Allied Market Research

2024

Floating Solar Panels Market

Floating Solar Panels Market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type and by Location : Global Opportunity Analysis and Industry Forecast, 2023-2032

EP : Green/Alternative/ Renewable Energy

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Author's: | Eswara Prasad
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Floating Solar panel technology has been coming under light as a favorable and cost-effective alternative to land-based photovoltaic systems. It is a new method of using water surface available on dams, reservoirs, and other water bodies for the generation of solar energy. Floating solar panels consists of panels that are installed on water bodies such as irrigation ponds, reservoirs, lakes, canals, and ocean. It is a new method of utilizing water surface available on dams, reservoirs, and other water bodies for the generation of solar energy. These panel that are on water bodies, this helps to maintain the temperature of the silicon panels by upholding the efficiency. These systems have various benefits over traditional power generation systems such as safe and noiseless power generation Floating solar panel based plant or farm is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels. Floating solar panels/plants help conserve water through reduction of evaporation, and increase power generation due to the cooling effect of solar panels.

Covid impact on industry -

COVID-19 pandemic has shut-down the production of various products in the floating solar panels industry, mainly owing to the prolonged lockdown in major global countries. This has hampered the floating solar panel market significantly from last few months, as is likely to continue during 2020.

COVID-19 has already affected the sales of equipment and machinery in the first quarter of 2020 and is likely to cause a negative impact on the market growth throughout the year.

The major demand for equipment and machinery was previously noticed from giant manufacturing countries including the U.S., Germany, Italy, the UK, and China, which is badly affected by the spread of coronavirus, thereby halting the demand for equipment and machinery.

Further, potential impact of the lockdown is currently vague and financial recovery of companies is totally based on its cash reserves. Equipment and machinery companies can afford a full lockdown only for a few months, after which the players would have to modify their investment plans.

Equipment and machinery manufacturers must focus on protecting their workforce, operations, and supply chains to respond toward immediate crises and find new ways of working after COVID-19

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

These floating solar panel has its high use in solar industry. Also, high demand of solar industry has been driving factor for this industry to grow. 

  • High Installation Cost of Floating Solar Panels/plants to Restrain Market

Installation of a floating solar panels/system requires special floaters that are anchored at the bottom of the reservoir to prevent the movement of the panels due to the wind. The tracking technology is in the nascent stage. The overall cost of technology is higher than the stationary type, which affects the project cost. High installation cost associated with the floating solar panel/system is a major restraint of the global floating solar panels market. High investment cost also jeopardizes the profitability of the system and raises issues about project investment. Companies such as Ciel & Terre provide the option of financing the projects for their customers. They also offer the entire package of project development services to clients along with EPC and operation & maintenance services. Governments of various countries such as Brazil, India, and Singapore have evinced interest in this technology. These countries provide financial incentives to the owners of floating solar panel projects. 

  • High Demand for Renewable Energy Source to Create Opportunities

Demand for renewable energy has been increasing due to the depletion of natural resources such as crude oil, coal, and natural gas; and adverse effects of fossil resources on the environment. Solar energy is considered to be renewable source of energy due to the abundant availability of solar power. Floating solar panels carry various advantages over their land-based counterparts. This is anticipated to boost the demand for floating solar panels, especially in countries and regions with large number of water bodies. Availability of trained manpower and government policies are boosting the confidence of investors. Countries facing power crisis are moving toward renewables to meet the shortage of power. Floating solar panels provide a highly viable solution over land-based solar power plants . Companies are constantly conducting research and development activities to increase the overall efficiency of solar panels and systems. A major breakthrough could be tracking floating solar systems. A solar tracker traces the movement of the sun and orients the panel by moving it in one or two axis in order to increase the time of exposure of panels to the sunlight. It also helps improve the overall efficiency of the system. Recent innovations in floating solar panels and rise in demand for sources of renewable energy are anticipated to boost the market in the near future 

Key benefits of the report:

  • This study presents the analytical depiction of the floating solar panels market along with the current trends and future estimations to determine the future of the market 
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of floating solar panel market share.
  • The current market is quantitatively analyzed to highlight the floating solar panel market growth scenario.

Floating Solar Panels Market Report Highlights

Aspects Details
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By Product Type
  • Stationary floating solar panels
  • Tracking floating solar panels
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By Location
  • Onshore
  • Offshore
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By Region
  • North America  (US, Canada)
  • Europe  (Germany, UK, France, Italy, rest of Europe)
  • Asia Pacific  (China, Japan, India, Australia, rest of Asia Pacific)
  • LAMEA  (Latin America, Middle East, Africa)
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Key Market Players

Hitachi, Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Lennox International Inc., United Technologies Corp., Midea Group Co., Ltd., Electrolux AB, Samsung Electronics Co.Ltd, Sharp Corporation

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Floating Solar Panels Market

Global Opportunity Analysis and Industry Forecast, 2023-2032