Floating Solar Panels Market is Predicted to Reach USD 4252.1 Million at a CAGR of 24.53% by 2030 - Report by Market Research Future (MRFR)

Growing Need for Renewable Energy Sources to Boost the Floating Solar Panels Market Growth

/EIN News/ -- New York, US, Jan. 09, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Floating Solar Panels Market Research Report: Information By Product, Location and Region - Global Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 4252.1 million by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 24.53% during the assessment timeframe.

Floating Solar Panels Market- Key Players 

Eminent industry players profiled in the global floating solar panels market report include-

• GEITS
• Wuxi Suntech Power Co., Ltd.
• Yingli Solar
• SPG Solar
• Ciel & Terre
• Kyocera Corporation
• Japan Mega Solar Power Co.
• Suntech Power Holdings Co., Ltd.
• Solaris Synergy
• Trina Solar Limited
• Sharp Corporation

Get Free Sample PDF Brochure:

https://www.marketresearchfuture.com/sample_request/6564

Report Scope:

Report Metric	Details
Revenue forecast in 2030	USD 4252.1 Million
Growth Rate	CAGR of 24.53% from 2022 to 2030
Base Year	2021
Study Period	2022-2030
Key Market Opportunities	New product launches and R&D Amongst major key Players
Key Market Drivers	Adoption of renewable energy

Browse In-depth Market Research Report (100 Pages) on Floating Solar Panels Market:

https://www.marketresearchfuture.com/reports/floating-solar-panels-market-6564

Drivers 

Growing Need for Renewable Energy Sources to Boost Market Growth 

The burgeoning need for renewable sources to cater to the growing demand for energy worldwide will boost market growth over the forecast period. Besides the favorable government initiatives for supporting the adoption of solar panels will also fuel market growth. 

Opportunities 

Alluring Benefits to offer Robust Opportunities 

The use of floating solar panels lessens the need for solar power collection on pricey land areas, particularly farmland that is close to any substation. In addition to lowering the cost of solar energy production, this also makes land available for other purposes. This will provide lucrative opportunities for this market in the forecast period. 

Restraints and Challenges 

Limited Awareness to act as Market Challenge 

Value chain disruption owing to the pandemic, limited awareness regarding such sustainable energy solutions, and complexities associated with the floating solar panels offshore installation may act as market challenges over the forecast period. 

Ask To Expert:

https://www.marketresearchfuture.com/ask_for_schedule_call/6564

Floating Solar Panels Market Segmentation 

The floating solar panels market is bifurcated based on location and product. 

By product, the stationary floating solar panel will lead this Floating Solar Panels Market in the forecast period for its cost-effectiveness. 

By location, the onshore segment will domineer this market in the forecast period. Low construction & maintenance costs, as well as a reduced risk of damage from strong water currents and high tides, are the primary factors contributing to the onshore market segment's improved performance.

Floating Solar Panels Market COVID-19 Analysis 

The performance of the Floating Solar Panels Market has been significantly impacted by the COVID-19 pandemic. The pandemic mostly had a negative effect on the sector. The reason for this is a decline in the demand for floating solar panels. There was a brief halt in the floating solar panels production as a result of the prolonged lockdowns and strict social distance norms. The market for floating solar panels is anticipated to rebound in the future, though, as the strict lockdown restrictions have loosened in the majority of countries.

Regional Analysis 

APAC to Steer Floating Solar Panels Market 

Based on the comprehensive market forecast, the Asia Pacific market segment is likely to dominate the overall Floating Solar Panels Market environment. The introduction of numerous initiatives by governments to encourage the use of solar panels is the primary factor behind the region's impressive performance. In addition, the prevalence of strict environmental legislation and regulations as well as the rise in demand for affordable energy also significantly contribute to improving the performance of the geographical segment. In the APAC region, there is a high need for floating solar panels owing to the dearth of suitable land for construction of solar power plants and the rapid depletion of non-renewable energy sources like fossil fuels. As a result, the market for floating solar panels in this region is expanding significantly. In 2021, Asia Pacific held the largest revenue share (73.27%) and dominated the world market. Due to the limited availability of land and the finite supply of fossil fuels, floating solar panels are widely used in Japan. As a result, the government has approved a number of plans for floating panels to meet the rising demand for electricity while causing less environmental harm. Due to its significant market potential, floating solar technology is anticipated to rapidly spread throughout the APAC region. Additionally, it is anticipated that in the upcoming years, market growth will be boosted by a decline in solar panel prices in the area and an increase in awareness of floating solar technology. The adoption of floating solar panels is being heavily funded by nations like China and Japan, which is fueling market expansion. The rapid growth of sectors like automotive, food processing, oil and gas, and power generation, among others, that requires large amounts of energy to maintain daily operations, is what propels the floating solar panel market in the Asia Pacific region. Due to the favorable policies put in place by the governments and their ambitious plans regarding the installation of renewable energy sources, countries like China and Japan have a vast majority of floating solar panels installed in remote areas by massive solar farms. This is probably going to play a pivotal role in the expansion of the industry in the area.

Check for Discount:

https://www.marketresearchfuture.com/check-discount/6564

North America to Have Favorable Growth in Floating Solar Panels Market 

On the other hand, North America will experience the fastest rate of growth during the forecast period. Over the assessment period, it is anticipated that factors like the ability of floating solar technology to reduce evaporation and land availability will increase demand for floating solar in the region. The market for floating solar panels in North America is expanding due to the widespread use of cutting-edge technology for energy harvesting from renewable sources in order to meet the region's rising energy demand. The need for electricity is increasing in the region of North America. This is a result of successful government initiatives to increase reliance on renewable energy sources.

Related Reports:

Solar PV Tracker Market Research Report by Solar Power Type, by Tracking type, Drive system, By End-User, Forecast till 2030

Solar Panels Market Research Report: Information by Technology, Module Type, Grid, Application, and Region - Forecast till 2030

Solar Rooftop Market Information Report by Capacity, By Connectivity, By End User and By Regions - Global Forecast to 2030

About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

Follow Us: LinkedIn | Twitter

Contact
                    
                    Market Research Future (Part of Wantstats Research and Media Private Limited)
                    
                    99 Hudson Street, 5Th Floor
                    
                    New York, NY 10013
                    
                    United States of America
                    
                    +1 628 258 0071 (US)
                    
                    +44 2035 002 764 (UK)
                    
                    Email: sales@marketresearchfuture.com
                    
                    Website: https://www.marketresearchfuture.com