Floating Solar Panels Market size was USD 83 million. It is predicted to grow to USD 428.4 million at the end of 2027, with an estimated CAGR of 21.4 % from 2021 to 2027.
Floating Solar Panels: Introduction
Floating solar panel technology is gaining popularity as a viable and affordable alternative to photovoltaic systems that are based on land. Floating solar panels are panels that are placed on water bodies, such as reservoirs, irrigation ponds, canals, lakes, and oceans. The panels are placed on bodies of water, which helps to keep the temperature steady for the silicon panels while ensuring efficiency. They offer a variety of advantages over conventional power generation methods, including noiseless and secure power generation.
The Global Floating Solar Panels Market Forecast:
The global floating solar panel market size was 615.2 mill watts in the year 2019 and is predicted to increase by a compound annual growth of (CAGR) that is 28.9 percent from 2021 until 2027. A growing focus on clean fuels for power generation as well as the diminishing of the land surface is expected to boost the market’s growth in the upcoming time.
Regulators across the globe are establishing a variety of goals that deal with clean energy that will aid in reducing the level of pollution. The global warming phenomenon and rapid reduction of fossil fuels triggered by their use have changed the attention of the world to renewable energy sources instead of conventional sources of power. Changes in the preferences of energy generation using renewable sources of energy like wind and solar as well as diverse government initiatives to boost solar energy, the rising energy consumption, and greater investment into renewable power are a few of the main factors that are expected to accelerate the growth in the energy market. Alongside, their cost-effectiveness and growing networks of solar installers, and the reduction in prices of technology are expected to boost the market’s expansion.
The rapid reduction of the reserves of fossil fuels has created an urgent need to make use of renewable energy sources for energy generation. Solar energy is now one of the fastest-growing renewable energy sources due to the ease of installation and plenty of sunlight around the globe and resulting in the expansion of the market. The advantages of installation floating panels in comparison with conventional power plants are expected to drive the development.
The demand for solar panel systems that are floating in nations that are prone to famine is expected to increase significantly in the coming years since the installation of solar PV panels on bodies of water slows the rate of growth of algae and slows down the rate of evaporation which, in turn, helps preserve the purity of water.
In Japan, the popularity of floating solar panels has been quite high because the country is populous, with limited availability of land suitable for the construction of solar farms. Furthermore, the lack of resources from nature, together with the dependence of the nation on renewable energy sources to generate power for the energy needs of its citizens, is likely to drive the growth of the market.
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Market Trend and Dynamics of the Global Floating Solar Panels Market:
Market Dynamics:
The rapid decline of fossil fuels as well as the global climate change caused by their use has led to a shift in the world’s interest away from traditional energy sources to renewable energy sources. A shift towards energy generation using renewable sources like solar and wind, as well as increased investment in renewable energy sources and high energy demand, as well as government efforts to encourage solar energy are a few of the major factors that are expected to propel growth in the floating solar panel market.
In addition, their cost-effectiveness and lower technology costs as well as the growth of networks of solar installers are also expected to propel the market toward expansion. Additionally, environmental issues and the growing demand for green energy are major factors that will drive the growth of the market during the forecast time.
Regional Analysis:
Globally, the Asia Pacific leading to the rapid expansion of the market for solar panels floating and is anticipated to maintain its lead during the forecast time. The rising support from the government, the increasing energy costs, and growing awareness of the benefits of the utilization of solar power are a few elements driving the market’s expansion.
Furthermore, strict regulations are aiming to reduce carbon emissions, financial aid in addition to incentives for the use of renewable energy sources various schemes, initiatives, and campaigns introduced from The World Bank, MNRE, and International Finance Corporation to promote solar power have resulted in an increasing demand for the targeted markets in this region. According to a report produced by the International Renewable Energy Agency, Asia was responsible for more than two-thirds of global growth in renewable energy generation capacity in the year 2017.
For European countries, policies, such as feed-in-tariff (FIT) and the portfolio standard (RPS) and tax credits, as well as pricing laws have been developed and put in place to encourage the utilization of solar power. Policies like production incentives such as quota requirements, trading systems, have also been developed to impact the expansion of the target market.
Latin America and Middle East & Africa are predicted to witness a slight increase in revenue in the sector of floating solar panels in the forecast time.
The Key Market Segmentation of the Global Floating Solar Panels Market:
Global Floating Solar Panels Market can be divided into Product Types, Connectivity, Technology, Capacity, and Geographical landscapes, etc.
Floating Solar Panels Market Segmentation By Product Type:
Solar-tracking Floating Solar Panels
Stationary Floating Solar Panels
Floating Solar Panels Market Segmentation By Capacity:
Small-scale (<100kW)
Medium-scale (100kW-10MW)
Large-scale (>10MW)
Floating Solar Panels Market Segmentation By Connectivity:
On-Grid
Off-Grid
Floating Solar Panels Market Segmentation By Technology:
Photovoltaic
Concentrated Solar Power (CSP) & Concentrator Photovoltaics (CPV)
Floating Solar Panels Market Segmentation By Geographical Landscape:
North America
Europe
Asia Pacific
South America
The Middle East and Africa
Major Key Players in the Global Floating Solar Panels Market Are:
Sulzer Ltd.
KYOCERA Corporation
Trina Solar
Ciel & Terre International
LONGi Solar
Yellow Tropus Pvt. Ltd.
Vikram Solar Limited
GCL-SI
Talesun
Wuxi Suntech Power Co., Ltd.
Yingli Solar
JA SOLAR Technology Co. Ltd.
Hanwha Group
Pristine Sun Corp.
Sharp Corporation
The Covid-19 Impact Analysis:
However, the Covid-19 epidemic is thought to affect the supply chain. The epidemic is likely to increase the cost of panels and manufacturers confronting shortages of materials and stagnant trade in the international market affecting the market for exports and shortages of labor. Inadequate project execution because of disruptions in the supply chain could hinder the growth of the industry.
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