Onshore Floating Solar Market size was valued at USD 1.5 Billion in 2022 and is projected to reach USD 5.4 Billion by 2030, growing at a CAGR of 18.3% from 2024 to 2030.
The onshore floating solar market is experiencing significant growth, driven by the increasing demand for renewable energy solutions and the need to optimize land use. Valued at USD 21.3 billion in 2022, the market is projected to reach USD 62.3 billion by 2030, reflecting a compound annual growth rate (CAGR) of 16.58% between 2023 and 2030. This growth is attributed to the advantages of floating solar installations, such as enhanced energy production efficiency, reduced water evaporation, and minimal environmental impact. Additionally, advancements in technology and cost reductions in solar photovoltaic systems contribute to the market's expansion. Governments, businesses, and investors are recognizing the potential of onshore floating solar as a crucial component in achieving energy transition goals, fostering further development and adoption of this sustainable energy solution on a global scale. Source
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Increasing Demand for Renewable Energy: The global shift towards sustainable energy sources is propelling the adoption of onshore floating solar technologies, offering an innovative solution to meet renewable energy targets.
Land Optimization: Floating solar installations utilize water bodies, effectively addressing land scarcity issues and enabling energy generation without competing with agricultural or urban spaces.
Technological Advancements: Continuous improvements in photovoltaic technology and floating structures enhance the efficiency and cost-effectiveness of floating solar systems, making them more attractive to investors and developers.
Environmental Benefits: Floating solar panels help reduce water evaporation and algae growth, contributing positively to the aquatic ecosystem while generating clean energy.
Government Initiatives: Supportive policies and incentives from governments worldwide are accelerating the deployment of floating solar projects, fostering a favorable market environment.
Renewable Energy Targets: The global commitment to reducing carbon emissions and achieving net-zero goals is driving the adoption of renewable energy technologies, including onshore floating solar.
Land Scarcity: The need to conserve land for agriculture and urban development makes floating solar an attractive alternative, utilizing water bodies for energy generation.
Enhanced Efficiency: Floating solar systems benefit from the cooling effect of water, leading to higher energy output compared to traditional land-based installations.
Environmental Sustainability: Floating solar projects offer a sustainable energy solution with minimal environmental impact, aligning with global environmental conservation efforts.
Economic Viability: Decreasing costs of solar panels and floating structures are making floating solar projects more economically feasible, attracting investment and accelerating market growth.
High Initial Investment: The capital required for the installation of floating solar systems can be substantial, posing a barrier for some potential investors.
Regulatory Hurdles: Navigating complex regulations and obtaining necessary permits for floating solar installations can delay project timelines and increase costs.
Environmental Impact Concerns: Potential ecological effects on aquatic ecosystems, such as changes in water temperature and light penetration, require thorough environmental assessments.
Maintenance Challenges: The harsh aquatic environment can lead to increased wear and tear on equipment, necessitating more frequent maintenance and potentially higher operational costs.
Grid Integration Issues: Integrating floating solar power into existing grid infrastructure may require significant upgrades to accommodate variable energy inputs.
Market Leadership: Asia Pacific dominates the onshore floating solar market, with countries like China, Japan, and India leading in installations due to favorable climatic conditions and supportive government policies.
Government Support: The region benefits from substantial investments and incentives aimed at promoting renewable energy, facilitating rapid adoption of floating solar technologies.
Technological Advancements: Continuous innovation in solar technology within the region enhances the efficiency and cost-effectiveness of floating solar systems.
Environmental Initiatives: A strong focus on environmental sustainability drives the adoption of floating solar as a clean energy solution.
Infrastructure Development: Ongoing development of grid infrastructure in the region supports the integration of floating solar power into the energy mix.
Emerging Market: North America is witnessing a growing interest in floating solar projects, particularly in the United States, where several pilot projects have been initiated.
Investment Opportunities: The region presents significant investment opportunities, with potential for large-scale floating solar installations on reservoirs and other water bodies.
Regulatory Framework: Developing a clear regulatory framework is essential to facilitate the growth of the floating solar market in North America.
Environmental Awareness: Increasing environmental awareness among consumers and policymakers is driving the demand for sustainable energy solutions like floating solar.
Technological Collaboration: Collaborations between industry players and research institutions are fostering innovation and accelerating the deployment of floating solar technologies.
Innovative Projects: Europe is home to several innovative floating solar projects, particularly in countries like the UK and France, showcasing the feasibility of such installations in diverse environments.
Policy Support: European Union policies and national regulations are increasingly supportive of renewable energy projects, including floating solar, through incentives and funding programs.
Environmental Regulations: Strict environmental regulations ensure that floating solar projects are developed with minimal ecological impact, promoting sustainable practices.
Market Expansion: The European market is expanding as more countries explore floating solar as a viable solution to meet renewable energy targets.
Public-Private Partnerships: Strong collaborations between public entities and private companies are driving the development and deployment of floating solar technologies in Europe.
Untapped Potential: Latin America possesses significant untapped potential for floating solar installations, particularly in countries with abundant water bodies and high solar irradiance.
Renewable Energy Goals: Many Latin American
Top Global Onshore Floating Solar Market Companies
Ciel and Terre International
Swimsol
Yellow Tropus Pvt. Ltd.
Adtech Systems Limited
Sungrow
EDP Group
Ocean Sun AS
Kyocera TCL Solar
Waaree Energies Ltd
ls electric
Mitsubishi
Hanwha
Akuo Energy SAS
Solar Energy Corporation of India
BayWa r.e. AG
Texel4Trading BV
NRG Island
BELECTRIC GmbH
Duke Energy
Trina Solar
Regional Analysis of Global Onshore Floating Solar Market
North America (Global, Canada, and Mexico, etc.)
Europe (Global, Germany, and France, etc.)
Asia Pacific (Global, China, and Japan, etc.)
Latin America (Global, Brazil, and Argentina, etc.)
Middle East and Africa (Global, Saudi Arabia, and South Africa, etc.)
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