Quick Overview of the Global Floating Solar Market Analysis
The Global Floating Solar Market Analysis, research report provides an in-depth market study with qualitative and quantitative research of the continuing industry trends, opportunities, growth areas, drivers, and challenges, which would enable stakeholders to align their market strategies according to the present & future market dynamics.
Detailed Analysis of Global Floating Solar Industry (2024-30): Reveals Further Growth &Market Expansion
According to the most recent 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 report significantly addressed considerable changes, gap analyses, and competitive studies using qualitative and quantitative data. These include the widespread segmentation, regional landscape, and recent developments, entailing information on the fluctuation in the demand, sales, revenue, and other parameters experienced and expected in the industry for the forecasting year i.e. 2024-30.
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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.
Floating Solar Market Segmentation Analysis
-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.
Key Players and Competitive Strategies in the Floating Solar Market
The report provides a study that looks at the requirements for manufacturing and processing, project expenses, finance, and economics, as well as projected profit margins and returns on investment. This also helps in identifying the major market players in the market such as:
- 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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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.
Key Report Highlights
- Market Dimensions & Projections
- Pricing Evaluation,
- Recent Strategic Moves by Companies,
- Competitive Landscape Assessment,
- Emerging Opportunities,
- Market Trends and Indicators
Key Questions Answered in the Research Report
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the globe?
- How has the industry been evolving in terms of geography and product adoption?
- How has the competition been shaping up across various regions?
- How have buying behaviour, customer inclination, and expectations from product manufacturers been evolving during 2024-30?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
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