Selbyville, Delaware,, Oct. 22, 2024 (GLOBE NEWSWIRE) —
The floating solar PV market is predicted to cross USD 8.6 billion by 2032, as reported in a research study by Global Market Insights Inc. Floating solar PV systems, also called floating solar farms or floating photovoltaic systems, involve the installation of solar panels on water bodies like lakes, reservoirs, or oceans. These systems utilize floating platforms, enabling electricity generation from sunlight while remaining buoyant on the water’s surface.
The growing use of floating solar systems on reservoirs connected to hydropower plants, in line with innovations in materials and design, such as more durable platforms and advanced mooring technologies, is driving market expansion. Key benefits like reducing water evaporation and improving panel efficiency through natural cooling fuel adoption, especially in regions facing high temperatures and water scarcity, such as the Middle East and Africa. The deployment of these systems in island nations and coastal areas, where land availability is limited but the demand for renewable energy is rising, is further bolstering the market landscape.
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The floating solar PV market from the >15 MW segment is estimated to surpass USD 3.5 billion by 2032. This growth is attributed to advancements in technology, the development of large-scale projects, and supportive government policies. Countries such as China, India, and South Korea are increasingly implementing large floating solar projects, which not only generate significant electricity but also enhance grid reliability, especially when paired with hydropower plants.
In terms of product, the floating solar PV market from the tracking segment is expected to grow at a CAGR of 5.5% through 2032. The rising integration of tracking technology to optimize energy generation drives this growth. Countries like Portugal and Spain are particularly interested in tracking floating solar systems due to land constraints and the need to maximize renewable energy production. Ongoing innovations in tracking systems are further enhancing their suitability for floating solar applications.
APAC floating solar PV market is poised to exceed USD 7 billion by 2032, favored by growing energy demand, limited land availability, and strong government backing for renewable energy. Many countries in the region are exploring hybrid systems that combine floating solar panels with hydropower, particularly on existing hydropower reservoirs, to enhance energy output. Strong policy frameworks and attractive energy markets are drawing private investments, especially in China, India, and Southeast Asia, contributing to the market expansion.
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Partial chapters of report table of contents (TOC):
Chapter 1 Methodology & Scope
1.1 Research Design
1.2 Base estimates & calculations
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
Chapter 2 Executive Summary
2.1 Industry 3600 synopsis, 2021 – 2032
Chapter 3 Floating Solar PV Market Insights
3.1 Industry ecosystem
3.2 Regulatory landscape
3.3 Major floating solar PV projects
3.3.1 Operational
3.3.2 Upcoming
3.4 Industry impact forces
3.4.1 Growth drivers
3.4.2 Industry pitfalls & challenges
3.5 Growth potential analysis
3.6 Price trend analysis
3.7 Porter’s analysis
3.7.1 Bargaining power of suppliers
3.7.2 Bargaining power of buyers
3.7.3 Threat of new entrants
3.7.4 Threat of substitutes
3.8 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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