The Global Floating Solar Panel Market size was valued at US$ 686.2 million in 2021 and is anticipated to grow at US$ 2,302.9 million and increasing at a CAGR of 28% during 2021 and 2026.
The rising attention towards the clean fuel power generation energy sources combined with an insufficient land area is likely to fuel the global floating panel market during the forecast period. Sometimes, floating solar is also known as photovoltaics. It is defined as the production of solar power installed on a structure that floats on a body of water. Therefore, these segments can be segmented into Floating photovoltaic (FPV). From the past few years, FPV technology has witnessed significant growth in renewable energy. According to a study, FPV comprises efficiency improvement technology that helps in placing solar panels over water. These are some of the primary characteristics of FPV, which further drives the global floating solar panel market growth during 2021-2026.
Global Floating Solar Panel Market Drivers:
The shifting preferences for generating power from renewable resources include solar, and wind plays a crucial role in increasing the global floating solar panel market growth. Moreover, several government implementations to promote solar energy, massive demand for energy, and rising investments in renewable energy are the key factors responsible for the global floating solar panel market revenue. In addition, regulatory boards have decided to set up targets regarding clean energy worldwide that will help reduce pollution levels to some extent. The rapid depletion of fossil fuels and global warming have changed from conventional sources of energy to green energy sources of energy. In addition, the stringent rules by the government to decrease the usage of greenhouse gasses emissions will further boost the global floating solar panel market growth. Therefore, the use of renewable sources of power generation has increased due to the decrease in fossil fuel reserves will likely propel the market growth.
On the other hand, solar energy has become the fastest growing renewable source of energy. It is because it can be quickly installed and consists of a considerable amount of sunlight worldwide. Compared to conventional plants, the demand for floating solar panels keeps rising due to their primary advantages, including no land occupancy, water-saving and quality, cooling, installation and decommissioning, tracking, storage opportunity, and environmental control. The primary factor for floating solar panels is that they do not require ample land and are cost-efficient. In addition, their management is quite simple and easy. Furthermore, on implementing floating solar panels, water bodies emit a cooling effect which helps in improving the performance of solar photovoltaic panels. So, these are the significant features of floating solar panels which contribute to the growth of the global floating solar panel market.
The high requirements for the racking system and high costs are the major drawbacks for the global floating solar panel market growth. The floating solar panel's purpose is to hold the solar panels for many years, almost 20-25 years. Therefore, it is a need for a racking system that has massive corrosion resistance, high load capacity, and an eternal life span. On the other hand, the in stallion of floating solar panels is quite expensive compared to standard solar panel installations. Furthermore, since it is a new solar power technology, it needs specialized solar power equipment and ample knowledge on solar power installation. Moreover, these are generally suitable for large spaces, including utility companies and community solar, not residential homes. These significant constraints slow down the global floating solar panel market growth in the upcoming years.
Recent Developments in the Floating Solar Panel Market:
Market Size Available
2020 – 2025
2021 - 2026
By Product, Type, Consumption, Distribution Channel and Region
Various Analyses Covered
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities
North America, Europe, APAC, Latin America, Middle East & Africa
Market Leaders Profiled
Kyocera Corporation, Yingli Solar, Trina Solar Limited, Sharp Corporation, JA Solar Co., Ltd., NOVATION AG, Solaris Synergy., SPG Solar, Inc., Ciel & Terre International.
Floating Solar Panel Market Segmentation:
Based on type, the stationary type held the most prominent global floating solar panel market share. This is because stationary floating solar panels are more cost-efficient than solar tracking panels. Moreover, these comprise a more negligible effect of water currents. As a result, the price of constructing a stationary floating solar panel is lower if there is any cause of the problem or damage. These are the characteristics of stationary floating solar panels, which further dominate the global floating solar panel market in the next six years.
Onshore location plays a dominant role in the global floating solar panel market and sustains its dominance in the upcoming years. However, the massive amount of tides and forceful water current may cause problems or damage to the solar panels and their floating structure. Moreover, the high costs of maintenance and construction of seawater plants may further lead the onshore category to witness significant growth in the market.
Photovoltaic technology is anticipated to have the highest global floating solar panel market share due to its high sustainability for deployment in floating solar panels. On the other hand, CSP is at a starting stage and experience a lower adoption in the global floating solar panel market.
The Global Floating Solar Panel Market Report includes the segmentation of Regions:
Asia Pacific dominates the global floating solar panel market and is yet to maintain this trend in the near future. This is due to its increasing growth and government initiatives to promote solar panels and the growing demand for low-cost energy.
North America attributes to register highest CAGR owing to the increasing growth rate and escalating demand for green power and solar investment tax credit among the population in the U.S.
