Market Overview
The floating solar panels market size value is expected to reach USD 2201.8 million by 2027. During this period, the market is likely to register a CAGR of approximately 24.53 %.
Growth Drivers and Key Restraints
Traditional solar panels are generally installed on roof tops or free land. But these have a downside, as they occupy a massive amount of land. A number of countries are observing depletion of free land where solar panel systems can be installed on a large-scale basis. This issue has been addressed in the form of the Floating Solar Panels Market technology, which makes use of water surface. These can be installed on lakes, ponds, rivers, sea and reservoirs, which leads to their high demand and the expansion of the floating solar panels industry.
Floating solar panels market growth is largely dependent on the increasing preference for clean energy among various countries. Subsidies as well as tax benefits provided by governments, to boost the installation rate of floating solar panels and the surge in rent benefits being given to the owners of reservoirs can induce major market growth in the upcoming period.
The demand in the near future can be hampered by the high cost of installation, slowing down the growth rate of the floating solar panels market. But the depleting number of open land along with the rising use of water resources like ponds, reservoirs, rivers and canals etc. for installing floating solar panels can be favorable for the global market.
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Market Segmentation
Floating solar panels market analysis by MRFR includes primary segments like product and location.
The product-wise market segments are stationary floating solar panels as well as tracking floating solar panels. The stationary solar panels segment is deemed to witness substantial growth in the coming years, on account of their affordability compared to other floating solar panel types in the market.
The locations where floating solar panels are used include onshore as well as offshore.
Regional Analysis
Floating Solar Panels Market is expected to increase in the regions of Asia Pacific (APAC), North America along with Europe and the rest of the world (RoW).
APAC can be the fastest gaining market for floating solar panels during the assessment period. The increasing scarcity of open land to build solar power plants and the rapidly depleting non-renewable energy sources like fossil fuels has pushed the business growth in APAC. In the forthcoming period, Thailand, South Korea, Australia, Maldives, Malaysia and Japan are anticipated to increase their spending on the manufacturing of floating solar panel plants. For instance, the Yamakura Dam project in Japan is touted to boost the demand for floating solar panels in the country.
High deployment of next-gen technologies to harvest the energy from renewable resources to fulfill the mounting energy demand is what makes North America a highly lucrative market for floating solar panels. Major market growth is noted in Canada and the U.S., thanks to the large number of regulations that encourage the adoption of solar energy to generate electricity. In addition, the reduction in land availability and floating solar technology’s ability to diffuse the impact of evaporation stimulates market growth in North America.
The high emphasis by government on the use of renewable energy sources to generate electricity combined with the mounting environmental awareness leads to revenue generation in the European floating solar panels market. In recent years, the government has implemented a number of floating system plans that cater to the rising consumption of electricity, without compromising the environmental health in the region.
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Top Companies
- Trina Solar Limited
- SPG Solar
- Kyocera Corporation
- Wuxi Suntech Power Co. Ltd.
- Japan Mega Solar Power Co.
- Suntech Power Holdings Co. Ltd.
- Solaris Synergy
- Yingli Solar
- Ciel & Terre
- Sharp Corporation
- GEITS
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