Floating Solar Panels Market (By Product Type: Solar-tracking Floating Solar Panels, Stationary Floating Solar Panels; By Connectivity: On Grid, Off Grid; By Technology: Photovoltaic, Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV); By Capacity: Up to 1MW, 1MW-5MW, More than 5MW) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027

The global floating solar panels market size is anticipated to reach of around US$ 21,300 Mn by 2027 and grow at a CAGR of around 12% in terms of revenue during the forecast period 2020 – 2027.

Floating structures of solar power refer to the structure on water bodies of photovoltaic panels. It is a new way to use the water surface available for the production of solar energy from lakes, reservoirs and other water systems.

Market Insights

The major driving factors of the floating solar panel market are stringent legislation and increasing public programs, do not have to acquire vast quantities of land or increase electricity generation capacity. The steady decrease in the fossil fuel reserves and global warming has changed global energy consumption from conventional to renewable. Many countries have already initiated various clean energy programs and projects. A number of countries have built floating solar energy projects with the benefits of floating solar systems, including China, the US, UK, France, Australia, India and Brazil. Many of these countries offer the producers of floating solar panels tax incentives and direct capital subsidies. Inadequate infrastructure suppliers and land scarcity generate opportunities for development in the floating solar panels market. Than most of its opportunities, the main challenges on the floating Solar Panel market are huge installation and maintenance costs.

Report coverage

The market research study on “Floating Solar Panels Market (By Product Type: Solar-tracking Floating Solar Panels, Stationary Floating Solar Panels; By Connectivity: On Grid, Off Grid; By Technology: Photovoltaic, Concentrated Solar Power (CSP), Concentrated Photovoltaic (CPV); By Capacity: Up to 1MW, 1MW-5MW, More than 5MW) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2020 - 2027” offers detailed insights on the global floating solar panels market entailing insights on its different market segments. Market dynamics with drivers, restraints and opportunities with their impact are provided in the report. The report also provides competitive landscape to understand the current stance of particular player. The report provides insights on global floating solar panels market are offering product type, connectivity, technology, and major geographic regions. The floating solar panels market analysis is provided for major regional markets including North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. For each region, the market size for different segments has been covered under the scope of report.

Asia Pacific is leading to the substantial growth and dominance of floating solar panels over the projected period. Growing policy funding, rising electricity prices continuously and recognition of the advantages of the use of solar power are some of the factors driving market development. Furthermore, the region high demand for its target market has been driven by strict regulations designed to reduce carbon footprint, financial support as well as subsidies on use by renewable sources of energy, various The World Bank, MNRE and International Finance schemes and programs. In 2019, Asia accounted for more than two-thirds of the global growth in renewable energy efficiency, according to a research prepared by the International Renewable Energy Agency. The policies for supporting solar power have been developed and introduced in Europe such as the Feed-in-Tariff (FIT), the portfolio standard (RPS), tax credits and pricing regulations. Policies like production opportunities, allocation conditions and trade schemes have also been introduced to affect target market growth. The forecast period is anticipated that the global supply for floating solar panels will report moderate growth sales in Latin America and Middle East & Africa.

Key Players

Major players included in this report Ciel & Terre International, Novaton AG, Infratech Industries Inc., KYOCERA Corporation, Trina Solar Limited, SPI Solar, Yingli Green Energy Holding Company Limited, Pristine Sun, DNV GL AS, Sharp Corporation and others. Companies make significant investments in research and development to create cost-effective, robust technologies. The fact that small and local players are still limited global players affects the growth of industry across the country.

The global floating solar panels market is segmented as below:

Market Segmentation

Floating Solar Panels Market By Product Type

• Solar-tracking Floating Solar Panels
• Stationary Floating Solar Panels

Floating Solar Panels Market By Connectivity

• On Grid
• Off Grid

Floating Solar Panels Market By Technology

• Photovoltaic
• Concentrated Solar Power (CSP)
• Concentrated Photovoltaic (CPV)

Floating Solar Panels Market By Capacity

• Up to 1MW
• 1MW-5MW
• More than 5MW

Floating Solar Panels Market By Geography

North America

• U.S.
• Canada

Europe

• UK
• Germany
• France
• Spain
• Rest of Europe

Asia-Pacific

• China
• Japan
• India
• Australia
• South Korea
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Rest of Latin America

Middle East & Africa

• GCC
• South Africa
• Rest of Middle East & Africa