Global Floating Solar Panels Market by Product (Tracking Floating Solar Panels, Stationary Floating Solar Panels) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global floating solar panel market demand was 612 MW in 2019, and is projected to grow at a compound annual rate (CAGR of 28.9%) between 2020-2027. The market will grow due to the increased focus on clean fuel power generation and the depletion of land. The world's regulatory boards have set several targets for clean energy. This will help reduce pollution. The rapid decline of fossil fuels and global warming have led to a shift in the attention of the world towards green energy sources. The market is expected to grow due to changing preferences in power generation from renewable energy sources, such as wind and solar, government initiatives to encourage solar energy, increased investment in renewable energy, and high energy demand. The market will grow due to its cost-effectiveness, the growing number of solar installers, as well as lower technology prices.

Due to the strong federal programs that include growing demand from both the private and public sectors for green electricity, and tax credit for solar investment, the U.S. market will experience significant growth over the next few years. According to the Solar Energy Industries Association in 2019, the US solar industry generated a total investment of USD 18.0.

Market growth will be accelerated by strict regulations to reduce GHG emissions over the forecast period. China's 13th 5-year Plan had in 2016 announced its plans to reduce GHG emissions to 18% by 2020. These features will undoubtedly increase the business's scope. They include low to high capacity scaling, adaptability to all electrical configurations, ease of dismantle, assemble and minimal use of heavyweight equipment for the production of solar panels.

The rapid decline in fossil fuel reserves has created a demand for renewable power generation. Due to its ease of installation and availability of ample sunlight around the world, solar energy is one of the fastest growing renewable energy sources. This has led to the rapid growth of the market. The advantages of floating panels over conventional plants will likely propel growth.

The projections show that floating solar panels will see significant growth in demand in countries at risk of famine. This is because the installation of solar PV cells on water bodies slows down the growth rate of algae and decreases the evaporation rate. This, in turn, helps to preserve the purity of the water.

Japan is a country with high adoption rates of floating panels due to its densely populated population and limited land availability for solar farms. Market growth is also likely to be fueled by a lack of natural resources and reliance on renewable energy sources for power generation.

The Covid-19 pandemic is expected to affect the supply chain for floating solar panels. Pandemics are expected to cause a rise in panel prices, as manufacturers face material shortages and stagnant international trade, which will impact the export market. The industry's growth will be further hampered by delays in project execution caused by disruptions in the supply chain.

Product Insights

The market can be divided into two types based on product type: stationary floating solar panel and tracking floating solar panel. In 2019, the stationary floating solar panel product category accounted for 80.2% of the total revenue. This is due to the cost benefits associated with this technology, which was higher than its counterparts. Because it uses low-cost and high-strength elastic to construct the panels, the cost of installing a stationary floating panel is lower than the cost of installing a tracking floating panel.

In the coming years, there will be an increase in investment in manufacturing and installing solar panels in developing countries that are durable, stable, and reliable technology with lower maintenance costs. The ability to track the sun makes tracking solar panels highly competitive. This increases the system's operational productivity.

The rising use of floating solar farms with tracking technology is expected to increase the demand. The high maintenance required for tracking solar panels compared to stationary solar panel farms due to their moving parts will likely limit the growth of the segment in the coming years.

Regional Insights

Asia Pacific was responsible for the highest revenue share at 74.3% in 2019. The low availability of land and limited use of fossil fuels in Japan means that floating solar panels are more widely used there than elsewhere. The government approved several floating panel plans to help meet growing electricity demand while causing less damage to the environment.

The high market potential of floating solar technology in the APAC region will drive its adoption. In the future, the market potential for floating solar technology will be enhanced by a decrease in the cost of solar panels in the region. In Japan, KYOCERA Corporation of Japan opened its 13.7 MW floating solar panels plant in 2018.

Because of the regulations that support the use of solar energy for power generation, floating solar panels are likely to be in demand in developed countries like France, Germany and the U.S. Product demand will also be boosted by factors like the ability to use float solar technology to reduce the effects of evaporation, and the availability of land. Floating solar farms can reduce the rate at which evaporation occurs, which in turn helps to cut the possibility of drought in high-temperature areas, such as the United States' central states.

Market growth will be stimulated by a lack of land for ground-mounted PV cells in certain countries. Singapore, for example, has a land area over 700Km2 (270 sq. Over 5.70 million people live in these areas. They are working tirelessly to make the most of their land for the installation of solar panels.

Market Share Insights & Key Companies

Due to the concentration of these major industries in different regions, the global floating solar panel industry is highly competitive. Due to its global presence and large network of distributors, Kyocera is the largest market player. Research & Development initiatives and product innovation are the key strategies of major industry players. Ciel & Terre is the largest installer in the market. With a track record of more than 180 floating solar PV farms, the company is present in nearly all regions of the globe. More than half of all floating solar panel farms worldwide have been installed by the company. The company is an active participant in the industry, and offers the most up-to-date technical solutions. To maintain high technological costs and high reliability index, companies are investing in research and development. Local and small players are encouraged to expand their businesses across regions by the presence of global players. The market leader in floating solar panels is:

• Sulzer Ltd.

• KYOCERA Corporation

• Trina Solar

• Yellow Tropus Pvt. Ltd.

• Wuxi Suntech Power Co. Ltd.

• Yingli Solar

• Ciel & Terre International

• LONGi Solar

• JA SOLAR Technology Co. Ltd.

• Hanwha Group

• Vikram Solar Limited

• GCL-SI

• Talesun

• Pristine Sun Corp.

• Sharp Corporation

Up Market Research published a new report titled “Floating Solar Panels Market research report which is segmented by Product (Tracking Floating Solar Panels, Stationary Floating Solar Panels), By Players/Companies Sulzer Ltd, Ciel & Terre International, Vikram Solar Limited, Sharp Corporation, Wuxi Suntech Power Co Ltd, Yingli Solar, LONGi Solar, GCL-SI, Yellow Tropus Pvt Ltd, Trina Solar, Pristine Sun Corp, JA SOLAR Technology Co Ltd, Talesun, Hanwha Group, KYOCERA Corporation”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Floating Solar Panels Market Report Segments:

The market is segmented by Product (Tracking Floating Solar Panels, Stationary Floating Solar Panels).

Floating Solar Panels Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Floating Solar Panels Market

Overview of the regional outlook of the Floating Solar Panels Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Floating Solar Panels Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Floating Solar Panels Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Tracking Floating Solar Panels

                2. Stationary Floating Solar Panels

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Floating Solar Panels Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

How you may use our products:

• Correctly Positioning New Products
• Market Entry Strategies
• Business Expansion Strategies
• Consumer Insights
• Understanding Competition Scenario
• Product & Brand Management
• Channel & Customer Management
• Identifying Appropriate Advertising Appeals

Reasons to Purchase the Floating Solar Panels Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.