Market Size in 2023 | Market Forecast in 2032 | CAGR (in %) | Base Year |
---|---|---|---|
USD 24.99 Billion | USD 119.14 Billion | 16.9% | 2023 |
Zion Market Research has published a report on the global Onshore Floating Solar Market, estimating its value at USD 24.99 Billion in 2023, with projections indicating that it will reach USD 119.14 Billion by 2032. The market is expected to expand at a compound annual growth rate (CAGR) of 16.9% over the forecast period 2024-2032. The report explores the factors fueling market growth, the hitches that could hamper this expansion, and the opportunities that may arise in the Onshore Floating Solar Market industry. Additionally, it offers a detailed analysis of how these elements will affect market demand dynamics and market performance throughout the forecast period.
The global Onshore Floating Solar market Size accrued earnings worth approximately 21 (USD Billion) in 2019 and is predicted to gain revenue of about 30 (USD Billion) by 2026, is set to record a CAGR of nearly 16.2% over the period from 2020 to 2026. The report offers an assessment and analysis of the Onshore Floating Solar market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
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Onshore floating solar techniques make utility of unoccupied water bodies including lakes and artificial basins for identifying and then generating solar energy. Apart from this, proponents of onshore floating solar technology are of the view that it can substantially increase the utility of renewable energy in emerging countries having dense populations and sparse land. The first floating solar system was launched in 2007 in Japan and then it was installed in France, Spain, the Republic of Korea, the U.S., and Italy on a small scale. Moreover, onshore solar floating panels have the ability to sustain extreme climatic conditions and this can bolster the expansion of the onshore floating solar industry in the years to come.
The surge in the need for a constant supply of electricity in factories and continuous blackouts due to the lack of the production of electricity has translated into humungous demand for onshore floating solar panels, thereby driving onshore floating solar market trends. With the rise in the deployment of solar power units for producing electricity among the onshore solar energy service providers, the market for onshore floating solar is anticipated to register sizable growth over 2020-2026. Nonetheless, additional charges incurred as a result of the deployment of the onshore floating solar unit will hit the growth of the onshore floating solar market over the assessment timeline.
Report Attributes | Report Details |
---|---|
Report Name | Onshore Floating Solar Market |
Market Size in 2023 | USD 24.99 Billion |
Market Forecast in 2032 | USD 119.14 Billion |
Growth Rate | CAGR of 16.9% |
Number of Pages | 132 |
Key Companies Covered | Ciel and Terre International, Swimsol, Yellow Tropus Pvt. Ltd., Adtech Systems Limited, Sungrow, EDP S.A. (China Three Gorges Corporation), Ocean Sun AS, KYOCERA Corporation, and Waaree Energies Ltd. |
Segments Covered | By Component, By Application, By Type and By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Base Year | 2023 |
Historical Year | 2018 to 2022 |
Forecast Year | 2024 - 2032 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
Asia Pacific Market To Record Highest Gains Over 2020-2026
The expansion of the onshore floating solar industry in the Asia Pacific over the specified period is due to the large-scale need of sustainable energy and incessant power supply requirement in highly populous countries such as India and China. Apart from this, a rise in the number of manufacturing units in Asian countries due to industrialization and urbanization as well as the smart city concept gaining momentum in the countries such as China and India will foster business in the sub-continent over the prognostic period. Growing awareness about the abundant availability of solar energy in Asian countries and surging renewable energy trends in Asia Pacific will further promulgate the market size over the assessment timeline.
Key players profiled in the study are
By Component
By Application
By Type
By Region
FrequentlyAsked Questions
Surge in need of constant supply of electricity in factories and continuous blackouts due to lack of the production of electricity has translated into humungous demand for onshore floating solar panels, thereby driving onshore floating solar market trends. With rise in the deployment of solar power units for producing electricity among the onshore solar energy service providers, the market for onshore floating solar is anticipated to register sizable growth over 2020-2026. Nonetheless, additional charges incurred as a result of deployment of the onshore floating solar unit will hit the growth of onshore floating solar market over the assessment timeline.
According to Zion market research report, the global Onshore Floating Solar market accrued earnings worth approximately 21(USD Billion) in 2019 and is predicted to gain revenue of about 30(USD Billion) by 2026, is set to record a CAGR of nearly 16.2% over the period from 2020 to 2026.
Asia Pacific will contribute lucratively towards the global market size over the estimated timeline. The regional market surge is owing to large-scale need of sustainable energy and incessant power supply requirement in the highly populous countries such as India and China. Apart from this, rise in the number of manufacturing units in the Asian countries due to industrialization and urbanization as well as smart city concept gaining momentum in the countries such as China and India will foster the business in the sub-continent over the prognostic period. Growing awareness about abundant availability of solar energy in Asian countries and surging renewable energy trends in Asia Pacific will further promulgate the market size over the assessment timeline.
The key market participants include Ciel and Terre International, Swimsol, Yellow Tropus Pvt. Ltd., Adtech Systems Limited, Sungrow, EDP S.A. (China Three Gorges Corporation), Ocean Sun AS, KYOCERA Corporation, and Waaree Energies Ltd.
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