According to a recently published report “Floating Solar Panel Market: Global Demand Analysis & Opportunity Outlook 2019-2027” delivers detailed overview of the global floating solar panel market in terms of market segmentation by type, by capacity, by connectivity and by regions.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The floating solar panel market is segmented by type into stationary and solar-tracking floating solar panels; by capacity up to 1MW, 1MW–5 MW and above 5MW and by connectivity into on-grid, and off-grid and by regions. The floating solar panel market is anticipated to mask a CAGR of 44% during the forecast period i.e. 2019-2027.
Increasing demand for renewable alternatives for energy harvesting is majorly driving the growth of the global floating solar panels market. The low maintenance and cost-effectiveness of the floating panels are leading to the increased adoption of these systems over conventional solar installations. Factors such as subsidies and tax benefits offered by the governments, directed with the aim of installation of the solar panels along with rental benefits offered to the owners of the reservoir are expected to spur the growth of the solar photovoltaic (PV) panels market. The buoyant photovoltaic (PV) panel carries with it several benefits such as it helps in saving water by reducing water evaporation at places with dry climate. Further, the cooling effect of the water helps to maintain the temperature of the silicon panels and thus enhances the efficiency levels. Moreover, the floating solar photovoltaic (PV) panels can also be planted in the hydroelectric plants.
Geographically, Asia Pacific is expected to have the largest market for floating solar panels, mainly driven by China, Japan, and India. The emergence of smart cities is one of the key market trends that is estimated to gain traction over the forecast period. The market size in U.S. is anticipated to be around USD 300 million during the forecast period owing to favorable government initiatives to increase dependency on clean energy sources. Further, the market in Europe is set to witness strong growth on the back rising awareness regarding environment and growing emphasis towards renewable energy sources by government bodies.
Rise in Investments in the Renewable Energy Sector
One of the major factors influencing the growth of this market is growing investments in renewable energy sector. The recent years observed a significant shift in preference towards power generation from renewable sources such as wind and solar. The latest trend gaining momentum in the market is increasing conversion efficiency of solar panels. Solar energy is a clean source of energy, however, its conversion efficiency when compared to the other sources is quite low. This is inducing solar panel companies to focus more on improving the efficiency of solar panels. Owing to technological advancements that led to reduction in the overall expenditure, there is a considerable decrease in costs required to manufacture PV system components which is estimated to result in increased investments in renewable energy sector. Additionally, development of large scale utility projects coupled with numerous financial incentives and tax benefits offered by the regulators is expected to impact the market growth.
However, challenges related to deployment of the floating panels is affecting the growth of the market. Additionally, complexities related to the offshore installation of floating panels and deployment of the same are likely to restrain the expansion of the global floating solar panels market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global floating solar panel market which includes company profiling of Kyocera, Hanwha Solar One, Sharp, Canadian Solar, Sun Power, REC Solar, Solar World, Panasonic/Sanyo, Ciel & Terre, and Solaris Energy. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global floating solar panel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.