracking Floating Solar Panels

Floating Solar Panels Location Outlook (USD Billion, 2018-2030)

• Onshore
• Offshore

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Floating Solar Panels Regional Outlook (USD Billion, 2018-2030)

• North America
• Europe
• Asia Pacific
• Rest of the world

Regional Analysis:

The Asia Pacific region dominates the floating solar panels market, heading with the ample availability of water bodies, including large oceans and rivers. Skyrocketing demand for the energy, rapid depletion of non-renewable energy sources such as fossil fuels and scarcity of land are driving the demand for floating solar panels in the region.

Furthermore, government initiatives to promote utilization of renewable energy, rapid growth in the utility sector, and the presence of flourishing solar panel manufacturing units are some of the other factors impacting the growth of the regional market.

The floating solar panels market in North America is another lucrative market globally. Large advances in technology related to harvesting energy from renewable resources to meet the increasing energy demand are fueling the growth of the floating solar panels market in the region.

The Europe floating solar panels market is predominantly driven by the government emphasis on renewable energy sources for energy generation and rising environmental awareness.

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Key Players:

Players leading the global floating solar panels market include Wuxi Suntech Power Co., Ltd., GEITS, Yingli Solar, Ciel & Terre, SPG Solar, Kyocera Corporation, Suntech Power Holdings Co., Ltd., Japan Mega Solar Power Co., Solaris Synergy, Sharp Corporation, and Trina Solar Limited, among others.

About:

Market Research Future® (Part of WantStats Research and Media Pvt. Ltd.) has specialized research analysts in the areas of Aerospace & Defense, Automotive, C&M, Energy & Power, F&B, Healthcare & Pharmaceutical, ICT, Industrial Equipment, Packaging Construction & Mining and Semiconductor.

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. MRFR’s approach combines the proprietary information with various data sources to give an extensive understanding to the client about the latest key developments, expected events and about what action to take based on these aspects.

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