Global Floating Solar Panels Market is estimated to reach $1,186 million by 2024; growing at a CAGR of 64.7% from 2016 to 2024. Floating solar panels are an arrangement of photovoltaic panels that are capable of floating on water bodies. These floating solar plants are capable of solving the issues involving lack of land which is now scarcely available in the world due to high in cost. These panels can be installed in any water bodies such as a lake, reservoir, river, and others and can also increase the amount of generation along with the cooling effect of water. Moreover, solar panels that are installed on land may reduce the yield as the land heats up, to which, a floating platform can reduce the heating problem to a great extent.
Global Floating Solar Panels Market Size and Forecast, 2015-2024 (US$ Million)
Scarcity of land and high cost of acquisition, high production capacity, and increasing need for clean energy sources are the key drivers propelling the growth of the global floating solar panels market. Moreover, increasing investments by governments, and declining panel cost also drives the market growth. However, high cost of installation could act as a major restraint for the market. Furthermore, increasing demand for high stability photovoltaic devices, rising R&D on potential applications of solar power, and market expansion would create immense market opportunities in the coming years.
The global floating solar panels market is segmented on the basis of product type, location, and geography. Product type is bifurcated into solar-tracking floating solar panels, and stationary floating solar panels. Location is further categorized as on-shore floating solar panels, and off-shore floating solar panels.
Based on geography, floating solar panels market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Germany, France, Italy, and rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, and rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
GLOBAL FLOATING SOLAR PANELS MARKET, REGIONAL REVENUE % (2016 VS 2024)
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.
The key takeaways from the report
- The report will provide detailed analysis of Global Floating Solar Panels Market with respect to major segments such as product type, and location
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Floating Solar Panels Market has been included in the report
- Profile of the key players in the Global Floating Solar Panels Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Floating Solar Panels Market
Product Type Segments
- Solar-Tracking Floating Solar Panels
- Stationary Floating Solar Panels
- On-Shore Floating Solar Panels
- Off-Shore Floating Solar Panels
- North America
- Rest of Europe
- Rest of Asia-Pacific
- South America
- Middle East
Global Floating Solar Panels Market Primary Interviews, by Geography