Solar Flower Market

Solar Flower Market Highlights

The global solar flower market is expected to cross a value of USD 51.3 million by the end of 2032. The market was valued at USD 17.2 million in 2023 and is expected to expand at a CAGR of 16.5% between 2024-2032.

• Over the mid-term, the increasing focus on adopting renewable energy is the primary factor anticipated to drive the global solar flower market.
• The high initial cost of installation of solar flower is a major factor to challenge the market growth.
• The North America solar flower market is projected to dominate the global market.

Solar Flower Market Outlook

A solar energy system that resembles the appearance of a flower with multiple solar panels arranged in a radial or petal-like configuration around a central stem or support structure is known as solar flower. Solar flowers are usually mounted on the ground and has a tracker that follows the direction of the sun, resulting in manufacturing up to 40% additional power than conventional static solar panels. These panels also are equipped with self-cleansing feature to clean away the dust and dirt and are largely used for aesthetic purpose in landscaping, urban design, and architectural projects.

Our experts at KD Market Insights have analyzed that the growth of the solar flower market can be attributed to the increasing focus on adopting renewable energy. In the recent years, with the growing environmental concerns and the need to mitigate climate change, the global demand for renewable sources, such as solar energy, is increasing. The International Energy Agency (IEA) estimated that the energy generated from solar PV and wind energy would double by 2028 as compared to the figures reported in 2022. Hence, with the increasing focus of governments, businesses, and consumers on seeking cleaner and more sustainable alternatives to traditional fossil fuels, the demand for solar energy solutions, such as solar flower, is expected to increase. SunBloom Technologies, SolarFlora Solutions, and SunPetals Energy are some of the significant parties in the global market for solar flower.

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Solar Flower Market Drivers – Analyst’s Observation

According to the analysts at KD Market Insights, some key growth drivers for the global solar flower market are:

• Rising Popularity of Distributed Energy Generation: Distributed energy generation possesses numerous benefits, such as enhanced energy efficiency, grid resiliency, and energy dependence, as the concept involves generating electricity closer to where it is consumed. Our researchers predict that the revenue generated from distributed energy generation would cross a revenue of USD 900 billion by the end of 2032. Aligning to this concept, the demand for solar flowers are growing rapidly, majorly as a result of its modular and scalable design, and for its well-suited distributed energy generation applications in the residential, commercial and other solar projects.
• Increasing Government Incentives for Adopting Renewable Energy: The governments of nations around the globe are forming supportive policies, incentives and subsidies that are aimed at promoting the adoption of renewable energy. For instance, at the COP28, countries from around the world signed the Global Renewables and Energy Efficiency Pledge, aimed at tripling the world’s installed renewable energy generation capacity to at least 11,000 GW by 2030. On the other hand, the United Nations stated that about USD 4 trillion needs to be invested every year in renewable energy until 2030 to be able to attain the target of net-zero emissions by 2050.

Which Probable Factors Could Hamper the Growing Solar Flower Market Trend?

As per our KD Market Insights analysis, some of the challenges expected to limit the global market growth of solar flower are:

• High Initial Cost of Installation: The high initial cost of installation of solar flowers as compared to the conventional solar panel systems is one of the primary factors expected to limit the expansion of the market in the coming years.
• Complex Installation Process: As compared to conventional solar panels, the installation and maintenance of solar flowers are more complex and labor-intensive, which is also expected to lower down the demand for the product in the coming years.

How is the Global Solar Flower Market Segmented?

Our experts at KD Market Insights have segmented the global solar flower market as:

What are the Probable Factors Influencing the North America Solar Flower Market Forecast?

The North America solar flower market is majorly driven by the supportive government policies, incentives, and subsidies of the government of the nations in the region, particularly in the United States, for promoting the adoption of renewable energy. For instance, the United States Environment Protection Agency (EPA) has laid down several renewable energy and energy efficiency programs, aimed at encouraging the use of efficient and clean technologies. On a similar note, the Solar Energy Technologies Office under the Office of Energy Efficiency & Renewable Energy of the United States, launched the SunShot 2030 Initiative, aimed at cutting the levelized cost of energy (LCOE) of photovoltaic solar by an additional 50% to USD 0.03 per kWh for utility-scale.

As per our analysts at KD Market Insights, the following five players lead the North America solar flower market growth:

• SunFlora Energy Solutions
• SolarBloom Innovations
• SunPetals Renewable Energy
• SolarHarvest Flowers
• BloomSolar Technologies

Which Key Players Top the Global Solar Flower Market Share?

As per our analysts at KD Market Insights, the competitive landscape of global solar flower market facilitates our readers in identifying their closest competitors. The manufacturers who are associated with solar flower market are raising their focus on expanding their presence, as well as their market share. The market has also been witnessing an upward movement in the number of collaborations between research institutions and key players, aimed at introducing advanced technologies and innovation of new products. Here is a list of the key players who top the global solar flower market share:

• SunBloom Technologies
• SolarFlora Solutions
• SunPetals Energy
• SolarBlossom Innovations
• Sunflower Solar Systems
• SolarGrove Solutions
• SunHarvest Energy
• SolarPetal Technologies
• SunBloomer Inc.
• SolarDaisy Energy
• SunFlare Innovations
• SolarBloom Technologies

What are the Recent Developments Observed in the Solar Flower Market?

Over the years, the experts at KD Market Insights have been observing the recent developments associated with global solar flower market trends. Our expert’s market forecast analysis has recorded the market players adopting plentiful of key strategies including new product launches, mergers & acquisitions, and collaborations.

For instance, SmartFlower announced that it has launched the Smartflower +Plus, which is self-contained solar energy system with an integrated battery storage system.

Further, SunBlossom Technologies shared that it has launched its latest solar flower known as SunBlossom XL. This new model is designed to capture maximum sunlight with an optimized performance.