Global Floating Solar Market Overview: 2024-2030

Base Year: 2023

Historical Years:  2019-22

Forecast Years: 2024-2030

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. The Global Floating Solar Market is going through significant growth due to multiple drivers like technological advancements and, of course, increasing healthcare needs. The increase in road accidents throughout the country creates a greater demand for X-rays.

Markntel Advisor’s Global Floating Solar Market Insights report provides the current and forecast market analysis, individual leading companies' market shares, challenges, Global Floating Solar Market drivers, barriers, Global Floating Solar Market Trends, and Key Players in Global Floating Solar Market.

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Global Floating Solar Market Dynamics: 2024-2030

Global Floating Solar Market Challenge:

High Maintenance & Operational Cost Associated with Floating Solar Plants to Impede Market Growth & Expansion – The deployment of floating solar plants incurs additional costs as compared to traditional and stationary solar panels owing to their transportation, maintenance, and installation.  Floating solar panels are established away from the urban areas in water bodies like seas, oceans, lakes, etc. This requires the transportation & deployment of all parts and equipment to those sites, thereby surging the transportation cost of overall products. Moreover, the problems in maintaining the quality and stability of costly parts while transporting them across farther locations & remote areas further require stringent measures and care, adding an extra layer of expense to the overall project. The installation and maintenance tasks of these solar panels on huge water currents and unstable surfaces require skilled individuals and technologically advanced tools, which increases the costs. The requirements of stabilizing the entire solar panels while maintaining them can lead to higher engineering and construction costs compared to traditional solar power plants.

Additionally, the unpredictable harsh environmental conditions in bodies of water, such as waves and wind, increase maintenance costs due to wear and tear issues. These factors project that floating solar power plants are less cost-effective compared to traditional solar panels, particularly in regions where the cost of manufacturing, installation, and maintenance of energy is low. Thus, floating solar photovoltaic power plants can be near to 15-30 percent costlier than traditional land-based ones. This increased cost makes it difficult for businesses to remain competitive and profitable, making it less appealing to end users, thereby hindering the widespread adoption and hampering the growth of the Global Floating Solar Market.

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Global Floating Solar Market (2024-30): Segmentation Outlook

The market report has segmented the market into the following categories:

By Type

-Pure- Market Size & Forecast 2019-2030, USD Million

-Metallic- Market Size & Forecast 2019-2030, USD Million

-Membrane- Market Size & Forecast 2019-2030, USD Million

By Waterbody

-Inland- Market Size & Forecast 2019-2030, MW

-Lakes/Ponds/Rivers- Market Size & Forecast 2019-2030, MW

-Dams/Reservoirs- Market Size & Forecast 2019-2030, MW

-Water Treatment Plants- Market Size & Forecast 2019-2030, MW

-Marine- Market Size & Forecast 2019-2030, MW

By Component

-Service- Market Size & Forecast 2019-2030, USD Million

-Construction- Market Size & Forecast 2019-2030, USD Million

-Consultancy- Market Size & Forecast 2019-2030, USD Million

-Maintenance- Market Size & Forecast 2019-2030, USD Million

-Equipment- Market Size & Forecast 2019-2030, USD Million

By Capacity

-Upto 10 MW- Market Size & Forecast 2019-2030, Number of Projects

-10.1 MW to 50 MW- Market Size & Forecast 2019-2030, Number of Projects

-50.1 MW to 100 MW- Market Size & Forecast 2019-2030, Number of Projects

->100 MW- Market Size & Forecast 2019-2030, Number of Projects

By Region

-North America

-South America

-Europe

-The Middle East & Africa

-Asia-Pacific.

Note - If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Top Companies Operating in the Global Floating Solar Market:

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, Others.

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