Floating Solar Panel Market Growth Trajectory Through 2024-2033

The Floating Solar Panel Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Floating Solar Panel Global Market Report 2024, The floating solar panel market size has grown exponentially in recent years. It will grow from $3.24 billion in 2023 to $3.94 billion in 2024 at a compound annual growth rate (CAGR) of 21.8%. The growth in the historic period can be attributed to rising government incentives, growing energy demand, water utility partnerships, corporate sustainability goals, and environmental regulations.

The floating solar panel market size is expected to see exponential growth in the next few years. It will grow to $8.73 billion in 2028 at a compound annual growth rate (CAGR) of 22.0%. The growth in the forecast period can be attributed to energy storage solutions, cost reduction in solar technology, research and development, financial incentives and grants, and global renewable energy initiatives. Major trends in the forecast period include water quality improvement, insurance and financing, innovation in materials, public-private partnerships, and consumer demand.

The rising inclination towards renewable energy generation is expected to propel the growth of the floating solar panel market going forward. Renewable energy generation is rising due to increasing environmental awareness and the need to reduce greenhouse gas emissions. Floating solar panels enhance renewable energy generation by utilizing water surfaces for solar installations, increasing efficiency through cooling effects, and conserving valuable land resources, making them ideal for areas with limited land availability. For instance, in June 2024, according to the Department of Energy Security and Net Zero, a UK-based governmental organization, in the energy trend statistics for quarter 3 of 2023, renewable electricity generation reached 30.1 terawatt hours (TWh), marking a 6.8% increase compared to the corresponding period in 2022. Therefore, a rising inclination towards renewable energy generation is driving the growth of the floating solar panel market.

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The floating solar panel market covered in this report is segmented –

1) By Product: Stationary Floating Solar Panels, Tracking Floating Solar Panels
2) By Technology: Photovoltaic (PV), Concentrated Solar Power (CSP)
3) By Station Location: Onshore, Offshore
4) By Application: Utility, Residential

Major companies operating in the floating solar panel market are focusing on developing advanced products with floating photovoltaic technology to enhance energy efficiency, reduce costs, and improve durability. Floating photovoltaic technology involves installing solar panels on floating platforms or bodies of water that enhance efficiency by cooling the panels and reducing land use, making it ideal for areas with limited land availability. For instance, in November 2023, Masdar, a UAE-based renewable energy company, partnered with PLN, an Indonesia-based utility company, to launch the 145-megawatt Cirata floating solar plant in Indonesia, which is the largest in Southeast Asia. The Cirata plant, built on a 250-hectare plot in West Java, is Masdar’s first floating photovoltaic project and aims to power 50,000 homes while offsetting 214,000 metric tons of carbon dioxide emissions annually. Floating solar plants such as Cirata are particularly beneficial for countries with limited land resources, offering higher efficiency due to water cooling effects.

The floating solar panel market report table of contents includes:

1. Executive Summary
2. Floating Solar Panel Market Characteristics
3. Floating Solar Panel Market Trends And Strategies
4. Floating Solar Panel Market – Macro Economic Scenario
5. Global Floating Solar Panel Market Size and Growth
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32. Global Floating Solar Panel Market Competitive Benchmarking
33. Global Floating Solar Panel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Floating Solar Panel Market
35. Floating Solar Panel Market Future Outlook and Potential Analysis
36. Appendix

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