Europe region is also anticipated to have the maximum global floating solar panel market CAGR. It is due to the strict initiatives by the government to limit greenhouse gases.
Middle East and Africa
Impact of COVID-19 on Global Floating Solar Panel Market:
The COVID-19 outbreak started in early 2020, and it is still spreading the disease among the population across the globe. Many of the people suffered from COVID, and some survived, and some lost their lives. This led the global floating solar panel market to experience a negative phase during the corona crisis. Due to this pandemic, manufacturers and producers were facing a shortage of material and also the workforce. Moreover, the delay in executing the project due to supply chain disruptions will likely hinder the global floating solar panel market growth.
Floating Solar Panel Market Key Players:
The companies covered in the report include:
1.1 Market Definition
1.2 Scope of the report
1.3 Study Assumptions
1.4 Base Currency, Base Year and Forecast Periods
2. Research Methodology
2.1 Analysis Design
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Data Modelling
2.2.4 Expert Validation
2.3 Study Timeline
3. Report Overview
3.1 Executive Summary
3.2 Key Inferencees
4. Market Dynamics
4.1 Impact Analysis
4.2 Regulatory Environment
4.3 Technology Timeline & Recent Trends
5. Competitor Benchmarking Analysis
5.1 Key Player Benchmarking
5.1.1 Market share analysis
5.1.3 Regional Presence
5.2 Mergers & Acquistion Landscape
5.3 Joint Ventures & Collaborations
6. Market Segmentation
6.1 Floating Solar Panel Market , By Type
6.1.2 Solar tracking
6.1.3 Market Size Estimations & Forecasts (2021-2026)
6.1.4 Y-o-Y Growth Rate Analysis
6.1.5 Market Attractiveness Index
6.2 Floating Solar Panel Market , By Location
6.2.3 Market Size Estimations & Forecasts (2021-2026)
6.2.4 Y-o-Y Growth Rate Analysis
6.2.5 Market Attractiveness Index
6.3 Floating Solar Panel Market , By Technology
6.3.1 Photovoltaics (PV)
6.3.2 Concentrated Solar power (CSP)
6.3.3 Market Size Estimations & Forecasts (2021-2026)
6.3.4 Y-o-Y Growth Rate Analysis
6.3.5 Market Attractiveness Index
7. Geographical Landscape
7.1 Global Identity Governance and Administration Market, by Region
7.2 North America - Market Analysis (2021 - 2026)
7.2.1 By Country
7.2.2 By Type
7.2.3 By Location
7.2.4 By Technology
7.3.1 By Country
188.8.131.52 Rest of Europe
7.3.2 By Type
7.3.3 By Location
7.3.4 By Technology
7.4 Asia Pacific
7.4.1 By Country
184.108.40.206 South Korea
220.127.116.11 South East Asia
18.104.22.168 Australia & NZ
22.214.171.124 Rest of Asia-Pacific
7.4.2 By Type
7.4.3 By Location
7.4.4 By Technology
7.5 Latin America
7.5.1 By Country
126.96.36.199 Rest of Latin America
7.5.2 By Type
7.5.3 By Location
7.5.4 By Technology
7.6 Middle East and Africa
7.6.1 By Country
188.8.131.52 Middle East
7.6.2 By Type
7.6.3 By Location
7.6.4 By Technology
8. Key Player Analysis
8.1 Kyocera Corporation
8.1.1 Business Description
8.1.4 SWOT Analysis
8.1.5 Recent Developments
8.1.6 Analyst Overview
8.2 Yingli Solar
8.3 Trina Solar Limited
8.4 Sharp Corporation
8.5 JA Solar Co., Ltd.
8.6 NOVATON AG
8.7 Solaris Synergy.
8.8 SPG Solar, Inc.
8.9 Ciel & Terre International.
9. Market Outlook & Investment Opportunities
List of Tables
List of Figures
ors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
Global Floating Solar Panel Market By Region, From 2021-2026 ( USD Billion )
Global Floating Solar Panel Market By Type, From 2021-2026 ( USD Billion )
Global Stationary Market By Region, From 2021-2026 ( USD Billion )
Global Solar tracking Market By Region, From 2021-2026 ( USD Billion )
Global Floating Solar Panel Market By Location, From 2021-2026 ( USD Billion )
Global Onshore Market By Region, From 2021-2026 ( USD Billion )
Global Offshore Market By Region, From 2021-2026 ( USD Billion )
Global Floating Solar Panel Market By Technology, From 2021-2026 ( USD Billion )
Global Photovoltaics (PV) Market By Region, From 2021-2026 ( USD Billion )
Global Concentrated Solar power (CSP) Market By Region, From 2021-2026 ( USD Billion )