Global Onshore Floating Solar Market
As stated in our extensive report, the Global Onshore Floating Solar Market accounted for USD 21.3 Billion in 2022 and is projected to reach a value of USD 62.3 Billion by 2030.
As the demand for renewable energy sources continues to rise, the market for Onshore Floating Solar is expanding significantly. The market is growing due to several factors, including increasing acceptance of sustainable energy sources, supportive governmental policies, technology improvements, and land optimization requirements. Governments worldwide are beginning to understand how crucial it is to switch to renewable energy sources to slow climate change and cut carbon emissions. Numerous nations are enacting favorable legislation and incentives to encourage the development of Onshore Floating Solar installations. These policies provide a good climate for market expansion, including feed-in tariffs, tax incentives, and benevolent regulations.
Technology development is an essential component in the growth of the Onshore Floating Solar market. The effectiveness, dependability, and performance of Onshore Floating Solar installations have been enhanced through advancements in panel design, anchoring techniques, and floating platform materials. Onshore Floating Solar is becoming more appealing to investors and project developers thanks to these developments’ better energy returns, improved system dependability, and lower maintenance costs. The land optimization requirement is another significant aspect influencing Onshore Floating Solar growth. Because there isn’t much land accessible for solar installations, especially in highly populated places, strategically placing solar panels on water bodies makes sense. Onshore Floating Solar arrays maximize energy production using underutilized water surfaces without depleting priceless land resources.
Key factors influencing Onshore Floating Solar Market Growth
The growth of the global Onshore Floating Solar market can be attributable to the following.
- Growing Demand for Renewable Energy: The demand for Onshore Floating Solar has increased due to the global trend towards clean and sustainable energy sources. Onshore Floating Solar offers a practical alternative for producing clean electricity at a time when governments and businesses are working on cutting carbon emissions and achieving renewable energy requirements. The need to switch to renewable energy sources and the rising awareness of climate change has fueled the market’s expansion.
- Favourable Government Policies and Incentives: Favourable government policies and incentives are essential for promoting the expansion of the Onshore Floating Solar sector. To encourage the creation and acceptance of Onshore Floating Solar projects, many nations have put renewable energy objectives, feed-in tariffs, tax incentives, and regulatory frameworks into place.
- Land optimization and water conservation: Land optimization and water conservation are two areas where Onshore Floating Solar offers a distinct benefit. It is possible to use underutilized resources optimally, reduce land use conflicts, and preserve valuable land for other uses by placing solar panels on water bodies. Additionally, the solar panel’s coverage of water surfaces aids in lowering evaporation rates, conserving water, and solving the issue of water scarcity in some areas.
- Growing Investment and Project Developments: The market has grown due to rising investments in Onshore Floating Solar projects. Financial institutions, renewable energy firms, and infrastructure developers recognize the potential and long-term viability of Onshore Floating Solar, spurring a worldwide increase in project development.
North America Region to Lead the Market
North America Onshore Floating Solar market is getting more notable, with the highest market sales during the projected period. The region’s supremacy is a result of several reasons, including supportive government regulations, rising investments in renewable energy, and a keen emphasis on sustainability. Onshore Floating Solar systems have grown significantly, particularly in the United States and Canada. As one of the world’s biggest energy consumers, the United States has an increasing demand for clean and sustainable energy sources. The nation has implemented several programs to support renewable energy, including Onshore Floating Solar. Advantageous federal and state policies, including tax incentives and renewable portfolio standards, have promoted Onshore Floating Solar projects.
Canada is a significant player in the Onshore Floating Solar market due to its wealth of water resources and dedication to sustainable energy. The nation has established challenging goals for renewable energy and has been aggressively encouraging the growth of Onshore Floating Solar systems. Onshore Floating Solar arrays in Canada help meet energy needs in rural and off-grid locations, which contributes to energy accessibility and sustainability, and environmental advantages. Furthermore, technology developments, favorable investment climate, and well-established renewable energy enterprises contribute to the region’s Onshore Floating Solar market leadership. As the technology for solar panels continues to progress, prices are falling, and public support for renewable energy is rising.
The Onshore Floating Solar market is witnessing rapid growth and is expected to continue expanding in the coming years. The increasing demand for clean and sustainable energy sources and favorable government policies and incentives drive the market’s growth. Technological advancements in panel design and anchoring systems enhance the efficiency and performance of Onshore Floating Solar installations, making them more attractive to investors and project developers. Furthermore, optimizing land and water resources through deploying solar panels on water bodies contributes to water conservation and addressing land scarcity challenges. With North America leading the revenue and market share market, the Onshore Floating Solar market presents promising opportunities for a sustainable and renewable energy future.
The well-known players of the Global Onshore Floating Solar Market include Ciel & Terre International (France), Swimsol (Austria), Yellow Tropus Pvt. Ltd. (India), Adtech Systems Ltd. (India), Sungrow (China), EDP S.A. (Portugal), China Three Gorges Corporation (China), Ocean Sun AS (Norway), KYOCERA Corporation (Japan), Waaree Energies Ltd. (India), Hanwha Group (South Korea), JA SOLAR Technology Co. Ltd. (China) and others.