Floating Solar Panel Market Size, Share, Growth Analysis, By Type(Photovoltaic (PV) Panels and Concentrated Solar Power (CSP)), By Application(Utility and Residential), By Region - Industry Forecast 2024-2031

Floating Solar Panel Market size was valued at USD 31.40 Billion in 2022 and is poised to grow from USD 38.50 Billion in 2023 to USD 196.49 Billion by 2031, at a CAGR of 22.60% during the forecast period (2024-2031).

The floating solar panel market is characterized by several companies operating in the market, ranging from established players to new entrants. The market is highly fragmented and competitive, with companies focusing on product innovation, partnerships, and collaborations to gain a competitive edge. Key strategies adopted by players in the market include product development, expanding their product portfolios, and investing in R&D activities to improve the efficiency and performance of floating solar panels. The market is also influenced by several regional and regulations promoting the adoption of renewable energy sources, creating opportunities for market players. 'Ciel et Terre International (France)', 'Kyocera Corporation (Japan)', 'Sungrow Power Supply Co., Ltd. (China)', 'JA Solar Co., Ltd. (China)', 'Trina Solar Limited (China)', 'Canadian Solar Inc. (Canada)', 'Xinyi Solar Holdings Ltd. (Hong Kong)', 'SPG Solar, Inc. (US)', 'Pristine Sun LLC (US)', 'Solaris Synergy Ltd. (Israel)', 'Suntech Power Co., Ltd. (China)', 'Yingli Solar (China)', 'SunPower Corporation (US)', 'Mitsubishi Electric Corporation (Japan)', 'Hanwha Q CELLS Co., Ltd. (South Korea)', 'Vikram Solar Pvt. Ltd. (India)', 'REC Group (Norway)', 'First Solar, Inc. (US)', 'China Singyes Solar Technologies Holdings Limited (China)', 'Sharp Corporation (Japan)'

One key driver of the floating solar panel market is the increasing demand for renewable sources of energy due to the depletion of fossil fuels. As the world becomes more environmentally conscious, the need for sustainable energy solutions is growing. Floating solar panels offer a unique advantage over traditional solar panels as they do not require land, making them suitable for use in bodies of water such as reservoirs, lakes, and ponds. This feature makes them an ideal solution for countries with limited land availability for solar energy production.

The market for floating solar panels is poised for growth, primarily driven by the expanding stationary floating solar panel segment. These static solar photovoltaic (PV) systems are specifically designed to be installed on water surfaces, composed of several components such as cables, aluminum frames for solar panels, and inverters. In stationary floating solar systems, the tilt angle of the panels remains fixed, requiring only periodic inspection and minimal maintenance for efficient operation. Relative to mobile or tracking solar panels, stationary systems typically incur lower costs. The market's promising future is bolstered by numerous proposed large-scale projects, underscoring the potential growth in demand for floating solar panels. Interestingly, there's a distinct variation in total capital and operating costs between solar tracking floating panels and stationary solar panels.

North America dominated the market due to the increasing demand for renewable energy sources and the implementation of favorable government policies. The US market is expected to be dominated by utility-scale projects, driven by the country's growing demand for electricity and favorable policies promoting the adoption of solar energy.