A recent report published by Infinium Global Research on floating solar panels market provides in-depth analysis of segments and sub-segments in the global as well as regional floating solar panels market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional floating solar panels market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global floating solar panels market. According to the report, the global floating solar panels market is projected to grow at a CAGR of 44% over the forecast period of 2019-2025.
Solar power installations continue to grow worldwide. The industry facing several new challenges related to land insufficiency and appropriate roof availability for photovoltaics (PV) installations on commercial and large-scale facilities. The development of floating solar power plants is one of the best and innovative alternatives that are being considered as a valuable option for utility-scale and large commercial projects. Floating Solar panels are photovoltaics arrays similar to ground-mounting type installations. The technology is exclusively prevalent in Japan, where they hold 56 of the 70 largest floating PV systems. The technology is generally suitable for areas that are land-constrained and where there's a major conflict between solar infringing on farmland. The cost of acquiring and developing land is becoming a huge part of the cost of a large-scale solar project. Many islands are adopting floating solar PV systems due to the high cost of land.
Growing demand for renewable alternatives for energy harvesting due to the rapid reduction of renewable energy sources is majorly driving the growth of the global floating solar panels market. Floating solar panels eliminate the requirement of expensive land areas, especially farmlands near any substation, for harvesting solar power. It has a number of economic benefits compared to relying on traditional solar panels. Floating solar panels can also be installed in hydroelectric plants that will help to drive the market in the future. However, high installation cost remains an impediment to market proliferation. Moreover, the increasing demand for renewable energy owing to the exhaustion of natural resources such as crude oil, coal, and natural gas is expected to provide growth opportunities to the market players.
Geographically, Asia-pacific dominates the floating solar panels market due to limited availability of land for building solar power plants and rapid exhaustion of non-renewable energy sources such as fossil fuels. The development of smart cities in Asia-Pacific will drive the demand for floating solar panels that is an abundant and clean source of energy. North America is the second largest market for floating solar panels market due to the high penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the growing energy demand.
The report on global floating solar panels market covers segments such as product, and deployment. On the basis of product, the sub-markets include stationary floating solar panels, and tracking floating solar panels. On the basis of deployment, the sub-markets include onshore, and offshore.
The report provides profiles of the companies in the market such as Sharp Corporation JA Solar Co., Ltd., Trina Solar Limited, Yingli Solar, Kyocera Corporation, Ciel & Terre International, SPG Solar, Inc., NOVATON AG, Solaris Synergy, Pristine Sun LLC, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of floating solar panels market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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