Solar Floating Panel Market Size, Share & Industry Analysis, By Capacity (Up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW, Greater than 3 MW), By Type (Stationary Floating Solar Panel, Tracking Floating Solar Panel), By Panel Type (Mono-crystalline, Poly-crystalline, Thin Film) and Regional Forecast, 2024-2032

Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for an alternate source for energy has gained importance, and as solar energy is promoted by government's ambitious green energy targets, it has become a major attraction for investors. Over the last decade countries like China, India, Japan Germany and USA have come up as solar powerhouses and increased the production of electricity by solar energy which in turn has helped the floating solar panel market to grow.

Floating solar panel is mounted on structures that float on water body. Waterbody typically includes drinking water reservoirs, quarry lakes, irrigation canals, remediation, and tailing ponds, and hydroelectric dam reservoirs. Floating Solar Panel is a simple and affordable alternative to ground-mounted photovoltaic system is particularly suitable for countries who cannot afford to waste either land or water. Floating solar panel include floating structure, frames for PV modules, mooring lines & anchors, combiner box, photovoltaic panel, and central inverter.

On the basis of capacity, floating solar panel is segmented in Up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW and Greater than 3 MW. Majority of the floating solar installations are less than 1 MW. On the basis of type, floating solar panels can be divided into stationary panel and tracking panel. On the basis of panel type, floating solar panel are divide in Mono-crystalline, Poly-crystalline, and Thin Film. 

The major market driver for the global solar floating panel market is the increasing demand for clean and renewable energy around the world. Many Countries are now shifting towards the sources of clean energy. With the provision of government incentives and tax rebates over the installation of photovoltaic technology, floating solar is gaining traction amongst the available sources due to large untapped potential.

The key market restraint for the global solar floating panel market is the adverse impact on marine life. The absence of sunlight has negative effects on aquatic flora and fauna.

Key Players Covered

Some of the major companies that are present in the floating solar panel market are Ciel & Terre International, Adtech Systems Limited, Seaflex AB, Swimsol GmbH, FloatPac Pty Ltd, 4CSOLAR, Inc., Waaree Group, Jain Irrigation Systems Ltd., Sharp Corporation, Sungrow Power Supply Co., Ltd., Sunhome Technology Co., Ltd., D3Energy, LLC, Seraphim Solar System Co., Ltd, REC, KYOCERA International, Inc., Vikram Solar and Upsolar Global.  

Segmentation

Regional Analysis

The global solar floating panel market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The first solar floating PV system was built in Aichi, Japan in 2007. Several other countries such as USA, Spain, Republic of Korea, Italy and France have tested small scale floating solar PV system for research and demonstration purpose. The first commercial installation was a 175 kW system built at the Far Niente Winery in California, USA in 2008. Initially solar floating PV system was concentrated in USA, Japan, and Korea. The floating solar PV systems have spread to Thailand, China, Australia, Brazil, Canada, the Netherlands, India, Indonesia, Israel, Italy, France, Malaysia, Maldives, Norway, Portugal, Singapore, Spain, Sweden, Sri Lanka, Switzerland, Taiwan, Tunisia, Turkey, the United Kingdom, Panama, and Vietnam. Projects are under consideration or development in Afghanistan, Azerbaijan, Colombia, Ghana, and the Kyrgyz Republic, as well as other countries.

Key Industry Developments

• In November 2019, project developer Sunseap had announced plans to build the world’s largest PV systems floating on seawater, located in the Johor strait which separates Singapore and Malaysia. The project is supported by Singapore’s Economic Development Board and will provide power to the grid over 25 years when complete.


• In July 2019, Eni New Energy SpA, a subsidiary of Italian oil group Eni, is planning to develop first utility-scale 14.19 MW floating solar plant on an artificial water basin in Brindisi, located in the southern region of Apulia, Italy.