Floating Solar Panels Market Outlook
According to the report by Expert Market Research (EMR), the global floating solar panels market size is projected to grow at a CAGR of 29.1% between 2024 and 2032. Aided by the increasing demand for renewable energy sources, the market is expected to grow significantly by 2032.
Floating solar panels, also known as floating photovoltaic (FPV) systems, are a novel approach to solar energy generation. These panels are installed on water bodies, such as reservoirs, lakes, and ponds, thereby utilising the water surface for energy generation while conserving valuable land resources.
Floating solar panels market growth is primarily driven by the increasing demand for renewable energy sources amidst growing concerns about climate change and the depletion of fossil fuels. Floating solar panels offer a sustainable and efficient way to generate solar energy without the need for extensive land use, making them particularly appealing in densely populated or agriculturally intensive regions.
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Another significant factor contributing to the floating solar panels market demand is their higher efficiency compared to land-based solar panels. The cooling effect of water helps to maintain the optimal temperature of the solar panels, enhancing their efficiency and lifespan.
Moreover, the implementation of floating solar panels helps in water conservation. By covering the water surface, these panels reduce evaporation, thereby preserving water levels in reservoirs and lakes, which is crucial in arid regions and during periods of drought.
Geographically, Asia Pacific holds a significant portion of the floating solar panels market share, primarily due to the large-scale deployment of FPV systems in countries like China, Japan, and India. These countries have vast water bodies and high solar potential, making them ideal locations for floating solar installations.
Europe and North America are also significant markets, driven by the growing adoption of renewable energy sources and technological innovations in floating solar panel systems. The emphasis on sustainable energy practices in these regions is further accelerating the market growth.
The market is characterised by the presence of several key players who are focusing on technological advancements to improve efficiency and reduce costs. Strategic partnerships, mergers, and acquisitions are common as companies strive to expand their global footprint and product offerings.
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Floating Solar Panels Market Segmentation
The market can be divided based on product type and region.
Market Breakup by Product Type
- Tracking Floating Solar Panels
- Stationary Floating Solar Panels
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global floating solar panels market. Some of the major players explored in the report by Expert Market Research are as follows:
- Floating Solar UK
- Akuo Industries
- Yellow Tropus Pvt.Ltd
- JA Solar Technology Co., Ltd.
- Hanwha Group
- Others
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