Floating Solar Panels Market Trends, Analysis and Forecasts 2024
The report titled ‘Global Floating Solar Panels Market – Growth, Share, Opportunities, and Competitive Analysis, 2018 – 2024’ offers strategic visions into the global floating solar panels market along with the market size (Revenue – US$ Million) and estimates for the duration 2016 to 2024. The said research study covers in-depth analysis of multiple market segments based on product, location, and study across different topographies. The report is also inclusive of competitive profiling of the leading floating solar panels vendors, and latest developments.
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Floating solar panels generation requires implementation of photovoltaic technologies over water bodies. In the past few years, it has appeared as one of the favorable substitutes to ground mounted PV systems. The deployment PV components over water surface not only enhance the over CUF of the architecture but also helps in decreasing the effect of draught across the nearby area by preventing water evaporation. Floating panels holds low maintenance cost and can be easily moved according to the sun’s position. The global floating solar panels market was valued at US$ 14.7 Mn in 2017 and is expected to expand at a CAGR of 42% from 2018 to 2024. The primary reason for this growth is attributed to its increasing deployment in the U.S., Canada, France, and Germany, and Japan. The implementation of floating panels in Japan is high, as the country is densely populated with low land availability for installation of solar energy plants. Furthermore, lack of natural resources coupled with high dependence of the country on renewable power generation for meeting its energy requirements is expected to propel market growth.
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Several factors including land availability as well as the ability of floating solar technology to decrease the impact of evaporation is expected to boost demand. The installation of floating solar plants reduces the evaporation rate of water, which in turn aids in decrease the possibility of drought in regions with high temperatures such as central states of the U.S. However, high maintenance costs of stationary solar panels may significantly hamper the growth of floating solar panels market in the coming years.
The global floating solar panels market has been segmented based on product, location, and geography. Based on product, the global floating solar panels market has been segmented into stationary and solar tracking. Based on location, the global floating solar panels market has been segmented into offshore floating and onshore floating. Among various location of floating solar panels, onshore accounted for major share in 2017 and this segment is further expected to remain dominant with the market share of more than 70% by 2024. Schemes including feed in tariff, subsidies, financial incentives, and tax benefits will influence the global industry size over the forecast period.
Based on geography, the global floating solar panels market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America comprises U.S., Canada, and Mexico whereas Europe would primarily cover Germany, France, UK, Italy, and Rest of Europe. The key countries included under Asia Pacific are China, Japan, India, Australia, and Rest of Asia Pacific. In Latin America, Brazil, Argentina, and Rest of Latin America are the key segments whereas in Middle East & Africa, South Africa and Rest of MEA are the key segments covered in the report. Asia Pacific accounted for the largest share in the global floating solar panels market; it is further projected to dominate the global market by 2024. The increasing investments of the panel manufacturers and installers in developing a durable, stable, and reliable solar tracking technology with low maintenance cost is expected to trigger the demand over the forecast period for floating solar panels in Asia Pacific. North America and Europe, both are projected to grow at slow pace owing to saturation in demand in several end user industries.