Floating solar panels are photovoltaic systems that float on water bodies such as lakes, dams, tidal areas or irrigation reservoirs. They are increasingly being adopted as they offer various advantages over their land-based counterparts such as saving valuable land area, natural cooling of panels which lead to better performance and lower evaporation from the water body below. Floating solar panel projects can be installed in areas that have high solar irradiation and access to large water bodies. The global floating solar panels market is growing rapidly with increasing installed capacities worldwide. The floating solar panels have become a cost-effective alternative for utilities and developers looking to generate solar power without using scarce land resources.

The Global Floating Solar Panels Market is estimated to be valued at US$ 35.9 MN in 2024 and is expected to exhibit a CAGR of 29. % over the forecast period 2024 to 2031.

Key Takeaways
Key players operating in the global floating solar panels market are Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp., LONGi Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd., Yellow Tropus Pvt. Ltd., and Yingli Solar. Ciel & Terre International is one of the pioneers in floating solar technology with projects commissioned across various countries.

The demand for Global Floating Solar Panels Market Trends is growing significantly driven by the need for harnessing renewable energy without occupying valuable land resources. Countries and regions with limited land availability are increasingly adopting floating solar to meet their solar targets in a sustainable manner.

Significant global expansion is expected in the floating solar panels market during the forecast period. Several large-capacity floating solar projects are under development across geographies like Asia Pacific, Europe, Americas and Middle East & Africa. Countries like Singapore, Vietnam, Netherlands are emerging as top markets for floating solar adoption.

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