Industry Background:
Floating photovoltaics refers to an emerging technology in which a solar photovoltaic (PV) system is placed directly on top of a body of water, as opposed to on land or on building rooftops. It is mounted on a structure floating on a water body, typically a reservoir or a lake. This type of FPV floats on water and an embedded solar tracker follows the sun’s movement and places the solar panel to increase the time of exposure to sunlight and enhance the complete efficiency of the floating photovoltaic system.
According to AMA Research, the market for Floating Photovoltaics (FPV) is expected to register a CAGR of 13.0% during the forecast period to 2030. This growth is primarily driven by Growing Need for Alternative to Traditional PV
.
Attributes | Details |
---|
Study Period | 2018-2030 |
Base Year | 2023 |
Forecast Period | 2024-2030 |
Volume Unit | N |
Value Unit | USD (Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
The Energy & Resources sector in the
region has been increasing at a sustainable rate and further growth is expected to be witnessed over the forecast period, owing to the robust investments and expansion in production facilities in the region. Major Manufacturers, such as Ocean Sun AS (Norway), Yellow Tropus Pvt.Ltd (India), HelioRec. (France), Ciel & Terre International (France), LS ELECTRIC Co., Ltd. (South Korea), BayWa r.e. AG (Germany), Waaree Energies Ltd. (India), Adtech Systems (India) and SolOcean GmbH (Austria), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
In May 2023, EDF Renewables, a French renewable energy company, acquired Ciel et Terre, a French developer of floating solar farms. This acquisition helps EDF Renewables diversify its renewable energy portfolio and gain expertise in the FPV sector.
On 15 February 2022, SolOcean has successfully launched The first SolarFloater is launched. The floating photovoltaic system did not dive into the shimmering turquoise waters of the Indian Ocean, but into a dark green quarry pond in Pöchlarn in Lower Austria but with imperial weather under a bright blue sky. No dummy, no prototype, the finished product, delivered by Rehau GmbH from Linz, which assembled the decentrally manufactured components.The Global Floating Photovoltaics market is fragmented with the presence of numerous players. Companies are designing Floating Photovoltaics technology for commercial, residential and industrial uses. Companies investing in the launch and new technologies to enhance their market presence.
Influencing Trend:
Increasing Adoption Of Clean And Green Energy Sources Such As Floating Photovoltaics
Market Growth Drivers:
Growing Need for Alternative to Traditional PV and Lack of Land Space
Challenges:
High cost of installation hindering Floating Photovoltaics Market
Restraints:
Intermittency Issues and Unfavourable Weather Condition May Restraints the Floating Photovoltaics Market
Opportunities:
Rise in Demand for Solar Energy Consumption and Installation Creating Numerous Opportunities for the Floating Photovoltaics Market
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mainly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Manufacturers landscape impacting the market's growth. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Data Sources of Floating Photovoltaics (FPV) Market Study
Primary Collection: InMail, LinkedIn Groups, Survey Monkey, Google, and Other professional Forums are some of the mediums utilized to gather primary data through key industry participants and appointees, subject-matter experts, C-level executives of Floating Photovoltaics (FPV) Industry, among others including independent industry consultants, experts, to obtain and verify critical qualitative commentary and opinion and quantitative statistics, to assess future market prospects.
The primary interviews and data collected as per the below protocols: By Designation: C-Level, D-Level, Others
By Company Type: Tier 1, Tier 2, Tier 3
Secondary Data Sources such as Annual reports, Press releases, Analyst meetings, Conference calls, Investor presentations, Management statements, and SEC filings of Floating Photovoltaics (FPV) players along with Regulatory Sites, Association, World bank, etc were used as sources secondary set of data.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints
- New Entrants into the Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
Against this Challenging Backdrop, Floating Photovoltaics (FPV) Study Sheds Light on
The Floating Photovoltaics (FPV) Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Floating Photovoltaics (FPV) industry Manufacturers. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Floating Photovoltaics (FPV) industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Manufacturers can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.