Floating Solar Panels - Global Market Outlook (2019-2027)
According to Stratistics MRC, the Global Floating Solar Panels Market is accounted for $111.95 million in 2019 and is expected to reach $5,606.12 million by 2027 growing at a CAGR of 63.1% during the forecast period. Increase in investments in the renewable energy sector and raise in alertness about this market and solar power generation are the major factors propelling the market growth. However, the high equipment cost associated with the floating solar panel/system is hampering the market growth.
Floating solar panel based plant or farm is an understanding of photovoltaic solar panels on a structure that floats on a water body, which is normally a lake or reservoir. Solar panels used in the manufacture of floating solar farms are well-known as floating solar panels. The impulsion to develop floating solar panels/plants over land-based plants is most important to a raise in prices of undeveloped land with solar potential.
Based on the capacity, the 1 to 5 MW segment is estimated to have a lucrative growth due to the growing installation of the photovoltaic systems by industrial consumers will positively impact the business growth. Rising investments by utilities and private investors towards the deployment of large-scale photovoltaic projects across various riverbeds will further complement the industry outlook.
By geography, Asia Pacific is going to have a lucrative growth during the forecast period due to the development in this region is attributable to important growth in the solar power industry and a shift in focus toward renewable, such as solar and wind for power generation countries like India and China.
Some of the key players profiled in the Floating Solar Panels Market include Kyocera Corporation, Solaris Synergy, Wuxi Suntech Power Co., Ltd., Yingli Solar, Sharp Corporation, Suntech Power Holdings Co., Ltd., Ciel & Terre International, Japan Mega Solar Power Co., Trina Solar Limited, NOVATON AG, Pristine Sun LLC and SPG Solar, Inc.
• Stationery Floating Solar Panels
• Tracking Floating Solar Panels
• Off Grid
• On Grid
• 0.1 - 1 MW
• 1 - 5 MW
• ≥ 5 MW
• Onshore Floating
• Offshore Floating
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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