Europe Offshore Floating Solar Panel Market Research Report Information By Product Type (Tracking Floating Solar Panels, Stationary Floating Solar Panels), By Capacity (Up to 500KW, 500kw to 1MW, 1Mw to 3MW, Greater than 3MW), By Connectivity (On Grid, Off Grid), By Location (Onshore and Offshore), By Technology (Photovoltaic, Concentrated Solar Power (CSP), Concentrator Photovoltaics (CPV)), By Panel Type (Mono- crystalline, Poly-crystalline, Thin film) –and Europe Market Forecast Till 2032

Europe Offshore Floating Solar Panel Market Overview

The Offshore Floating Solar Panel market industry is projected to grow from Significant Value in 2023 to Significant Value by 2032, exhibiting a compound annual growth rate (CAGR) of 25.20% during the forecast period (2024 - 2032). The increasing need for water saving is one of the major market drivers driving the Offshore Floating Solar Panel market in Europe. The need for renewable energy has increased due to the depletion of natural resources such as crude oil, coal, and natural gas, as well as the harmful consequences that fossil fuels have on the environment.

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Offshore Floating Solar Panel Market Trends

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  Greater Focus on Sustainable Energy Sources is Driving the Market Growth

  
  

The Europe Offshore Floating Solar Panel market CAGR is growing. The need for sustainable power generation, such as floating solar technology, is growing at an exponential rate due to the rapidly dwindling fossil fuel supplies. Given the abundance of sunshine on Earth, solar energy is the renewable energy source with the greatest rate of growth. Aside from that, advantages, including affordability, low maintenance, exceptional durability, and little environmental impact, are driving the adoption of floating solar plants globally, which will, in turn, drive the global market in the upcoming years. With the expansion of the stationary floating solar panel industry, the floating solar panel market is anticipated to rise in size. On the water's surface, stationary floating solar PV systems are installed. Several wires, metal solar panel frames, and innovators make up the overall system.

Furthermore, the device offers shade to shield the water from direct sunlight and can cut down on evaporation losses by as much as 70%. A paper on the possibilities of floating solar photovoltaics in big reservoirs was just released in the international magazine for creative research in science and technology. A reservoir's yearly water evaporation losses can be decreased by an average of 1250 million liters per square km, or roughly 4 million gallons per acre, by installing floating solar panels. Furthermore, contributing to the improvement of water quality are floating solar systems, which block sunlight—a vital component of photosynthesis—and encourage the growth of algae in the water. Shading the water in reservoirs so inhibits the growth of algae. As a result, the cost of labor and associated medical care is reduced, and demand for floating solar panels increases. Thus, result in driving the Offshore Floating Solar Panel market revenue.

Europe Offshore Floating Solar Panel Market Segment Insights

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  Offshore Floating Solar Panel Product Type Insights

  
  

The Europe Offshore Floating Solar Panel market segmentation, based on Product Type, includes Tracking Floating Solar Panels and Stationary Floating Solar Panels. The stationary floating solar panels segment dominated the market. This is mostly due to the high strength and low cost of the elastics utilized in the production of these floating solar panels. Additionally, these panels offer a cost-benefit over solar trackers because they are less expensive and require less installation.

Figure 1: Europe Offshore Floating Solar Panel Market, by Product Type, 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Offshore Floating Solar Panel Capacity Insights

The Europe Offshore Floating Solar Panel market segmentation, based on Capacity, includes Up to 500KW, 500kw to 1MW, 1Mw to 3MW, and Greater than 3MW. The category greater than 3MW generated the most income. Economies of scale are frequently realized by larger capacity installations, resulting in cheaper costs per unit. Larger projects may become more financially feasible as a result, drawing developers and investors to concentrate on installations with greater capacity.

Offshore Floating Solar Panel Connectivity Insights

The Europe Offshore Floating Solar Panel market segmentation, based on Connectivity, includes On Grid and Off Grid. The off grid category generated the most income. Rising energy demand from remote areas of the world combined with the development and stringent application of various regulatory regulations aimed at decentralizing the power generating sector should have a beneficial effect on the expansion of the off-grid type segment in the upcoming years.

Offshore Floating Solar Panel Location Insights

The Europe Offshore Floating Solar Panel market segmentation, based on Location, includes Onshore and Offshore. The onshore category generated the most income. It is mostly due to the fact that onshore water bodies, such as irrigation ponds, dam reservoirs, etc., have lower tides and weaker currents than offshore water bodies, such as seas, and hence have a lower risk of damaging solar panels and floating structures.

