Offshore PV Market Size, Share, Growth, and Industry Analysis, By Type (Floating Type (Floating Tube and Floating Box) and Fixed Type), By Application (Shallow Sea and Deep Sea) and Regional Forecast to 2032

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OFFSHORE PV MARKET REPORT OVERVIEW

The Offshore PV Market Size Expanded Rapidly In 2023 and is projected to Grow Substantially By 2032, Exhibiting a Prodigious CAGR During the forecast period.

The force of the winds at sea is converted into energy and sent into the onshore electrical grid as offshore wind power or offshore wind energy. Estimating the quantity of power production that could be technically possible while taking wind speed and water depth into account alone is known as offshore wind technical potential. Without considering any further technical skills, social, environmental, or economic constraints, this is only meant to be a preliminary, high-level estimate.

Because of rising energy consumption, developing technologies, and a favorable regulatory environment, the offshore photovoltaic market is expected to grow rapidly. The market is anticipated to grow quickly as more nations pledge to meet aggressive renewable energy targets. In order to handle the challenges associated with offshore solar installations and make sure that this exciting industry can make a significant contribution to a sustainable energy future, cooperation between stakeholders—including governments, technological companies, and research institutions—will be essential. This factor has augmented the Offshore PV market growth.

COVID-19 Impact: Market Growth Obstructed by Pandemic due to Lockdown

The World-wide COVID-19 outbreak has been unparalelled and astonishing, with the market getting an exposure higher-than-predicted demand across all regions contrast to pre-pandemic levels. The drastic market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Significant rifts have been created in the energy industry by COVID-19, which also poses a threat to the acceleration of the clean energy transition. Supply and demand shocks have affected the energy industry on a broad scale due to widespread economic activity stoppage, supply chain disruption, and employee health issues.

LATEST TREND

"Growing Demand to Drive Market Growth"

The falling costs of solar PV modules are the main driver propelling the worldwide market for solar photovoltaics over the long run. Thus, the expansion of the solar photovoltaic (PV) market in the area is probably going to be positively impacted. On the other hand, because dispersed solar power generation offers a steady supply of energy and reduces equipment damage from voltage swings in conventional power grids, businesses and factories are becoming more and more interested in this form of power generating. For the distributed solar PV market in the area, this is anticipated to present a significant opportunity in the near future.

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OFFSHORE PV MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Floating Type (Floating Tube and Floating Box) and Floating Type amongst which the leading segment is the Floating Type.

• Floating Type: Floating Type is one of the type of Offshore PV

• Floating Type: Offshore PV has a type called Floating Type.

By Application

Based on application the global market can be categorized into Shallow Sea and Deep Sea amongst which the leading segment is the Shallow Sea.

• Shallow Sea: Offshore PV are used in the Shallow Sea.

• Deep Sea: Offshore PV are also used in Deep Sea.

DRIVING FACTORS

"Technological Advancement to Boost the Market"

Solar panel durability and efficiency have been greatly increased by recent advancements in photovoltaic (PV) technologies. With the ability to install on bodies of water, floating solar technology has gained popularity in particular. This reduces conflicts between land uses and allows for higher energy yields because of cooler operating conditions.

"Increased Demand to Expand the Market"

The world is moving toward more sustainable energy sources due to growing energy demands brought on by industrialization and population increase. Both energy producers and consumers find offshore photovoltaic (PV) to be an appealing alternative since it provides a workable way to meet this demand while reducing carbon emissions.

RESTRAINING FACTOR

"High Cost to Impede Market Growth"

Compared to conventional solar setups, offshore PV projects require a significantly larger initial investment. This involves expenses for floating structures, specialty materials, and installation procedures, all of which have the potential to turn off investors and impede market penetration. For offshore photovoltaic projects, navigating regulatory regimes can be challenging. Timelines for project development may be hampered by environmental studies, maritime spatial planning, and permitting procedures that result in delays and higher expenses.

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OFFSHORE PV MARKET REGIONAL INSIGHTS

The market is primarily segmented into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America Dominating the Market due to Numerous Market Share"

The huge water bodies and rising need for renewable energy in North America are driving interest in the PV business, which is still in its infancy. Space restrictions and the availability of water make floating solar PV systems more advantageous, and these states account for the majority of floating solar PV projects. Establishing partnerships with water management organizations, utilities, and municipal governments is essential to succeeding in this realm. To create and scale installations, businesses are now collaborating with engineering and construction organizations.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive"

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF MARKET PLAYERS PROFILED

• SolarDuck (Netherlands)
• Sunseap (Singapore)
• Oceans of Energy (Holland)
• Chenya Energy (China)
• Ocean Sun (Norway)

INDUSTRIAL DEVELOPMENT

November 2024: The commercial operating date of the Kerian Solar Project has been reached, according to ENGIE, a global leader in energy transition and renewable electricity generation. The factory is situated in the Malaysian state of Perak. The 136.44 MWp project was developed by Kerian Solar, a special purpose company established through a joint venture between TTL Energy Sdn Bhd and others.

REPORT COVERAGE

This research profiles a report with extensive studies that take into description the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, and restraints. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.