Floating Solar Panels Market Size to Reach USD 249.1 Million in 2032
The Floating Solar Panels Market size was USD 43.8 Million in 2024 and is expected to register a revenue CAGR of 24.2% during the forecast period
06 January, 2024 – The global floating solar panels market size reached USD 43.8 Million in 2024 and is expected to register a revenue CAGR of 24.2% during the forecast period. Favorable government initiatives and policies is a key factor driving market revenue growth.
On June 2024, the Department of Defense (DoD) announced a first-of-its-kind cooperation with Duke Energy to provide carbon-free electricity to five military installations in North and South Carolina. As part of this arrangement, the DoD will be the exclusive purchaser of all output generated by two new solar plants in South Carolina. The USD 248 million contract will offer about 4.8 million megawatt hours of CFE over a 15-year period from two newly constructed off-site solar facilities in South Carolina. These arrays, which are expected to be operational by September 2026, will provide power solely to the Department of Defense for the duration of the 15-year agreement and contribute to a more stable and robust commercial electric system.
However, the revenue growth of Floating Solar Panels market is hampered by the potential impacts on aquatic environment. The environmental implications of floating photovoltaic systems are classified into numerous areas, including shading, hydrodynamics and water-atmosphere exchange, energy emissions, benthic populations, and mobile species. While these structures are often erected on man-made reservoirs, the reduction in direct sunlight can have an impact on aquatic plant photosynthesis rates and overall ecosystem dynamics, potentially affecting fish and other aquatic species’ habitats. The presence of floating solar panels modifies the thermal profile of the water body, perhaps resulting in lower surface temperatures. This alteration can improve water quality by reducing the possibility of algal blooms, but it may also have an impact on thermal stratification and nitrogen cycling in the reservoir.
Key Highlights:
- Stationary floating solar panels segment is expected to register the largest revenue growth rate over the forecast period. These types of solar panels installed on platforms that float on water surfaces, anchored, or moored to keep them stable on water. Unlike solar trackers, do not move to follow the sun, but are designed for optimal tilt angles to maximize solar energy capture in a fixed orientation. The cooling effect of water reduces overheating of panels, leading to better energy conversion rates compared to land-based solar panels.
- Utility-Scale power generation segment is expected to account for the largest revenue share over the forecast period. The United States has around 26,000 reservoirs of varying sizes, covering 25,000 square miles of water. The Idaho National Laboratory (INL) and the National Renewable Energy Laboratory (NREL) of the United States Department of Energy are working together to develop a tool to assist developers in assessing reservoirs and estuaries where FPV panels could benefit local energy systems.
- Asia Pacific accounted for the largest revenue share in floating solar panels market in 2023 driven by increase in demand for renewable energy and government initiatives in introduction of solar panels. On December 2023, Laketricity Japan Co, Ltd (Ciel & Terre International Group) built a floating solar power plant and began supplying electricity to Ondani Ike in Konan Town, Takamatsu City, Kagawa Prefecture on December 21, 2023. The plant generates 2,652.0 kW of power and has an interconnection capacity of 1,999.0 kW. It is fitted with 665 W panels and is predicted to generate 3,196 MWh of power in its first year. This is equivalent to the electricity generated by approximately 550 families. Furthermore, the facility will be operated by the Group’s subsidiary “Suiden Mizumi Yon Co., Ltd”.
- Some major companies in the market report include KYOCERA Corporation, Trina Solar, Yellow Tropus Pvt. Ltd, Wuxi Suntech Power Co., Ltd., Yingli Solar, Ciel & Terre International, Mitsubishi Electric Corporation, JA SOLAR Technology Co. Ltd., Hanwha Group, Vikram Solar Limited, GCL-SI; Talesun, Pristine Sun Corp, SunPower Corporation, and ITOCHU Corporation.
- On July 2024, Trinasolar, a global pioneer in smart photovoltaic (PV) and energy storage systems, has announced a planned expansion into Thailand’s renewable energy market. Trinasolar, with nearly three decades of experience in the solar industry, provides globally leading technology for solar modules, trackers, and energy storage systems to a wide range of sectors, including utilities, commercial and industrial projects (including manufacturing, healthcare, and hospitality), and residential projects. It believes that strong Solar + Battery Energy Storage Systems (BESS) will be critical to meeting the kingdom’s energy targets.
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Navistrat Analytics has segmented floating solar panels market based on product type, location, application, and region:
- Product Type Outlook (Revenue, USD Million; 2022-2032)
- Tracking Floating Solar Panels
- Stationary Floating Solar Panels
- Location Outlook (Revenue, USD Million; 2022-2032)
- Onshore
- Offshore
- Application Outlook (Revenue, USD Million; 2022-2032)
- Utility-Scale Power Generation
- Water Resource Management Facilities
- Urban and Smart City Projects
- Others
- Regional Outlook (Revenue, USD Million; 2022-2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Nordic Countries
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Oceania
- ASEAN Countries
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- GCC Countries
- South Africa
- Israel
- Turkey
- Rest of MEA
- North America