Offshore Floating Solar Panel Technology Insights

The Europe Offshore Floating Solar Panel market segmentation, based on Technology, includes Photovoltaic, Concentrated Solar Power (CSP), and Concentrator Photovoltaics (CPV). The photovoltaic category generated the most income. On floating constructions, photovoltaic technology is used in the Photovoltaic (PV) segment to generate electricity from sunlight. Photovoltaic technology uses semiconductor materials, usually silicon-based solar cells, to directly convert sunlight into electricity.

Offshore Floating Solar Panel Panel Type Insights

The Europe Offshore Floating Solar Panel market segmentation, based on Panel Type, includes Mono- crystalline, Poly-crystalline, and thin film. The mono- crystalline category generated the most income. The market demand for monocrystalline panels is driven by their superior performance in low-light circumstances, as well as their higher temperature coefficient and high-power density.

Europe Offshore Floating Solar Panel Country Insights

The conflict between land used for agricultural and ground-mounted PV systems is resolved by floating PV plants. They offer a productive substitute for conventional land-based solar farms by making use of water surfaces. Germany is one of the European nations that is actively investigating this technology in order to maximize land utilization. According to research, there is a theoretical possibility for up to 56 GW of floating photovoltaic power to be housed in Germany's artificial lakes, especially those situated in former brown coal mines. The immense potential of this technology is becoming more widely recognized despite its delayed acceptance. Combining existing offshore wind farms with offshore solar plants is an exciting prospect for the future. More area can be used efficiently by putting floating photovoltaic panels in the voids left by wind-generating plants and making use of their grid infrastructure.

Figure 2: EUROPE OFFSHORE FLOATING SOLAR PANEL MARKET SHARE BY REGION 2023 & 2032 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe Offshore Floating Solar Panel Key Market Players & Competitive Insights

Leading market players are putting a lot of money into R&D to expand their product lines, which will allow the market for offshore floating solar panels to grow even quicker. In addition, market players are engaging in a range of calculated initiatives to increase their presence, with important market developments involving the introduction of new products, contracts, M&A transactions, increased investment, and cooperation with other enterprises. To grow and endure in an increasingly cutthroat and dynamic market, Offshore Floating Solar Panel industry must offer cost-effective items.

Major players in the Offshore Floating Solar Panel market are engaging in research and development activities in an effort to boost market demand, including Ciel et Terre International (France), Hanwha Group. (South Korea), JA SOLAR Technology Co., Ltd. (China), KYOCERA Corporation (Japan), LONGi (China), Trina Solar (China), VIKRAM SOLAR LTD. (U.S.), Wuxi Suntech Power Co., Ltd. (China), Yingli Solar (China), Satkar Softwares Solutions Pvt. Ltd (India), ADTECH Systems (India), Waaree Energies Ltd. (India), and SHARP CORPORATION (Japan).

Key Companies in the Offshore Floating Solar Panel market include

• Ciel et Terre International (France)


• Hanwha Group. (South Korea)


• JA SOLAR Technology Co., Ltd. (China)


• KYOCERA Corporation (Japan)


• LONGi (China)


• Trina Solar (China)


• VIKRAM SOLAR LTD. (U.S.)


• Wuxi Suntech Power Co., Ltd. (China)


• Yingli Solar (China)


• ADTECH Systems (India)


• Waaree Energies Ltd. (India)


• SHARP CORPORATION (Japan)

Europe Offshore Floating Solar Panel Market Segmentation

Offshore Floating Solar Panel Product Type Outlook

• Tracking Floating Solar Panels


• Stationary Floating Solar Panels

Offshore Floating Solar Panel Capacity Outlook

• Up to 500KW


• 500kw to 1MW


• 1Mw to 3MW


• Greater than 3MW

Offshore Floating Solar Panel Connectivity Outlook

• On Grid


• Off Grid

Offshore Floating Solar Panel Location Outlook

• Onshore


• Offshore

Offshore Floating Solar Panel Technology Outlook

• Photovoltaic


• Concentrated Solar Power (CSP)


• Concentrator Photovoltaics (CPV)

Offshore Floating Solar Panel Panel Type Outlook

• Mono- crystalline


• Poly-crystalline


• Thin film

Offshore Floating Solar Panel Regional Outlook

• Europe
  
  
  
  • Germany
  
  
  • France
  
  
  • UK
  
  
  • Italy
  
  
  • Spain
  
  
  • Sweden
  
  
  • Denmark
  
  
  • Luxembourg
  
  
  • Norway
  
  
  • Austria
  
  
  • Rest of Europe