Global Floating Solar Panels Market Report, published by Variant Market Research, forecast that the global market is expected to reach $1,186 million by 2024 from $22 million in 2016; growing at a CAGR of 64.7% from 2016 to 2024. Floating solar panels are photovoltaic panels that are capable of floating on water bodies. These panels can be installed in any water bodies including lake, reservoir, river, and others and are capable of increasing the amount of generation along with the cooling effect of water.
"Floating Solar Panels Market (By Product Type: Solar-Tracking Floating Solar Panels, and Stationary Floating Solar Panels; By Location: On-Shore Floating Solar Panels, and Off-Shore Floating Solar Panels; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 – 2024"
Increasing investments on new projects to drive the growth of floating solar panels market
Some of the key factors driving the growth of the market includes limited availability of land, rising demand for clean energy resources, growing investments on solar panel projects, and decreasing cost of panel. Though, high preliminary cost of installation could pose challenge for the market growth. Furthermore, increasing R&D, and expansion to potential markets would provide future scope over the forecast period.
Product type, location, and geography are the categories included in the global floating solar panels market. By product type, the segment is segmented as solar-tracking floating solar panels, and stationary floating solar panels. Location is further bifurcated as on-shore floating solar panels, and off-shore floating solar panels.
Stationary floating solar panel held the largest market share in the product type segment
Stationary floating solar panel accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016-2024, owing to the reduced installation costs and maintenance costs.
Global Floating Solar Panels Market, By Location
On-shore floating solar panels dominated the type of location segment
On-shore floating solar panels dominated the type of location segment driven by subsidy and grant programs for development and implementation of solar plants, increasing costs of land, and need for large scale renewable energy utilities.
GLOBAL FLOATING SOLAR PANELS MARKET SHARE BY GEOGRAPHY, 2016 (%)
Asia-Pacific accounted the highest market share in 2016
Asia-Pacific held the largest market share of 82.4% in 2016, due to the widespread R&D and increase in investments on mega projects, and limited space to install ground mounted panels. Rest of the World (RoW) is expected to attain the fastest CAGR of 102.6% during the forecast period 2016-2024, driven by excessive demand for energy production, high potential for solar energy R&D, and growing concern over high carbon emission.
Ciel et Terre International to construct 70 MW floating solar plant in China’s Anhui province for China Energy Conservation and Environmental Protection Group (CECEP). It will also feature several reservoirs and will utilize 194,000 PV modules, alienated between 13 floating arrays.
The key market players include Kyocera Corporation, Trina Solar Limited, Novaton AG, SPI Energy Co., Ltd., Ciel Et Terre International, Sharp Corporation, SPG Solar, Inc., Wuxi Suntech Power Co., Ltd., Yingli Solar, and Pristine Sun LLC, among others.