Floating Solar Panels Market - Global Market Share, Trends, Analysis and Forecasts, 2023 - 2032
The report titled ‘Global Floating Solar Panels Market - Growth, Share, Opportunities, and Competitive Analysis, 2023 - 2032 offers strategic visions into the global floating solar panels market along with the market size (Revenue - US$ Million)
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. 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.
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 2032.
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.
The global floating solar panels market is concentrated with leading manufacturers such as Kyocera Corporation and Yingli Solar having strong hold on the global market. Some of the key manufacturers of floating solar panels in the global market include Trina Solar, Wuxi Suntech Power Co., Ltd., Solaris Synergy, Sunengy Pty, Vikram Solar, Ciel & Terre, Novaton AG, Pristine Sun, and SPI Energy, among others.
Segmentation:
By Product
- Stationary
- Solar Tracking
By Location
- Offshore Floating
- Onshore Floating
By Geography
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- Introduction
- Research Objectives
- Report Assumptions
- Research Methodology
- Abbreviations
- Preface
- Market Definition
- Report Scope and Market Segmentation
- Research Highlights
- Market Synopsis: Global Floating Solar Panel Market
- Global Floating Solar Panel Market Qualitative Analysis
- Ecosystem Analysis
- Role of participants
- Integration scenario
- Trends
- Market trends
- Technology Trends
- PESTLE Analysis (For 5 prominent countries)
- Market Influencers
- Driving Forces
- Hindering Forces
- Opportunities
- COVID-19 consequences
- Global Installed Floating PV Capacity (MWp), 2015 - 2018
- Major Projects Announced, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- Ecosystem Analysis
- Global Floating Solar Panel Market Analysis and Forecast, by Type
- Overview and definitions
- Key segment analysis
- Global Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- Global Floating Solar Panel Market Analysis and Forecast, by Location
- Overview and definitions
- Key segment analysis
- Global Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- Global Floating Solar Panel Market Analysis and Forecast, by Region
- Overview and definitions
- Key segment analysis
- Global Floating Solar Panel Market Size Estimates (US$ Mn), by Region, 2019 – 2032
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
- North America Floating Solar Panel Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- North America Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- North America Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- North America Floating Solar Panel Market Size Estimates (US$ Mn), Country, 2019 – 2032
- The U.S.
- Canada
- Rest of North America
- Europe Floating Solar Panel Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Europe Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- Europe Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- Europe Floating Solar Panel Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Germany
- United Kingdom
- Italy
- France
- Ireland
- Portugal
- Spain
- Rest of Europe
- Asia Pacific Floating Solar Panel Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Asia Pacific Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- Asia Pacific Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- Asia Pacific Floating Solar Panel Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Japan
- India
- China
- Indonesia
- Taiwan
- Thailand
- Rest of Asia Pacific
- Middle East & Africa Floating Solar Panel Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- Middle East & Africa Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- Middle East & Africa Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- Middle East & Africa Floating Solar Panel Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Saudi Arabia
- South Africa
- Egypt
- UAE
- Rest of Middle East
- South America Floating Solar Panel Market Analysis and Forecast
- Overview and definitions
- Key segment analysis
- South America Floating Solar Panel Market Size Estimates (US$ Mn and MWp), by Type, 2019 – 2032
- Stationary
- Solar Tracking
- South America Floating Solar Panel Market Size Estimates (US$ Mn), by Location, 2019 – 2032
- Onshore
- Offshore
- South America Floating Solar Panel Market Size Estimates (US$ Mn), Country, 2019 – 2032
- Brazil
- Rest of South America
- Competition Analysis – Floating Solar Panel Market
- Market Composition
- Market Share Analysis (%), by Supplier (2022)
- Company Profiles
- Trina Solar
- Business overview
- Geographic presence
- Offerings portfolio
- Financial facts
- Channel partners
- Relevant news and strategic view
- Wuxi Suntech Power Co., Ltd.
- Solaris Synergy
- Sunengy Pty
- Vikram Solar
- Ciel & Terre
- Novaton AG
- Pristine Sun
- SPI Energy
- Trina Solar
- Conclusion & Recommendations
Frequently asked questions about this report
What are the different types of Floating Solar Panels used?
Based on type, the Floating Solar Panels market is segmented into Stationary and Solar Tracking.
what are the prominent Floating Solar Panels market players across the globe?
Major players operating in the global Floating Solar Panels market include Trina Solar, Wuxi Suntech Power Co., Ltd., Solaris Synergy, Sunengy Pty, Vikram Solar, Ciel & Terre, Novaton AG, Pristine Sun, and SPI Energy, among others..
What is the base year considered in the Floating Solar Panels market report?
The base year considered in Floating Solar Panels market report is 2022.