Riding the Wave The Booming Floating Solar Panels Market
Market Overview
The global floating solar panels market is expected to grow from USD 0.9 billion in 2022 to USD 4.3 billion by 2030, at a CAGR of 24.40% during the forecast period. The growth of the market is attributed to the increasing demand for renewable energy, government initiatives to promote clean energy, and the declining cost of floating solar panels.
Floating solar technology has driven the solar panel industry due to its sustainability and efficiency features. The market’s demand is rapidly increasing due to the high probability of droughts. The awareness to use renewable energy is also aiding the market.
Solar energy is the ultimate leading solution for climate change. The growing demand for clean energy and the implantation of advancement to offer new solutions is powering up the demand for solar floating power plants. A floating solar panel is an integrated ground-mounted solar panel technology.
The PV (photovoltaic) solar systems are mostly installed on rooftops to increase clean energy production, driving the market’s demand. The ongoing research and development are leading the innovation of new devices like floating solar panels in the solar industry. These panels are photovoltaic modules mounted on platforms that float on lakes, water reservoirs, seas, and oceans.
Various growth factors include the industrial players’ cost-efficient measures, new product launches, and the improvement of existing ones. These factors are influencing the Floating Solar Panels Market. Moreover, initiatives taken by national governments for the promotion of renewable energy practices are enhancing the market. The market is expected to reach the estimated valuation with new growth opportunities in the future forecast.
Market Segments
The floating solar power station is segmented into product and location.
The product segment of the market is sub-segmented stationary floating solar panels and tracking floating solar panels. The stationary floating solar panel segment is leading the market in the forecast period due to its cost-efficient feature.
The location segment is subdivided into onshore and offshore. The onshore market is driving the global market due to its strong performance.
Regional Analysis
The regional growth analysis study of the Floating solar power Market Size shows its extensive growth in regions like the North American region, the European Union, the Asia Pacific, and the rest of the world.
The major role of governments worldwide in the usage of renewable energy is powering up the global market in the forecasted period.
The Asia Pacific regional market stood as the market leader with dominating share value during the forecast. The great performance of the market in this region, along with the numerous initiatives taken by governments, is accelerating the usage of solar panels. Moreover, stringent environmental regulations and norms drive the demand for low-cost energy sources, which boosts the regional market.
Industry News
In September 2022, Several letters of intent were signed by Philippines President Ferdinand Marcos and Singapore Prime Minister Lee Hsien Loong to help Singaporean companies to invest in the Philippines. These agreements include the installation of a 1.3 GW floating solar project on the largest lake in the Philippines, Laguna de Bay.
The project will need an investment of around USD 1.2 billion, as per the Philippines government, without other additional details. According to a media outlet in the Philippines, the commercial operations project will begin in 2024.
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