Onshore Floating Solar Market To Reach USD 97.2 Billion By 2032, Says DataHorizzon Research

The onshore floating solar market size valued at USD 23.7 Billion in 2022 and is anticipated to reach USD 97.2 Billion by 2032 at a CAGR of 15.3%.

Fort Collins, Colorado, April 30, 2024 (GLOBE NEWSWIRE) —

Demand for solar photovoltaic technology drives the industry’s growth.

The trend toward a green economy and concerted efforts to transition to clean energy sources are pivotal in promoting market growth. Solar photovoltaic (PV) technology finds application across various scales, from small-scale residential usage to utility-scale power generation installations. According to the International Energy Agency (IEA), solar power generation surged to 1300 TWh in recent years, marking a 26% increase compared to 2021. Additionally, solar power generation capacity is projected to comprise 22.2% of total energy generation by 2027.

Floating solar panels present a compelling advancement in this realm, outperforming land-based counterparts in electricity generation. The proximity to water bodies keeps these panels cool, enabling them to absorb more solar power. Moreover, floating solar panels confer additional benefits to water bodies by mitigating evaporation rates and curbing algae growth.

Furthermore, the scarcity of land for utility-scale solar power installations is poised to drive market growth. Large solar power farms necessitate expansive, sunny, and dry locations, often spanning thousands of acres. However, regulatory and technical constraints limit the utilization of suitable land parcels. For instance, certain states like California and Ohio empower local governments to restrict solar power plant construction on agricultural land. Onshore floating solar panels have emerged as a viable solution to this challenge, as they can be deployed on lakes, reservoirs, or other water bodies, thus propelling market expansion. 

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Segmentation Overview:

The onshore floating solar market has been segmented into type, capacity, connectivity, technology, and region.

Photovoltaic is the largest technology category

  • The onshore floating solar market has been segmented based on technology such as photovoltaic, concentrator photovoltaic, and others. Photovoltaic accounted for the greater market share in 2023. This can be attributed to the material’s low cost and the installation of the photovoltaic system.

Stationary-type system to hold the largest share

  • The onshore floating solar market has been segmented by type into tracking and stationary. The stationary segment held the largest share in 2023. Stationary solar systems are fixed during installations and have lower installation costs than solar tracking systems, which require additional parts and labor for trackers.  

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Onshore Floating Solar Market Report Highlights:

  • The onshore floating solar market growth is anticipated at a CAGR of 15.3% by 2032.
  • Asia Pacific accounted for a dominant market share in 2022. The need for renewable energy sources and medium will likely dominate the regional market growth.
  • Some prominent players in the onshore floating solar market report include Ciel & Terre International, Iberdrola, Swimsol, Yellow Tropus Pvt. Ltd., Adtech Systems Ltd., Sungrow, EDP S.A., China Three Gorges Corporation, Ocean Sun AS, KYOCERA Corporation, Waaree Energies Ltd., Hanwha Group, JA SOLAR Technology Co. Ltd., Vikram Solar Ltd., Wuxi Suntech Power Co. Ltd., Yingli Solar, Satkar Softwares Solutions Pvt., Ltd., Baroda Polyform Pvt. Ltd., Jain Irrigation Systems Ltd., and Sharp Corporation. 

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About DataHorizzon Research:

DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.

Contact:

Mail: sales@datahorizzonresearch.com

Ph: +1-970-672-0390

Website: https://datahorizzonresearch.com/

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CONTACT: Mail: sales@datahorizzonresearch.com Ph: +1-970-672-0390 Website: https://www.datahorizzonresearch.com 

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