Global Floating Solar Panels Market – Overview
According to Market Research Future (MRFR), the market is set to witness significant growth during the forecast period (2017-2023). The market is poised to garner fabulous traction over the next couple of years owing to solar panels’ mobility and flexibility according to the sun’s position. Floating solar panels systems do not require valuable land space for installations, which is one of their biggest advantages. Resultantly, their installations are multiplying, and its market demonstrates a huge growth potential.
Floating solar panels can provide a reliable electricity supply without requiring a large site and compatibility with the water types. It is a mobile asset that can be relocated or traded, and most importantly, it provides a secure power supply in the event of earthquakes or floods. Additional factors substantiating the market growth are augmenting demand for uninterrupted power supply and rising population, world economy, urbanization, and industrialization.
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Floating Solar Panels Market Highlights
Several factors are observed to have a positive impact on the growth of the global floating solar panels market. The land-based solar power plants require a large area of land and also need frequent maintenance for solar cell fabrication, which makes it a costly affair. Further, application of floating solar panels which are installed on a water body are expected to reduce the utilization of land area. Further, it also aids in the decline of evaporation of water from these bodies. Rising demand for renewable alternatives for energy harvesting due to the rapid depletion of conventional and non-renewable energy sources is also driving the global floating solar panels market.
Attributable to the rapid depletion of fossil fuels and other non-renewable sources of energy, the research has witnessed propulsion for the development of new techniques for the harvesting of energy from renewable sources. Photovoltaic systems are used vastly for the harvesting solar energy with the help of solar panels which are installed on large land areas. New technological advancements have enabled the development of floating solar panels which are installed on a structure which floats on a water body and does not occupy land area.
The floating solar panels provide higher efficiency in functioning as the temperature of the panels is maintained by the cooling effect exerted by the water underneath the system. The low maintenance and cost-effectiveness of the floating solar panels are leading to the increased adoption of these systems over conventional solar energy plants, which in turn is propelling the growth of the global floating solar panels market. Increasing investments by governments in various regions for research in order to develop new and advanced techniques for harvesting energy from renewable sources and initiation of new projects for developing floating solar panels over multiple water bodies are some other factors that are fueling the growth of the global floating solar panels market. However, complexities related to the offshore installation of floating solar panels are likely to restrain the expansion of the global floating solar panels market.
Prominent Players:
- GEITS,
- Yingli Solar,
- SPG Solar,
- Suntech Power Holdings Co. Ltd.,
- Ciel & Terre,
- Wuxi Suntech Power Co. Ltd.,
- Kyocera Corporation,
- Trina Solar Limited,
- Japan Mega Solar Power Co.,
- Solaris Synergy, and
- Sharp Corporation.
Global Floating Solar Panels Market – Segmentation
The report segments the market into three key dynamics to widen the scope of understanding,
By Product: Stationary floating solar panels and Tracking floating solar panels
By Location: Onshore and Offshore.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
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Regional Analysis
The floating solar panels market is segmented into the regions of North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
The limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources are expected to propel the demand and adoption of floating solar panels in Asia Pacific. This is one of the most primary reasons behind the substantial growth of the regional floating solar panels market. Further, high penetration of advanced technologies which is used in harvesting energy from renewable sources to meet the rising demand for energy from the developing countries residing in the APAC is expected to drive the regional floating solar panels market to a great extent.
North America is also likely to witness significant ascension in the floating solar panels market. This can be owed to ever-increasing demand for energy from developed countries. Fast penetration of urbanization and industrialization has led a rising dependency on the continuous flow of energy, hence, driving the global floating solar panels market. Governments are also noted to shift emphasis towards renewable energy sources for energy generation, along with growing environmental awareness are fostering market growth.
Related Reports:
Solar Panel Recycling Market: https://www.marketresearchfuture.com/reports/solar-panel-recycling-market-6701
FSRU (Floating Storage and Regasification Unit) Market: https://www.marketresearchfuture.com/reports/fsru-market-6158
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