Floating Solar Market Introduction and Overview
According to SPER Market Research, the Global Floating Solar Market is estimated to reach USD 70.33 billion by 2033 with a CAGR of 30.02%.
The report includes an in-depth analysis of the Global Floating Solar Market, including market size and trends, product mix, applications, and supplier analysis. Installing solar panels on bodies of water, such as lakes, ponds, and oceans, is known as floating solar, or floating photovoltaic (FPV), and it is a fast and clean way to generate energy. These setups, which are all on bodies of water, show us new vistas in different places where land is scarce. Due to its many advantages over land-based systems—such as increased energy yield, better water quality, decreased evaporation, etc.—floating solar panels are being deployed more and more often across the world, particularly in nations with dense populations and limited land.
- In April 2021: KYOCERA Corporation and AVX Corporation merged to form KYOCERA AVX, a new integrated brand intended for usage in the electronic components business within the KYOCERA Group. With the new structure, the company's electrical components business should develop.
- In February 2021: A 2 MW floating solar power plant was erected at SPM Group's facilities in Thailand by GreenYellow Limited, a subsidiary of GreenYellow.
Market Opportunities and Challenges
Market growth in the floating solar industry is being driven by several key factors. These include the increasing global emphasis on clean and renewable energy production, supported by government initiatives such as tax incentives and rebates for the installation of floating solar plants. Countries with high population densities and limited land resources are actively embracing floating solar technology to harness solar energy efficiently. As the demand for energy continues to rise and fossil fuels become scarcer, the global need for renewable energy sources is growing, offering lucrative opportunities for the floating solar market. Additionally, inadequate power infrastructure and the pursuit of renewable energy targets are expected to further boost market growth. Many governments are also committed to green energy goals, carbon emission reduction, and environmental challenges, creating numerous growth opportunities for industry leaders and attracting investors. Notably, China, India, Japan, the USA, and Germany are leading the way in driving the global floating solar market.
Although they have many benefits, floating solar plants—which make up a very small portion of all solar PV installations worldwide—do not get the attention they deserve. Furthermore, because of the reservoir's bed type, depth, and potential fluctuations in water level, anchoring and mooring them in place presents considerable obstacles during installation. Because of this, businesses in the floating solar industry are conducting more research to fully comprehend the geography of the waterbed and if it is appropriate to set up anchors for floats. The deployment of floating solar plants results in higher total prices due to the extra expenses incurred during transportation over further places & remote locales. Therefore, it is anticipated that these higher costs connected to floating solar plants will significantly limit industry expansion. Further impediments to market expansion in the upcoming years include the lack of a proven track record, installation challenges, and maintenance difficulties with electrical components.
Market Competitive Landscape
The global floating solar market is very competitive since there are major companies in many different countries. Both product innovation and research and development initiatives are the primary strategies employed by the leading players in the floating solar market. The major players in the Global Floating Solar market include: Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, Sulzer Ltd., Trina Solar, Vikram Solar Limited, Yellow Tropus Pvt. Ltd., Yingli Solar, Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Type, By Technology, By Location, By Capacity
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| Regions covered | North America, Asia-Pacific, Latin America, Middle East & Africa and Europe
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| Companies Covered | Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, Sulzer Ltd., Trina Solar, Vikram Solar Limited, Yellow Tropus Pvt. Ltd., Yingli Solar, Others
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COVID-19 Impact on Global Floating Solar Market
The COVID-19 pandemic badly impacted product demand, which in turn negatively impacted the floating solar panel business because to the lockdowns that were implemented in many nations. Lockdowns around the nation have stopped production of solar panels and their components since the outbreak in December 2019. Curfew-like regulations that hindered companies—apart from those offering necessities—from functioning in several nations affected the market for floating solar panels. In an effort to strengthen their economies, a number of nations loosened COVID-19 legislation. Consequently, it is anticipated that throughout the projection period, there would be a rise in demand for floating solar panels.
