The global floating solar panel market is anticipated to grow at a significant CAGR of 24.5% during the forecast period (2024-2031). The market is driven by the growing awareness amongst people, and the government to increase the sources of renewable energy. Thus, governments across the globe are implementing restrictions and regulations to limit and eventually stop the usage of fossil fuels. The global floating solar panel market is segmented based on product type (into stationary, and tracking), capacity (into 0.1-1 MW, 1-5MW, and others), connection (into on-grid, off-grid), technology (into monocrystalline, and polycrystalline) and regions (into North America, Europe, Asia Pacific and Rest of World).
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Key Market Trends
- The stationary floating solar panel is expected to majorly dominate the market owing to the increased demand for floating solar systems and their lower cost. They also require less overall maintenance and servicing.
- The Asia-Pacific region currently holds the largest market share. This is majorly due to the higher penetration of the floating solar panel technology in the region. Furthermore, the decreasing cost of solar panels in the region is contributing to market growth.
- In the Asia Pacific, the highest contribution is seen by Japan, owing to the surging energy requirements of the dense population, lack of natural resources, and the country's dependency on renewable energy for power generation.
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- Another significant contributor to the Asia-Pacific solar panel market is Malaysia. The country has identified 78 lakes across the peninsular area that exhibit higher suitability for floating solar plant setups. The largest floating solar project has also been built in the country on Ulu Sepri Dam by Cypark Renewable Energy.
- Additionally, the North American region is projected to witness significant industry growth during the forecast period. The region would be primarily driven by the US, attributing to the favorable government initiatives focusing on clean energy resources. Also, in the US floating solar panels are widely used for water conservation by preventing excessive evaporation has contributed to the rapid adoption of the panels in the regions.
- However, the market growth can be potentially restrained by the transportation and supply chain cost of the floating solar panels. The cost is significantly huge for the transportation to remote areas, adding up to the overall cost of the product.
- In March 2023, the China Energy Engineering Corp. (China Energy), proposed the construction of a 1,000-megawatt floating solar plant on Zimbabwe's Kariba dam. The organization plans to invest nearly $1.0 billion in the project.
- The market is also presented with opportunities in the off-shore locations, attributed to the substantial investment by the market players to advance offshore solar energy solutions globally. For instance, in June 2023, SolarDuck announced to installation of a 780kW offshore floating solar (OFS) plant off the Coast of Tioman Island in Malaysia, aimed at assessing the technical and economic feasibility of OFS in Malaysia. The project completion is targeted for 2025.
The major companies serving the global floating solar panel market include KYOCERA Corp, Trina Solar Co. Ltd., and Yellow Tropus Pvt.Ltd, Wuxi Suntech Power Co.Ltd., Vikram Solar Ltd., and others. They are contributing significantly to the market growth.
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