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A recent report published by Infinium Global Research on the floating solar panel market provides an in-depth analysis of segments and sub-segments in the global as well as regional floating solar panel market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional floating solar panel market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast, and dollar values of the global floating solar panel market. According to the report, the global market for Floating Solar Panels was sized at USD 444 million in 2020 and is expected to reach over USD 3985.3 Million by 2026, growing with a CAGR of 44.1% over 2020-2026.
Floating solar panel technology has been coming under the light as a promising and cost-effective substitute to land-based photovoltaic systems. Floating solar panels comprise panels that are installed on water bodies, for instance, irrigation ponds, reservoirs, lakes, canals, and oceans. It is an innovative method of utilizing water surfaces available on dams, reservoirs, and other water bodies for the generation of solar energy. These panels that are on water bodies, help to retain the temperature of the silicon panels by keeping the efficiency. Furthermore, these systems have numerous benefits over traditional power generation systems such as safe and noiseless power generation floating solar panel-based plant or farm which is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is normally a lake or reservoir. Moreover, floating solar panels or plants help conserve water through the decline of evaporation, and increase power generation owing to the cooling effect of solar panels.
Increasing focus towards clean fuel power generation energy sources, together with the inadequacy of land area, will boost the market growth during the estimated period. Regulatory boards across the globe are setting up numerous targets associated with clean energy, which will help to control the pollution level. Furthermore, global warming and the rapid depletion of fossil fuels instigated by their usage have shifted the global attention to green energy resources from conventional sources of energy. Fluctuating preferences for power generation from renewable sources of energy, such as solar and wind, several government initiatives to promote solar energy, high energy demand, and augmented investments in renewable energy are some of the major factors anticipated to boost the growth of the market. Moreover, cost-effective nature, growing networks of solar installers, and reductions in technology prices are expected to drive the market growth. However, the high installation cost of floating solar panels or plants may restrain the market growth in the near future.
Among the geographies, the Asia Pacific region is expected to hold the largest share in the global floating solar panels market. In the Asia Pacific region, the penetration of floating solar technology is anticipated to surge owing to its high market potential. Furthermore, the North America region is expected to witness high growth in the global social commerce market during the forecast period. The industry is projected to offer enormous opportunities for market growth on account of the presence of various key players across the region. Moreover, factors such as the ability to float solar technology to decline the effect of evaporation and land availability are likely to increase product demand. In addition, the installation of floating solar farms decreases the rate of evaporation, which, in turn, helps in cutting the prospect of drought in locations with high temperatures, such as the central states of the United States.
The report on the global floating solar panel 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, Trina Solar Limited, Yingli Green Energy Holding Co Ltd, Kyocera Corporation, and JA Solar Technology Co., Ltd..
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 panel market. Moreover, the study highlights current market trends and provides forecast from 2020-2026. 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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