The global floating solar panel market is anticipated to grow at a considerable CAGR of 24.5% during the forecast period. Solar photovoltaic power is a green, clean and renewable source of power that is increasingly needed to reduce the effects of greenhouse gas emissions and prevent global warming. For instance, one of the largest solar farms, Benban Solar Park in Egypt with a total capacity of 1,650 megawatts was completed in November 2019.
Moreover, governments across the globe are implementing restrictions and regulations to limit and eventually stop the usage of fossil fuels. For instance, under its 5-year plan, the government of China implemented its plan to reduce emission rates by 18% until 2020. The policy included regulations such as low to high-capacity scalability, easy to dismantle and assemble, adaptability to any electronic configuration, and minimum requirement of heavy equipment in the manufacturing of solar panels. Furthermore, India has been taking some big initiatives in floating solar power such as the Kayamkulam floating solar power plant in Kerala with the capacity of 92 MW, and 25 MW floating solar power plant at Simhadri thermal power plant near Visakhapatnam.
Another factor includes that, the solar panel systems do not have to be fixed on land, and roof-tops, solar panels can be mounted on platforms that float on water-bodies like lakes, reservoirs, and the surface of the ocean under the right conditions. Compared to land-based solar panels, floating solar panels are more expensive to build and challenging to operate. But the capacity of floating solar panels is growing quickly, from being able to provide a peak power of 70 megawatts in 2015 to be 1,300 megawatts in the year 2018. Also, as per the International Finance Corporation (IFC), more than 300 floating solar power systems have been installed globally in 2020. A global research firm report by wood Mackenzie has estimated the floating solar panel market to grow by 22% year-over-year on an average from 2019 through 2024.
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Market Coverage
- The market number available for – 2022-2030
- Base year- 2023
- Forecast period- 2023-2030
Segment Covered-
- By Product Type
- By Capacity
- By Connectivity
- By Technology
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including KYOCERA Corp., Trina Solar Co. Ltd., Yellow Tropus Pvt.Ltd, and Wuxi Suntech Power Co.Ltd.
Floating Solar Panels Market Segmentation
By Product Type
- Stationary
- Tracking
By Capacity
- MW
- 1-5 MW
- ?5 MW
By Connectivity
- On-Grid
- Off-Grid
By Technology
- Monocrystalline
- Polycrystalline
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Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Ciel & Terre international
- GCL-SI
- Hanwha
- ITOCHU Corp.
- JGC
- LONGi Solar
- Ocean Sun AS
- Pristine Sun Corp.
- QuantSolar
- Raytheon Technologies Corp.
- SHARP
- SPI Groups
- SUNGROW
- Suzhou Talesun Solar Technology Co., Ltd
- Tata Power
- wimsol
- WTWH Media, LLC
- Yingli Solar
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- We cover more than 15 major industries, further segmented into more than 90 sectors.
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- Over 100+ paid data sources mined for investigation.
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