The Floating Solar Panels market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.
The global Floating Solar Panels market is likely to grow at a significant growth rate, at an increasing Compound Annual Growth Rate (CAGR) of 9%.
What are Floating Solar Panels?
Floating solar or floating photovoltaics (FPV), also known as Floatovolatics, is solar panels mounted on a construction that floats on a waterway, normally a repository or a lake.
The market for this renewable energy technology has developed quickly since 2016. The initial 20 plants with limits of two or three dozen kWp were worked somewhere in the range of 2007 and 2013. Installed power arrived at 3 GW in 2020, with 10 GW anticipated by 2025.
The costs for floating solar panels are 20-25% higher than for ground-mounted systems.
Utilizing solar energy is one of the most well-liked strategies for halting climate change. More distributed PV (photovoltaic) solar systems are being installed on roofs and in solar farms to increase the generation of renewable energy. As a result of continued research and development in the field of renewable energy, a novel product known as a floating solar panel has been created. These panels are utilized in lakes, water reservoirs, and other suitable environments including oceans and seas. They are made up of PV modules mounted to floating platforms.
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Market overview
The floating solar panels market is ascending due to moving tendency of individuals towards power age from renewable sources like breeze and solar. The high interests in renewable energy, expanding energy interest, and rising government drives to advance sunlight-based energy are additionally affecting the development of the floating solar panels in the forecast period of 2021- 2018. The cost- effective nature as well as the decline in the technology costs are also expected to prosper the interest of the floating solar panels market, and likewise is projected to develop generously during the time period. Moreover, the high land obtaining cost and high limit use factor are likewise expected to push the development of floating solar panel market.
The central point which effectively drives the interest of floating solar panels market is the quick expansion in disposable salaries as well as increasing networks of solar installers. Similarly, the developing ecological worries and quickly expanding interest in clean energy will additionally offer different development openings for the growth of floating solar panel market.
Economic growth
The global Floating Solar Panels market size was $1,015 million in 2019, and is likely to grow at a significant growth rate, at an increasing Compound Annual Growth Rate (CAGR) of 9%.
Market segmentation
Floating Solar Panels market is split by Type and by Application. For the period 2016-2026, the growth among segments provide accurate calculations and forecasts for sales by Type and by Application in terms of volume and value. This analysis can help you expand your business by targeting qualified niche markets.
The Global Floating Solar Panels market is segmented by product type, connectivity, technology, capacity and region.
On the basis by type – Tracking Floating Solar Panels, and Stationary Floating Solar Panels.
According to the product type segmentation, stationary floating solar panel leads the market.
On the basis by connectivity – On Grid, and Off grid
On the basis by technology – Photovoltaic, Concentrated Solar Power (CSP), and Concentrated Photovoltaic (CPV).
On the basis by Capacity – Up to 1MW, 1MW-5MW, and more than 5MW.
On the basis by Geographic region – Middle East and Africa, North America, Europe, Asia- Pacific, and Latin America.
Asia- Pacific leads the global floating solar panel market. in 2018, over 80% of market share are dominated by Asia- Pacific, because the region is investing in more in renewable energy sources.
Major market players in the Floating Solar Panels Market are:
- Floating Solar UK
- JA Solar Technology Co., Ltd.
- Hanwha Group
- Akuo Industries
- Yellow Tropus Pvt. Ltd.
