Solar Floating Panel Market Size [2023-2030] | Industry Growth, Share, And Trends Forecast Analysis

Solar Floating Panels Market to Exhibit Advanced Growth Rate during forecast period of 2023 to 2030; Rising Demand for Reliable Electric Supply and Initiatives to Conserve and Utilize Water Resources to boost the market growth.

/EIN News/ -- Pune, India, Feb. 06, 2023 (GLOBE NEWSWIRE) -- The global solar floating panel market size is expected increase at a promising growth rate in the forecast duration on account of increasing demand for alternative sources of energy. This information is published by Fortune Business Insights™ in an upcoming report, titled, “Solar Floating Panel Market Size, Share & Industry Analysis, By Capacity (Up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW, Greater than 3 MW), By Type (Stationary Floating Solar Panel, Tracking Floating Solar Panel), By Panel Type (Mono-crystalline, Poly-crystalline, Thin Film) and Regional Forecast, 2030.”

List of Players Analyzed in the Solar Floating Panel Market report are as follows:

• KYOCERA International, Inc.
• Sungrow Power Supply Co., Ltd.
• REC
• Jain Irrigation Systems Ltd.
• Seaflex AB
• Adtech Systems Limited
• Upsolar Global
• LLC
• Swimsol GmbH
• FloatPac Pty Ltd
• 4CSOLAR, Inc.
• Sunhome Technology Co., Ltd.
• Vikram Solar
• Sharp Corporation
• Ciel & Terre International
• Waaree Group
• Seraphim Solar System Co., Ltd.
• D3Energy

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Market Growth Factor:

Rise in Demand for Water Supply to Propel Market Growth

Floating solar is a solar power installation system, mounted on a floating structure for water bodies, typically meant to serve lakes or artificial basins. Solar floating panels help to reduce the evaporation from the water bodies such as ponds, lakes, and reservoirs. They are most useful for drought struck places, where water loss problems can be put up to hold for some time, since the water that usually gets evaporated in the scorching heat, is protected by the floating solar panels. These panels also provide a reliable supply of electricity and are compatible with all water types. Factors such as increasing population and rise in demand for water supply are expected to promote the solar floating panel market. This, coupled with the increase in government initiatives to promote the uptake of renewable energy sources, will support the solar floating panel market growth in the future. 

As per current solar floating panel market trends, various categories of the market include capacity, type, panel type, and geography. In terms of capacity, high solar floating panel market shares are gathered from the 1 to 3 MW category as most floating solar installations are less than 1 MW.

An Overview of the Impact of COVID-19 on this Market:

Latest Update: This has brought along several changes this report also covers the impact of Current COVID-19 situation

The outbreak of COVID-19 has affected various industries, which affected the sales. The global lockdown and stringent restrictions imposed by governments created a long halt on the production operations of several companies. This affected the major key players' sales and revenue generation rate. To maintain social distancing norms imposed by governments, various companies have reduced the operating workforce that affected their production and supply chain.

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Report Coverage:

The report on the solar floating panel market provides interesting insights into the market. The report emphasizes mainly on current trends and upcoming opportunities that will bode well for both overall market revenue as well as for the vendors. Besides that, the report throws light on major growth trajectories such as strategic collaborations, merger and acquisition, contracts, investments in research and development, and others. Such information will be helpful for market vendors to accordingly invest in the market and earn high solar floating panel market shares during the forecast period.

Regional Analysis:

Solar Floating Panel Technology Spreading Widely Over Developing and Developed Nations

The first-ever solar floating PV system was constructed in the year 2007 in Aichi, Japan. Other nations such as France, the Republic of Korea, Italy, Spain, and the USA tested small scale floating solar panel systems for demonstration and research purposes. The first installation of a floating solar panel was a 175 kW system, built at Far Niente Winery in California, in 20018 in the USA.

With the increasing adoption of solar floating panels on water, the market started to spread geographically into China, Canada, Australia, Brazil, Portugal, Norway, France, Thailand, the Netherlands, Norway, Turkey, Switzerland, Sri Lanka, Spain, Sweden, Tunisia, Panama, Vietnam, and the United Kingdom. On the other side, projects are ongoing in the Kyrgyz Republic, Azerbaijan, Ghana, Columbia, and Afghanistan.

Key Industry Developments:

Some of the key industry developments in the solar floating panel market include:

July 2019 – A subordinate of the Italian oil group Eni called Eni New Energy SpA is planning on the development of the first utility-scale 14.19 MW floating solar plant on Brindisi, an artificial water basin in Southern Apulia.

November 2019 – Sunseap, a project development company announced the plan of building the world’s largest solar floating panel on seawater in the Johor Channel that separates Malaysia and Singapore. This project will be supported by the Economic Development Board in Singapore and will provide power to the grid for more than 25 years after completion.

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Solar Floating Panel Market Segmentation:

By Capacity:

• Up to 500 kW
• 500 kW to 1 MW
• 1 MW to 3 MW
• Greater than 3 MW

By Type:

• Stationary Floating Solar Panel
• Tracking Floating Solar Panel

By Panel Type:

• Mono-crystalline
• Poly-crystalline
• Thin Film

Continued…

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