Future Forward: Key Trends and Projections for the Floating Solar Market 2030

Global Floating Solar Market Overview:

According to MarkNtel Advisors study the Global Floating Solar Market size in terms of installed capacity is valued at around 5.9 GW in 2023. Along with this, the market is estimated to grow at a CAGR of around 34.2% during the forecast period, i.e., 2024-30. The market growth is attributed to the surging energy needs emerging from various sectors across the globe. Globally, fossil fuels consist of more than 50% of the globe's electricity generation energy mix. The burning of fossil fuels to fulfill ever-rising power demands has also been polluting the environment to a great extent and causing alarming signs. Therefore, the development of green energy sources to curb the carbon emissions from coal-generated electricity has been drastically increasing throughout the historical period. The national governments across the globe are extensively investing in the establishment and advancement of low-carbon electricity generation sources and methods. These strategies implemented in the past have resulted in a surge in the growth of renewable energy such as solar and wind integration and are expected to soar in the forthcoming years too.

Key Findings of the Study: Floating Solar market

Global Floating Solar Market Trend:

Escalating Integration of Floating Solar Panels with Hydro-Thermal Power Plants Emerging as a Significant Market Trend – The combination of solar and hydropower enhances the overall energy efficiency of the system, thereby surging the demand for hybrid solar and hydro systems. The incorporation of floating solar panels on existing hydropower plants results in the maximization of the existing infrastructure and cutting the capital cost of additional equipment and machines required to set up an entirely new plant. Hydropower plants provide ample surface area for the installation of floating solar panels, which resolves the issue of land reservoirs in countries with limited land availability.

Furthermore, solar PV when incorporated with hydropower systems increases its efficiency, particularly in summer months when the water level goes down due to high evaporation rates. Various public and private entities across the globe have been integrating hydro and floating solar solutions owing to their perceived benefits.

Thus, the surging integration of floating solar PVs with existing hydrothermal plants owing to increased efficiency, high power generation, environmental benefits, and continuous power generation even in downtimes is emerging as a significant market trend in the Global Floating Solar Market.

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Scope of the Floating Solar Market Report Segmentation

-By Type

Pure- Market Size & Forecast 2019-2030, USD Million
Metallic- Market Size & Forecast 2019-2030, USD Million
Membrane- Market Size & Forecast 2019-2030, USD Million

-By Waterbody

Inland- Market Size & Forecast 2019-2030, MW
Marine- Market Size & Forecast 2019-2030, MW

-By Component

Service- Market Size & Forecast 2019-2030, USD Million
Equipment- Market Size & Forecast 2019-2030, USD Million

-By Capacity

Upto 10 MW- Market Size & Forecast 2019-2030, Number of Projects
1 MW to 50 MW- Market Size & Forecast 2019-2030, Number of Projects
1 MW to 100 MW- Market Size & Forecast 2019-2030, Number of Projects
>100 MW- Market Size & Forecast 2019-2030, Number of Projects

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Geographical analysis:

-By Region

North America
South America
Europe
The Middle East & Africa
Asia-Pacific

The Asia-Pacific region is expected to capture a substantial share of the Global Floating Solar Market, owing to high renewable energy generation potential and rich hydro and solar resources. The countries in the region experience a continuous and reliable supply of solar radiation essential for solar energy generation. Moreover, countries like India, Japan, China, Indonesia, Australia, etc., are surrounded by water sources which further provide ample opportunities for floating solar projects. In addition, governments across the region are extensively focusing on reducing their carbon footprints and launching initiatives for renewable energy generation. As a result, they are launching, investing, and establishing floating solar power plants across their nations to propel the renewable energy sector.

Global Floating Solar Industry Recent Development:

In 2023: Iberdrola installed its first floating solar PV power plant in Brazil with around 940 panels.
In 2022: EnBW, an energy company announced its plans to develop a 100 MW floating solar project in Germany's Saarland region.

Current Landscape of Floating Solar Market

The report delineates key market participants and thoroughly assesses their strategic approaches, trends, innovations, and manufacturing infrastructure, enabling a forecast of their market impact over the next five years. The meticulously researched data presented holds the potential to distinguish even nascent market entrants in the long term. Armed with pertinent data and actionable insights, our research report delivers a comprehensive overview of the market, empowering investors and stakeholders to establish a robust presence in the Floating Solar market. The research report profiles major players, including

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Iberdrola
Ciel & Terre International
RWE
Tractebel
Pristine Sun LLC
Enel Spa
SolarDuck
BayWa r.e.
Ocean Sun AS
Quant Solar
ABL Group
NRG Energia srl
Sterling and Wilson Renewable Energy Limited
Sungrow
Scotra Co. Ltd.
EnBW
Others

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