The global floating solar panels market is projected to reach a value of $24.5 billion by 2031, according to a report by Transparency Market Research. The market is expected to experience an impressive compound annual growth rate (CAGR) of 42.6% from 2023 to 2031. The increasing focus on renewable energy consumption is driving investments in solar energy generation, which is fueling the demand for floating solar panels.
Several prominent entities operating in the market have been identified, including Ciel & Terre International, NOVATION AG, Solaris Synergy, Solimpeks Corp., Sharp Corporation, Sunengy, Trina Solar Limited, KTOCERA Corporation, JA Solar Co., Ltd, Yingli Solar, SPG Solar, Inc., and Pristine Sun LLC. These companies are adopting new technologies and strategies, conducting comprehensive research and development activities, and prioritizing sustainable power maintenance services. Diversification of product portfolios and mergers and acquisitions are also common strategies among key players in the market.
Floating solar power plants, also known as floating solar farms, are structures that consist of photovoltaic solar panels floating on water bodies such as lakes or reservoirs. These floating solar panels offer a cost-effective and reliable renewable solution for utilizing idle water surfaces to generate solar power. One key advantage of floating solar systems is their ability to reduce the rate of water evaporation from water bodies. The panels provide shade to the water, decreasing evaporation losses by up to 70%. Installing floating solar panels in reservoirs can save significant amounts of water annually.
The report highlights key trends and drivers influencing the expansion of the floating solar panels industry. It also provides a regional profile of the market. Transparency Market Research is a global market research company based in Wilmington, Delaware, United States, offering custom research and consulting services. Their team of analysts, researchers, and consultants use proprietary data sources and various techniques to gather and analyze information.
In conclusion, the global floating solar panels market is poised for significant growth in the coming years, driven by increased investments in solar energy generation. The adoption of floating solar systems offers a cost-effective, reliable, and sustainable solution for utilizing idle water surfaces to produce renewable solar power. Market players are actively exploring new technologies, conducting research and development activities, and implementing strategies such as diversifying their product portfolios and engaging in mergers and acquisitions to gain a competitive edge in the market.
Keywords: floating solar panels market, renewable energy, solar energy generation, CAGR, investments, photovoltaic solar panels, floating solar farms, water evaporation, sustainable power maintenance services, regional profile, trends, drivers.
