Floating Solar Panels Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2018 – 2024

Summary: Axiom Market Research & Consulting™ enhanced a, “Floating Solar Panels Market by Product (Stationery and Solar Tracking), By Location (Onshore and offshore) and By Region (U.S., Europe, Asia Pacific, Rest of World) – Forecast Period 2024’’
Description: 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 is expected to grow at a CAGR of 35% to 40% from 2019 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. 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.
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Based on location, onshore accounted for major share in 2017
Onshore floating 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.
Asia Pacific accounted for the largest share and projected to dominate the global floating solar panels 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.
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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.
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