Key Findings
· Theglobal floating solar panels market wasvalued at US$ 240.65 Mn in 2018 and is anticipated to expand at a CAGR of43.02% from 2019 to 2027
· In termsof type, stationary floating solar panels constituted more than 90% share ofthe global floating solar panels market in 2018
· In termsof capacity, above 5 MW constituted more than 50% share of the global floatingsolar panels market in 2018
· Based onregion and country, Asia Pacific dominated the global floating solar panelsmarket in 2018. China, Japan, South Korea, and India jointly constituted morethan 80% share of the global market in 2018
· YingliSolar and KYOCERA Corporation are the dominant players offering solar panelsfor offshore floating solar power plants
High Demand for Renewable-based ElectricityGeneration to Drive Installation of Floating Solar Panels
· Floatingsolar plants are emerging as alternatives to conventional ground mountedphotovoltaic systems. Majority of the countries are shifting to offshore-basedsolar power generation owing to shortage of land area. Increase in awarenessabout floating solar and solar power generation is projected to propel thedemand for floating solar panels during the forecast period.
· Floatingsolar plants offer various benefits such as increase in energy generation dueto the cooling effect of panels, conservation of water through reduction ofevaporation, and lower installation time than conventional land-mounted panels
· Demandfor floating solar plants has increased owing to the potential synergies; somedevelopers claim that such systems are 50% more efficient than land-based solarplants
· Floatingsolar plants and panels provide a highly viable solution over land-based solarpower plants. These panels eliminate the requirement of expensive land areas,especially farmlands, which are near any substation, for harvesting solarpower.
· Floatingsolar panels significantly lowers the price of solar power generation and alsofrees the land for other purposes. The requirement of land for solarinstallation is driving the prices of even arid wastelands to more than 10 to20 times in most of the countries.
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Stationary Floating Solar Panels Segment to LeadGlobal Floating Solar Panels Market
· Based ontype, the floating solar panels market has been bifurcated into stationaryfloating solar panels and solar-tracking floating solar panels
· Robotsare utilized in solar-tracking floating solar panels. Solar panels are moved inline with sun’s intensity in order to receive maximum light.
· In termsof value, the stationary floating solar panels segment dominated the marketwith more than 95% share in 2018. The segment is also anticipated to expand ata rapid pace during the forecast period.
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Rise in Renewable Energy Investments to DriveMarket in Asia Pacific
· In termsof region, the global floating solar panels market has been segregated into theAmericas, Europe, Asia Pacific, and Rest of the World
· AsiaPacific accounted for more than 92% share of the market in 2018, led by therise in installation of solar energy in countries such as China, Japan, andIndia
· Thefloating solar panels market in the Asia Pacific is estimated to expand at asignificant pace during the forecast period due to the increase in demand forsolar energy and rise in implementation of solar panels as an alternativesource of energy in the region, especially in China and Japan
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Yingli Solar and KYOCERA Corporation JointlyAccounted for Major Share of Global Floating Solar Panels Market
· YingliSolar is one of the leading manufacturers of solar panels and has been themajor supplier of solar panels for offshore-based floating solar plants. YingliSolar has delivered more than 65 million solar panels for homes, businesses,and power plants around the world
· Thecompany operates the entire solar panel production process, from polysilicon toingots and solar cells to solar panels
· KyoceraCorporation manufactures crystalline silicon solar cells. It has an integratedproduction system for the manufacturing process (from silicon ingots to solarmodules for multi crystalline silicon solar cells).
· InSeptember 2018, Sharp Energy Solutions Corporation (SESJ) announced plansto construct mega offshore solar power plants at locations in Binh Thuan Provinceand Long An Province in Vietnam, each with a capacity of approximately 49 MW-dcfor a combined capacity of approximately 98 MW-dc. SESJ received the order fromGia Lai Hydropower Joint Stock Company and TTC-Duc Hue Long An Power JointStock Company operating under the umbrella of the Thanh Thanh Cong Group (TTCGroup).
· InJanuary 2016, Kyocera Corporation and Century Tokyo Leasing Corporation, in ajoint venture, announced that Kyocera TCL Solar LLC started construction of theworld’s largest 1 13.7 megawatt (MW) floating solar power plant on the YamakuraDam reservoir
· Otherplayers operating in the global floating solar panels market include SharpCorporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd.,Yingli Solar, SPG Solar, Inc., Ciel & Terre International, NOVATON AG, andSolaris Synergy
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