The global onshore floating solar market is growing, driven by the increasing demand for renewable energy solutions and the efficient use of land for solar power generation during the forecast period from 2024 to 2028.
According to TechSci Research report, “Global Onshore Floating Solar Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, The global onshore floating solar market is experiencing significant growth, driven by the escalating demand for sustainable and renewable energy solutions. As the world increasingly focuses on reducing carbon emissions and transitioning towards cleaner energy sources, onshore floating solar emerges as a viable and innovative option. This market’s rise can be attributed to its ability to optimize land use, making it particularly attractive in regions where available land is limited.
Onshore floating solar installations offer advantages such as increased energy production efficiency, reduced water evaporation, and minimized 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.
The global onshore floating solar market is undergoing a significant transformation, driven by a convergence of environmental imperatives, technological advancements, and strategic energy diversification initiatives. Onshore floating solar, a pioneering approach to harnessing solar energy by deploying photovoltaic panels on water bodies, has emerged as a pivotal player in the global renewable energy landscape. The market’s growth is propelled by an increasing awareness of the imperative to optimize land use for solar power generation.
Traditional solar installations often compete for limited terrestrial space, particularly in densely populated areas. Onshore floating solar addresses this challenge by utilizing underutilized water bodies, such as lakes, reservoirs, and ponds, offering a dual solution that not only generates clean energy but also frees up terrestrial space for other purposes.
The continuous advancement of solar technology and the concurrent reduction in costs constitute another driving force behind the market’s ascent. Innovations in floating platforms, robust anchoring systems, and enhanced solar panel efficiency have significantly increased the feasibility and attractiveness of onshore floating solar installations.
This evolution is not only enhancing the overall performance and durability of floating solar arrays but is also contributing to achieving grid parity, making onshore floating solar a competitive and financially feasible option in the broader renewable energy landscape. Government policies and incentives are playing a pivotal role in accelerating the global adoption of onshore floating solar.
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Recognizing the importance of renewable energy in achieving energy security, reducing dependence on fossil fuels, and meeting climate goals, governments worldwide are offering subsidies, tax incentives, and favorable regulatory frameworks. These measures encourage businesses and investors to actively participate in onshore floating solar projects, fostering a conducive environment for sustainable growth. Policymakers are increasingly incorporating onshore floating solar into their broader renewable energy agendas, providing financial support and regulatory backing to expedite project development.
A noteworthy trend shaping the market is the integration of onshore floating solar installations with energy storage systems. This strategic move addresses the intermittent nature of solar power generation by storing excess energy during peak production hours and releasing it during periods of low sunlight. Aligned with broader energy transition goals, this trend enhances the reliability and grid integration of onshore floating solar projects.
Leveraging advancements in battery technology, project developers are incorporating storage solutions to optimize energy dispatch and ensure a consistent power supply, contributing to the stability and resilience of the electricity grid. Furthermore, the emergence of hybrid renewable energy projects marks a strategic approach to diversifying the energy mix. Integrating onshore floating solar with other sources such as wind or hydropower creates synergies that enhance overall energy generation.
For instance, combining onshore floating solar with hydropower allows for shared infrastructure, maximizing the utilization of water resources and land. This trend reflects a sophisticated strategy aimed at creating more resilient and sustainable energy systems, embodying a collaborative vision for a diversified and environmentally conscious energy future.
In conclusion, the global onshore floating solar market is navigating a transformative path driven by the imperative to optimize land use, technological innovations, supportive government policies, and strategic integration with other renewable energy sources. As the market continues to evolve, it promises to play a pivotal role in the global transition towards sustainable and resilient energy solutions, contributing significantly to the diversification and decarbonization of the energy landscape.
The Global Onshore Floating Solar Market is segmented into Component, Type, Application, regional distribution, and company.
Based on Component, photovoltaic (PV) modules segment emerged as the dominant force in the global onshore floating solar market and is poised to maintain its supremacy throughout the forecast period. PV modules, responsible for converting sunlight into electricity, constitute a fundamental and indispensable component of onshore floating solar installations.
The dominance of this segment can be attributed to the continual advancements in solar technology, leading to increased efficiency and cost-effectiveness of PV modules. As the core energy-harvesting element, PV modules play a pivotal role in determining the overall performance and economic viability of onshore floating solar projects.
Moreover, the global emphasis on reducing the levelized cost of electricity (LCOE) for solar power has further propelled the dominance of the PV modules segment. With ongoing research and development efforts focused on enhancing the efficiency and durability of PV modules, this component is expected to maintain its lead, driving the growth and expansion of the onshore floating solar market as it continues to establish itself as a key player in the renewable energy landscape.
Based on region, Asia-Pacific region emerged as the dominant force in the global onshore floating solar market and is expected to maintain its leadership throughout the forecast period. The dominance of the Asia-Pacific region can be attributed to the proactive adoption of renewable energy solutions, favorable government policies, and a surge in onshore floating solar installations across countries such as China, India, and Japan. These nations, driven by a growing demand for clean energy and a commitment to reducing carbon emissions, have witnessed substantial investments in onshore floating solar projects.
Additionally, the abundance of water bodies, such as lakes and reservoirs, coupled with the region’s technological advancements in solar energy, has contributed to the widespread deployment of onshore floating solar installations. The Asia-Pacific region’s dominance is further reinforced by the focus on energy security and sustainable development, with governments actively promoting the integration of onshore floating solar into their energy mix.
As the global onshore floating solar market continues to expand, the Asia-Pacific region is poised to maintain its leadership position, driven by a combination of market-friendly policies, technological expertise, and a robust commitment to transitioning towards renewable energy sources.
Major companies operating in Global Onshore Floating Solar Market are:
- Ciel & Terre International
- Kyocera Corporation
- Wärtsilä Corporation
- Infratech Industries
- Floating Power Plant A/S
- Statkraft
- SPG Solar
- Swimsol GmbH
- Ocean Sun AS
- Principle Power, Inc.
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“The global onshore floating solar market is experiencing a profound transformation fueled by environmental imperatives, technological advancements, and strategic energy diversification initiatives. This innovative approach to solar energy involves deploying photovoltaic panels on water bodies, addressing land use optimization challenges associated with traditional solar installations. Continuous advancements in solar technology and cost reduction, including innovations in floating platforms and anchoring systems, have enhanced the feasibility and competitiveness of onshore floating solar.
Government policies and incentives worldwide further accelerate market adoption, fostering a conducive environment for sustainable growth. An emerging trend involves integrating onshore floating solar with energy storage systems, addressing intermittency challenges and enhancing grid reliability.
Additionally, the rise of hybrid renewable energy projects, combining onshore floating solar with other sources like wind or hydropower, signifies a strategic move toward a diversified, resilient, and environmentally conscious energy future. In essence, the evolving onshore floating solar market is poised to contribute significantly to global sustainability efforts by reshaping the energy landscape.,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Onshore Floating Solar Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Component (PV Modules, Lightning Protection System, Anchoring System, Inverter, Others), By Type (Stationary, Tracking), By Application (Irrigation, Hydroelectric Dam, Water Treatment, Quarry and Mining), By Region, By Competition”, has evaluated the future growth potential of Global Onshore Floating Solar Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Onshore Floating Solar Market.
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