Press Release Description

A 5.9 GW Global Floating Solar Market to Grow at a CAGR of Around 34.2% During the Forecast Period of 2024-30

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., cites MarkNtel Advisors in the recent research report. The key reason for the market growth is the continuously increasing electric power demand coupled with efforts to produce low-carbon/green power to satiate this increasing power need. The surging demand for energy is due to rising urbanization and industrialization across various end-user industries including oil, gas, power, manufacturing, chemical, etc. The increasing demand for electricity and power from residential and commercial sectors is also proliferating the need for reliable and efficient energy production technologies and solutions. However, the depletion of fossil fuels and the high combustion of fossil fuels is leading to high greenhouse gas emissions across the globe which is further creating the demand for clean energy solutions.

Solar, wind, and hydro have proved to be reliable green sources of energy for electricity generation. As per the International Energy Agency (IEA), nearly 507 GW of new renewable capacity was added for electricity generation in 2023. Even though the renewable capacity installations have been increasing, the net-zero carbon targets of the nations worldwide necessitate the addition of new renewable energy alternatives.

Additionally, floating solar has emerged as an important solution to many issues such as low land availability in many countries around the globe, water conservation, etc. Thus, observing such benefits the investments and uptake of floating solar in the countries has been rising since the historical period. Nations such as Japan, Singapore, the Netherlands, India, Portugal, China, etc., with either scarce land resources, highly populated, or large water boundaries are adopting floating solar PVs to generate power through renewable means augmenting the growth of the Global Floating Solar Market. For instance, in 2024, the Indian state government of Uttar Pradesh announced its strategy to establish floating solar power plants on canals, dams, reservoirs, etc., to generate approximately 11,000 MW of electricity.

Global Floating Solar Market

Furthermore, the steadily declining cost of installation of renewable energy power plants compared to traditional coal power plants has also been pushing the development of floating solar projects globally. According to the IEA, in 2023 almost 96% of solar and wind power plants had less power generation cost in comparison to the newly built coal and natural gas power plants. Reducing per unit power generation cost along with soaring electricity need is predicted to create lucrative revenue-generating opportunities for the market, further states the research report, “Global Floating Solar Market Analysis, 2024.”

Global Floating Solar Market Segmentation Analysis

Marine Segment to Hold a Considerable Market Share

Based on waterbody, the market is further bifurcated into, Inland and Marine. Out of them both, the marine segment is expected to hold a significant market share owing to the ability to build large-scale power plants on these waterbodies to produce extensive amounts of electricity units. These types of floating solar power plants are being developed to power numerous buildings, small cities, etc. at once. The Netherlands, Seychelles, Maldives, etc., have been at the forefront of investing in such projects. Moreover, few plants have been developed on the ocean water just enough to power desalination plants or coastal areas where power availability is low. Also, financial incentives are being provided for the enhancement of floating technology and its better feasibility for large-scale offshore floating solar PV plants. Such as in 2023, SolarDuck a Dutch-Norwegian clean-tech company received funding of about USD 16 million for the development of advanced offshore floating solar technology. These initiatives across the globe are estimated to further expand the growth of the marine segment in the Global Floating Solar Market in the upcoming years.

Asia-Pacific to Lead the Global Floating Solar Market

Asia-Pacific is anticipated to grab a major market share driven by the rich and diverse availability of solar and hydropower resources. The countries in the region receive ample amounts of daily sunlight essential for producing solar electricity. Moreover, the countries surrounded by water like India, South-East Asian countries, and Australia further create a favorable environment for the deployment of floating solar panels. Additionally, the surging government initiatives regarding renewable energy production in the region boast a large fertile ground for a floating solar market. The governments offering schemes, subsidies, etc., to industries in the region following renewable energy guidelines further drive the market growth.

With the rising focus of public as well as private entities toward the adoption of cleaner modes of energy and power, the demand for floating solar solutions is rising rapidly. With the establishment of new power plants and rising government focus on renewable energy targets, the demand for floating solar solutions is expected to surge in the upcoming years, driving market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including 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, and others are looking forward to strengthening their market positions.

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
  2. What are the trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the globe?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across various regions?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. 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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