Indonesia Floating Solar Panels Market Size to Expand at Impressive CAGR of 10% During 2023–2029

Published | 29 March 2023

Indonesia floating solar panels market is flourishing because of an increasing demand for energy from renewable sources and rapid industrialization and urbanization across the country.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Indonesia floating solar panels market to grow at a CAGR of 10.15% during the forecast period between 2023 and 2029. Major growth factors of Indonesia floating solar panels market include government policies and regulations, availability of suitable water bodies, and increasing demand for renewable energy sources. The Indonesian government's target of generating 23% of the country's electricity from renewable sources by 2025 is expected to drive the growth of the floating solar panels market as the government promotes the use of solar power. Furthermore, Indonesia has a large number of water bodies suitable for floating solar projects, but careful site selection is necessary to avoid any environmental impacts. The rising demand for renewable energy sources, including solar power, in Indonesia is also driving investment in the floating solar panels market. Advancements in technology are making floating solar panels more efficient and cost-effective, which is expected to further boost the market's growth. However, fluctuations in raw materials prices are anticipated to restrain the overall market growth during the period in analysis.

Indonesia Floating Solar Panels Market – Overview

the floating solar panels market in Indonesia was still in its early stages but was starting to gain traction. The Indonesian government had expressed interest in promoting renewable energy, including solar power, as a means to reduce the country's dependence on fossil fuels and meet its energy needs. Floating solar panels, which are installed on bodies of water, are a particularly attractive option in Indonesia because the country has many large rivers, lakes, and reservoirs that can be used for this purpose. In addition to generating electricity, floating solar panels can help reduce water evaporation and improve water quality. Some companies have already started to invest in floating solar projects in Indonesia. For example, in 2019, PT Pembangkit Jawa Bali (PJB), a subsidiary of state-owned electricity company PT PLN, installed a 1.5 MW floating solar power plant on the Cirata Reservoir in West Java. The project was Indonesia's first floating solar power plant and was expected to generate enough electricity to power around 1,400 homes. Overall, the floating solar panels market in Indonesia has significant potential for growth as the country seeks to increase its use of renewable energy sources.

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Impact of COVID-19 on Indonesia Floating Solar Panels Market

COVID-19 had a detrimental impact on the floating solar panels market in Indonesia by disrupting supply chains, causing project delays, and creating uncertainty in the market. The closure of businesses and restrictions on movement have slowed project development, while the economic downturn has reduced investment in renewable energy projects. Despite these challenges, the pandemic has highlighted the importance of sustainability, and this could drive demand for floating solar panels in the long term. The focus on building a more sustainable future could provide opportunities for the floating solar panels market in Indonesia as the world recovers from the pandemic.

Indonesia Floating Solar Panels Market – By Type

By type, Indonesia floating solar panels market is bifurcated into Stationary Floating Solar Panels and Solar-Tracking Floating Solar Panels segments. The stationary floating solar panels segment held a higher market share in 2022. Stationary floating solar panels are easy to deploy on water bodies like reservoirs or lakes and also provide shade, reducing water evaporation. These panels use low-cost, high-strength elastic materials, making them cheaper to install than tracking floating solar panels. Increasing investments in solar panel manufacturing and installation in developing countries are expected to boost demand in the future due to the reliable and long-lasting nature of solar tracking technology with lower maintenance costs.

Competitive Landscape

Major players operating in Indonesia floating solar panels market include Hanwha SolarOne, Sharp Corporation, Canadian Solar Inc., Sun Power Corporation, REC Solar Holdings AS, SolarWorld Americas Inc., Panasonic Electric Works Europe AG, Ciel & Terre International, and Solaris Energy Inc. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Indonesia Floating Solar Panels Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Indonesia Floating Solar Panels Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Indonesia Floating Solar Panels Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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