Floating Solar Panels Market Report Scope & Overview:

The Floating Solar Panels Market size was valued at USD 44.08 billion in 2023 and is expected to grow to USD 227.91 billion by 2031 and grow at a CAGR of 22.8% over the forecast period of 2024-2031.

Floating solar panels hardly needs an introduction. It essentially generates electricity using solar radiation. Three components are needed to achieve this: photovoltaic modules, which convert light's photons into electrical energy; inverters, which change direct current into alternating current and subsequently into usable electricity; and transformers, which increase voltage to lower electrical losses. In more detail, the photovoltaic inverter's job is to change the direct current generated by the solar panels into usable alternating current. Power electronics components (transistors, thyristors, coils, capacitors, etc.) are used to accomplish this transition because they can change linear current into sinusoidal current in the same way that humans do in our homes and workplaces.

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Historically, photovoltaic installations whether for self-consumption or grid-connected generation have been erected on the ground or on rooftops in areas with favourable weather for a sizable number of hours of sunshine each year. But in doing so, other crucial resources were being overlooked, including marshes, reservoirs, and finally the sea. Thus, floating photovoltaics which deploy floating photovoltaic panels on the surface of these significant bodies of water was created. While there are many parallels between floating PV plants and conventional PV plants, there are also several key distinctions, particularly with relation to anchoring, the flotation mechanism, and the plant's energy evacuation.

The majority of floating solar modules are bifacial since this kind, being dual glass, provides superior protection against damp and corrosion. However, certain floating photovoltaic modules are different from those put-on land. In terms of the electrical system, high buoyancy barge-type constructions are being created and are used for both inverters and even transformers. The same is true for cables, where significant novel floating solutions are now being explored.

MARKET DYNAMICS

KEY DRIVERS:  

• The substantial demand for stationary floating solar panels will Favour manufacturers.

• The floating solar panels is boosted by water savings due to a decrease in evaporation losses.

Floating solar systems also help to improve the quality of the water by blocking sunlight, which is essential for photosynthesis and encourages the growth of algae in the water. A shading reservoir water limits the growth of algae.

RESTRAIN:

• High installation cost

OPPORTUNITY: 

• Attractive advantages and innovations

• Growing demand for renewable energy sources

The depletion of natural resources such crude oil, coal, and natural gas as well as the negative environmental effects of fossil fuels, there has been an increase in the demand for renewable energy. Because solar energy is so readily available, it is seen as a renewable source of energy. Compared to its land-based counterparts, floating solar panels have a number of benefits.

CHALLENGES:

• Positive features that offer excellent prospects for solar panels on boats

• The effects of a shortage of raw materials and shipping delays on the market

High-level market analysis which also provides information by taking into account the influence of the market as it is, as well as the environment of raw material shortages and shipping delays. This entails evaluating strategic options, developing efficient action plans, and helping firms make crucial decisions.

IMPACT OF RUSSIA-UKRAINE WAR

Prior to the conflict, emerging solar energy markets included Russia and Ukraine. The conflict might have hampered the growth and development of solar projects in both nations, causing delays or cancellations. Also supply chains and investment flows in nearby countries may be disrupted, which could have an effect on the market for floating solar panels. The violence may have impacted investor confidence in the area and increased uncertainty in the energy markets. Some investors may be reluctant to commit to long-term renewable energy projects during periods of geopolitical unrest, incorporating solar arrays that are floating. The conflict may lead other countries, like Ukraine, to reevaluate their energy strategies and diversify their energy sources.

IMPACT OF ONGOING RECESSION

Recession often leads to a decline in overall economic activity, which can result in reduced investments in various sectors, including renewable energy. Investors may become more risk-averse and hesitant to fund large-scale projects like floating solar farms. Obtaining financing for floating solar projects may become more challenging during a recession as banks and financial institutions may tighten their lending criteria. Higher interest rates and reduced availability of credit could further impact project development. A recession typically leads to a decrease in energy demand, which can slow down the growth of solar installations, including floating solar. Reduced demand for electricity can result in delayed or cancelled projects. Economic downturns can cause disruptions in global supply chains, affecting the availability and pricing of materials needed for floating solar panel installations. This could potentially increase project costs and lead to delays.

KEY MARKET SEGMENTATION

By Capacity

• Upto 500 kw

• 500 kW to 1 MW

• 1MWto3 MW

• Greater than 3 MW

By Type

• Stationary Floating Solar Panel

• Tracking Floating Solar Panel

By Panel Type

• Mono-crystalline

• Poly-crystalline

• Thin Film

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REGIONAL ANALYSIS

Markets for floating solar panels include North America and Europe. In 2021.The United Kingdom and the Netherlands are major investors in renewable energy as a substitute energy source in Europe. The remainder of the book is a very Compared to other locations, the market for floating solar panels is small.

The important contributing factors rising government backing, steadily rising energy prices, and growing awareness of the advantages of solar energy use in this region all contribute to the regional supremacy in India, China, and Japan.

Due to the different rules in place in the area, including quota requirements, production incentives, and trading systems, Europe will experience the fastest growth rate over the projected period. Furthermore, building plants costs a lot more money, especially in the Netherlands where land is expensive; as a result, it is simple to access electrical infrastructure for floating solar, which results in cheaper grid connections.

REGIONAL COVERAGE:

North America

• US

• Canada

• Mexico

Europe

• Eastern Europe

  • Poland

  • Romania

  • Hungary

  • Turkey

  • Rest of Eastern Europe

• Western Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Netherlands

  • Switzerland

  • Austria

  • Rest of Western Europe

Asia Pacific

• China

• India

• Japan

• South Korea

• Vietnam

• Singapore

• Australia

• Rest of Asia Pacific

Middle East & Africa

• Middle East

  • UAE

  • Egypt

  • Saudi Arabia

  • Qatar

  • Rest of Middle East

• Africa

  • Nigeria

  • South Africa

  • Rest of Africa

Latin America

• Brazil

• Argentina

• Colombia

• Rest of Latin America

RECENT DEVELOPMENTS

• In order to create KYOCERA AVX, a new integrated brand to be used for the electronic component division of the KYOCERA group, KYOCERA Corporation and AVX Corporation amalgamated in 2021. The company's electrical components sector is anticipated to grow as a result of the new structure.

• Green Yellow Limited, a branch of Green Yellow, built a 2MW floating solar power plant at SPM Group properties in Thailand in 2021.   

• Yingli Green Energy announced an update to the supply agreements with Wacker Chemie AG on December 18, 2020. According to the conditions of the modification, certain operating units of the company in China will keep buying polysilicon (the raw material used to make solar panels) from Wacker in the amounts and at the prices stipulated in the amendment from 2019 to 2028. Wacker is anticipated to put a stop to the company's damage claims resulting from the pre-amendment agreements.

• The building of two massive solar power plants in Vietnam's Long An and Binh Thuan provinces, each with a capacity of about 49 MW-DC and a combined capacity of around 98 MW-DC, was finished by Sharp Energy Solutions Corporation (SESJ) in July 2020. SES) was given the directive by Gia Lai Hydropower.

KEY PLAYERS 

The major players are Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd., KYOCERA Corp., LONGI Solar, Trina Solar, Vikram Solar Ltd., Wuxi Suntech Power Co., Ltd, Yellow Tropus Pvt. Ltd., Yingli Soar and other players are listed in a final report.

Hanwha Group-Company Financial Analysis