The Global Floating Solar Panels Market is driven by Growing Demand For Renewable Energy Sources
The floating solar panels market produces solar panels that float on water bodies like lakes, reservoirs and dams. These panels help generate solar power from the sunlight that falls on them while also preventing evaporation of water from the storage facilities. The panels are made from solar cells fitted onto panels designed to float and are moored to the water surface through anchoring systems. The panels connect to the local electric grid through cables that transfer the current from the photovoltaic cells to inverters and the electric grid on land.
The Global Floating Solar Panels Market is estimated to be valued at US$ 62.3 Mn in 2025 and is expected to exhibit a CAGR of 29.8% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the floating solar panels are Ciel & Terre International, Hanwha Group, and JA SOLA.. Growing demand in the market is mainly attributed to concerns over dependence on fossil fuels and steps taken by various governments globally to promote adoption of renewable energy. There is increasing installation of floating solar panels across countries worldwide to harness solar energy from water bodies.
Market drivers
A major driver for the Floating Solar Panels Market Size is the growing demand for renewable energy sources. With growing environmental concerns related to fossil fuel usage, many countries are promoting renewable energy adoption through policies and incentives. Solar energy is abundant and widely available, making it appealing for utilities and commercial establishments to install floating solar systems on their available water reservoirs and reduce carbon footprint. This is expected to significantly drive the demand for floating solar panels over the forecast period.
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