Key Target Audience:
- Energy Developers and Project Financiers
- Engineering, Procurement, and Construction (EPC) Firms
- Environmental and Conservation Organizations
- Environmental and Social Impact Assessors
- Floating Solar Industry Associations
- Technology Providers
- Utilities and Power Generation Companies
- Others
Our in-depth analysis of the Floating Solar Market includes the following segments:
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By Type:
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Solar-Tracking Floating Solar Panels
Stationary Floating Solar Panels
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By Technology:
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Concentrated Solar Power
Photovoltaic
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By Location:
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Offshore
Onshore
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By Capacity:
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Below 5MW
5MW - 50MW
Above 50MW
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Key Topics Covered in the Report:
- Global Floating Solar Market Size (FY’2023-FY’2033)
- Overview of Global Floating Solar Market
- Segmentation of Global Floating Solar Market By Type (Solar-Tracking Floating Solar Panels, Stationary Floating Solar Panels)
- Segmentation of Global Floating Solar Market By Technology (Concentrated Solar Power, Photovoltaic)
- Segmentation of Global Floating Solar Market By Location (Offshore, Onshore)
- Segmentation of Global Floating Solar Market By Capacity (Below 5MW, 5MW - 50MW, Above 50MW)
- Statistical Snap of Global Floating Solar Market
- Expansion Analysis of Global Floating Solar Market
- Problems and Obstacles in Global Floating Solar Market
- Competitive Landscape in the Global Floating Solar Market
- Impact of COVID-19 and Demonetization on Global Floating Solar Market
- Details on Current Investment in Global Floating Solar Market
- Competitive Analysis of Global Floating Solar Market
- Prominent Players in the Global Floating Solar Market
- SWOT Analysis of Global Floating Solar Market
- Global Floating Solar Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Global Floating Solar Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Global Floating Solar Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Global Floating Solar Market
7. Global Floating Solar Market, By Type (USD Million)
7.1. Global Floating Solar Market Value Share and Forecast, By Type, 2023-2033
7.2. Solar-Tracking Floating Solar Panels
7.3. Stationary Floating Solar Panels
8. Global Floating Solar Market, By Technology (USD Million)
8.1. Global Floating Solar Market Value Share and Forecast, By Technology, 2023-2033
8.2. Concentrated Solar Power
8.3. Photovoltaic
9. Global Floating Solar Market, By Location (USD Million)
9.1. Global Floating Solar Market Value Share and Forecast, By Location, 2023-2033
9.2. Offshore
9.3. Onshore
10. Global Floating Solar Market, By Capacity (USD Million)
10.1. Global Floating Solar Market Value Share and Forecast, By Capacity, 2023-2033
10.2. Below 5MW
10.3. 5MW - 50MW
10.4. Above 50MW
11. Global Floating Solar Market Forecast, 2019-2033 (USD Million)
11.1. Global Floating Solar Market Size and Market Share
12. Global Floating Solar Market, By Type, 2019-2033 (USD Million)
12.1. Global Floating Solar Market Size and Market Share By Type (2019-2026)
12.2. Global Floating Solar Market Size and Market Share By Type (2027-2033)
13. Global Floating Solar Market, By Technology, 2019-2033 (USD Million)
13.1. Global Floating Solar Market Size and Market Share By Technology (2019-2026)
13.2. Global Floating Solar Market Size and Market Share By Technology (2027-2033)
14. Global Floating Solar Market, By Location, 2019-2033 (USD Million)
14.1. Global Floating Solar Market Size and Market Share By Location (2019-2026)
14.2. Global Floating Solar Market Size and Market Share By Location (2027-2033)
15. Global Floating Solar Market, By Capacity, 2019-2033 (USD Million)
15.1. Global Floating Solar Market Size and Market Share By Capacity (2019-2026)
15.2. Global Floating Solar Market Size and Market Share By Capacity (2027-2033)
16. Global Floating Solar Market, By Region, 2019-2033 (USD Million)
16.1. Global Floating Solar Market Size and Market Share By Region (2019-2026)
16.2. Global Floating Solar Market Size and Market Share By Region (2027-2033)
16.3. Asia-Pacific
16.3.1. Australia
16.3.2. China
16.3.3. India
16.3.4. Japan
16.3.5. South Korea
16.3.6. Rest of Asia-Pacific
16.4. Europe
16.4.1. France
16.4.2. Germany
16.4.3. Italy
16.4.4. Spain
16.4.5. United Kingdom
16.4.6. Rest of Europe
16.5. Middle East and Africa
16.5.1. Kingdom of Saudi Arabia
16.5.2. United Arab Emirates
16.5.3. Rest of Middle East & Africa
16.6. North America
16.6.1. Canada
16.6.2. Mexico
16.6.3. United States
16.7. Latin America
16.7.1. Argentina
16.7.2. Brazil
16.7.3. Rest of Latin America
17. Company Profile
17.1. Ciel & Terre International
17.1.1. Company details
17.1.2. Financial outlook
17.1.3. Product summary
17.1.4. Recent developments
17.2. Hanwha Group
17.2.1. Company details
17.2.2. Financial outlook
17.2.3. Product summary
17.2.4. Recent developments
17.3. JA SOLAR Technology Co. Ltd
17.3.1. Company details
17.3.2. Financial outlook
17.3.3. Product summary
17.3.4. Recent developments
17.4. KYOCERA Corporation
17.4.1. Company details
17.4.2. Financial outlook
17.4.3. Product summary
17.4.4. Recent developments
17.5. Sharp Corporation
17.5.1. Company details
17.5.2. Financial outlook
17.5.3. Product summary
17.5.4. Recent developments
17.6. Sulzer Ltd.
17.6.1. Company details
17.6.2. Financial outlook
17.6.3. Product summary
17.6.4. Recent developments
17.7. Trina Solar
17.7.1. Company details
17.7.2. Financial outlook
17.7.3. Product summary
17.7.4. Recent developments
17.8. Vikram Solar Limited
17.8.1. Company details
17.8.2. Financial outlook
17.8.3. Product summary
17.8.4. Recent developments
17.9. Yellow Tropus Pvt. Ltd
17.9.1. Company details
17.9.2. Financial outlook
17.9.3. Product summary
17.9.4. Recent developments
17.10. Yingli Solar
17.10.1. Company details
17.10.2. Financial outlook
17.10.3. Product summary
17.10.4. Recent developments
17.11. Others
18. List of Abbreviations
19. Reference Links
20. Conclusion
21. Research Scope
SPER Market Research’s methodology uses great emphasis on primary research to ensure that the market intelligence insights are up to date, reliable and accurate. Primary interviews are done with players involved in each phase of a supply chain to analyze the market forecasting. The secondary research method is used to help you fully understand how the future markets and the spending patterns look likes.
The report is based on in-depth qualitative and quantitative analysis of the Product Market. The quantitative analysis involves the application of various projection and sampling techniques. The qualitative analysis involves primary interviews, surveys, and vendor briefings. The data gathered as a result of these processes are validated through experts opinion. Our research methodology entails an ideal mixture of primary and secondary initiatives.
