Onshore Floating Solar Market to Reach Valuation of USD 62.3 Billion by 2030 – Rapidly Growing Awareness about Onshore Floating Solar Industry Drives the Market

In terms of revenue, the Global Onshore Floating Solar Market is expected to reach by 2030, growing at a CAGR of 16.58% from 2023 to 2030.

In recent years, the onshore floating solar sector has attracted much attention as a promising renewable energy source. Onshore floating solar, in contrast to conventional solar installations on land, utilize the sun’s power by mounting solar panels on bodies of water like reservoirs, lakes, and ponds. Numerous benefits come with this novel technique, such as improved water efficiency, higher energy production, and optimized land usage. Optimizing land utilization is one of the main advantages of onshore floating solar. Utilizing water surfaces for solar panel placement becomes an appealing alternative because there is little land available for large-scale solar systems. Onshore floating solar helps to maximize energy generation without encroaching on priceless land resources by installing solar panels on water bodies. This presents new opportunities for nations and regions with limited land for renewable energy projects.

Another critical factor that distinguishes onshore floating solar is water conservation. Onshore floating solar saves water by reducing evaporation rates by covering the water's surface in solar panels. This is especially important in regions with a shortage of water or where water bodies are used for essential functions like agriculture or drinking water supply. Onshore floating solar is a sustainable option supporting environmental objectives since it combines renewable energy production with water conservation.

Key Highlights from the Report

. Based on Product Type, the Stationary Floating Solar Panels category is anticipated to hold the most significant market share. The position of stationary floating solar panels on the water's surface is fixed, and they cannot follow the sun as it moves. Many project developers find this installation an appealing alternative because it is reasonably straightforward and affordable. Furthermore, it is simple to incorporate stationary floating solar panels with the current water infrastructure, which increases their market appeal.

. Based on Capacity, the Greater than 3MW capacity sector has the most significant market share. Larger-scale installations are frequently indicated by projects with powers greater than 3MW, typically carried out by utility-scale developers or important industrial players. These initiatives use economies of scale and can produce a sizable amount of renewable energy to satisfy the needs of power grids or substantial energy consumers. 

. Based on Connectivity, the On-Grid segment has been linked to a higher market share. On-grid connectivity refers to integrating onshore floating solar systems with the current power grid infrastructure to inject electricity into the grid directly. This connectivity option has benefits such as having access to grid incentives, grid stability, and the capacity to feed the grid with excess energy.

. Based on Technology, the Photovoltaic (PV) category typically holds the most significant market share in the Onshore Floating Solar market. The most extensively used and developed method of producing power from sunshine is photovoltaic (PV) technology. Solar panels made of photovoltaic cells are used in photovoltaic systems to directly convert sunlight into electrical energy. This technique is effective, affordable, and versatile for various uses, including on-land floating solar arrays.

. Based on the Panel, the Poly-Crystalline sector often held the largest market share. Multiple silicon crystals are used to create poly-crystalline panels, which have gained popularity for their affordability, comparatively high efficiency, and suitability for mass production.

. In terms of Region, North America is expected to be the dominating region in the Onshore Floating Solar market during the projected period. The region's strong market growth can be ascribed to several elements, including favorable government incentives and laws encouraging the adoption of renewable energy sources, growing public awareness of the environmental advantages of Onshore Floating Solar, and mature solar energy markets. Additionally, abundance of lakes and reservoirs offers numerous chances for onshore floating solar arrays.

Market Dynamics

The market for Onshore Floating Solaris growing because evaporation losses are reduced due to water savings. Several factors, including the benefits of this technology in terms of water conservation, significantly influence the market dynamics of the onshore floating solar business. Onshore floating solar panel installations reduce water evaporation losses from submerged water bodies. By covering the water's surface with solar panels, onshore floating solar minimizes direct water exposure to sunlight and lowers evaporation rates. This water-saving function is essential when irrigation and water supply rely on reservoirs or a water deficit. The ability of onshore floating solar to conserve water resources and reduce evaporation losses has attracted the attention of governments, water management organizations, and stakeholders, promoting market expansion and adoption.

The substantial demand for stationary floating solar panels will be advantageous to manufacturers. The market dynamics of the Onshore Floating Solar, which offers enormous potential for producers, are impacted by the rising demand for stationary floating solar panels. A standard product on the market is inactive floating solar panels, which are inexpensive and easy to install. Producers concentrating on fixed floating solar panels are well-positioned to benefit from this rising demand. Stationary floating solar panels are becoming more and more common due to factors like the availability of suitable water bodies for installation, economic advantages over solar installations on land, and adequate space utilization. Manufacturers who provide high-quality, inexpensive stationary floating solar panels would be well-positioned to profit from this market trend.

The high installation costs of floating solar installations impact the Onshore Floating Solar dynamics. Higher upfront costs than typical land-based solar projects result from the unique engineering and construction requirements for floating solar arrays, such as anchoring systems, buoyancy control, and cable management. The market's growth may need to be improved by these high installation costs, particularly in regions where cost competitiveness is an essential factor. It's critical to remember that chances for cost savings may arise when the market expands, and technology improves, owing to economies of scale, simpler production processes, and improved installation techniques. The installation prices of floating solar plants are expected to decrease due to ongoing research and innovation in the industry, making them more accessible and long-term economically sustainable.

The Global Onshore Floating Solar Market is Segmented as follows

• Product Type
  • Tracking Floating Solar Panels
  • Stationary Floating Solar Panels
• Capacity
  • Up to 500KW
  • 500kw to 1MW
  • 1MW to 3MW
  • Greater than 3MW
• Connectivity
  • On Grid
  • Off Grid
• Technology
  • Photovoltaic
  • Concentrated Solar Power (CSP)
  • Concentrator Photovoltaics (CPV)
• Panel Type
  • Mono Crystalline
  • Poly Crystalline
  • Thin Film
• Region
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

A list of the Key Players of the Global Onshore Floating Solar Market is

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), LONGi (China), Trina Solar (China), Vikram Solar Ltd. (India), Wuxi Suntech Power Co. Ltd. (China), Yingli Solar (China), Satkar Softwares Solutions Pvt. Ltd. (India), Baroda Polyform Pvt. Ltd. (India), Jain Irrigation Systems Ltd. (India), Sharp Corporation (Japan) 

The Global Onshore Floating Solar Market Scope can be Tabulated below