Floating Solar Panels Market Size, Share, Opportunities, COVID-19 Impact, And Trend By Type (Stationary Floating Solar Panels, Tracking Floating Solar Panels), By Deployment (On-shore, Off-shore), And By Geography - Forecasts From 2021 To 2026

Published:  Dec 2021 Report Code: KSI061611663 Pages: 114

The floating solar panel market was valued at US$314.184 million in 2019 and is expected to grow at a CAGR of 35.62% over the forecast period to reach a total market size of US$2,651.247 million by 2026. 

A floating solar photovoltaic system opens up a wide range of opportunities to increase solar generating capacity. This is particularly relevant to countries with high populations and scarce land resources. In addition to higher energy yield, reduced evaporation, and improved water quality, floating solar systems also offer other advantages over land-based systems. In various economies, the inclination towards clean energy with floating solar panels is expected to be a major growth driver. In 2019, solar photovoltaic was the second-largest absolute generator of energy in the US followed by wind power and ahead of hydropower, which drove the growth of floating solar power generation by 22% (+131 TWh). Various factors such as subsidies and tax incentives offered by the government to purchase and install solar panels, as well as rental benefits offered to reservoir owners are expected to fuel the demand for solar photovoltaic (PV) panels.  Further, the scarcity of open land and the growing use of water resources such as reservoirs, ponds, canals, and rivers for floating solar panels installation is expected to spur the market's growth. In addition, floating solar panels are low maintenance and management costs.  By 2020, there will be 230,000 Americans working in the solar industry with more than 10,000 companies in every state in the country. A $ 25 billion investment in the solar industry is expected for the U.S. economy in 2020. If floating solar panels were added to bodies of water that already have hydroelectric plants, the researchers estimate that a potential annual output of 10, 600 terawatt-hours could be generated by installing solar PV systems alone.

floating solar panel market

Solar panels are expected to grow in Japan, China, and India due to the growing investments in floating panels along with favorable regulatory support. During the forecast period, the South Korean, Malaysian, Australian, and Maldivian governments are all expected to increase their investments in floating solar panel plants. As a result of the Yamakura Dam project in Japan, floating solar panels are expected to be in demand in Japan.  Likewise, the Uttar Pradesh government in India announced that they would be developing a 150 Megawatt (MW) floating solar power project within the near future.

floating solar panel market

Growth Factors:

  • Investments in floating solar panels continue to grow

Manufacturing companies are investing more in ways to improve the efficiency of solar panels, which is a prominent trend in the floating panels market. Additionally, governments worldwide are investing in this technology because floating solar panels save money since they do not need land. Many of the projects scheduled to start construction within the next few years, such as Vietnam's 475 MW project, South Korea's 2.1 gigawatts (GW) project, and several others, are likely to be completed in the coming future. Additionally, Singapore, which has a land area of over 700 sq. km and a population of over 5.70 million, is agitatedly working to deploy new floating solar panels. Singapore is building one of the world's largest floating solar panels farms in July 2021, occupying an area the size of 45 football fields and generating enough electricity to power five of the island's five water treatment plants.

Similarly, a 120-MW floating solar photovoltaic plant (FSPV) has been built by Jinko18 in Poyang Lake that is spread over 2000 acres of water and generates 137.70 GWh of electricity. Currently, China has 73% of the world's installed FSPV capacity, making it the leading country in that industry.

In addition, regulations to curb GHG emissions will boost the market in the forecast period. China announced in its 13th 5-year plan in 2016 its plans to reduce emissions to 18% by 2020.  In the forecast period, the factors aforesaid will propel the floating solar panels market growth.

Restrains

  • Disturbance of aquatic life

A solar panel's surface is designed to be waterproof, but exposure to water 24/7 can negatively impact the panels. In the event of a panel break, water will cause more damage. However, this potential downside is insufficient to prevent floating solar panels from being installed. Since the panels can block the sun from illuminating all of the water, they could disturb aquatic life. Due to their structure, the solar panels have the potential to disturb aquatic life by blocking the sunlight from reaching the whole surface of the water.

Covid-19 insight

As a result of business restrictions, travel restrictions, and border closures, transportation, and manufacturing energy usage fell sharply, reducing the reliance on renewable energy. The renewable industry, including solar energy, is subject to risks from pandemic-related shutdowns. Yet, with nations reviving their economies, the construction of floating solar panels has resumed showing steady improvement.

Floating Solar Panels Market Scope:

Report Metric Details
 Market size value in 2019  US$314.184 million
 Market size value in 2026  US$2,651.247 million
 Growth Rate  CAGR of 35.62% from 2019 to 2026
 Base year  2019
 Forecast period  2021–2026
 Forecast Unit (Value)  USD Million
 Segments covered  Type, Deployment, And Geography
 Regions covered  North America, South America, Europe, Middle East and Africa, Asia Pacific
 Companies covered  Kyocera TCL, Trina Solar, Solaris Synergy, Swimsol, Vari Pontoon Pvt Ltd, Akuo   Group, Ciel & Terre International
 Customization scope  Free report customization with purchase

 

Segmentation

  • By Type
    • Stationary Floating Solar Panels
    • Tracking Floating Solar Panels
  • By Deployment
    • On-shore
    • Off-shore
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Others
    • Europe
      • United Kingdom
      • Germany
      • France
      • Others
    • Middle East and Africa
      • Turkey
      • Egypt
      • South Africa
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Others

Frequently Asked Questions (FAQs)

Q1. What will be the floating solar panel market size by 2026?
A1. The global floating solar panel market is expected to reach a total market size of US$2,651.247 million in 2026.


Q2. What is the size of the global floating solar panel market?
A2. Floating Solar Panels Market was valued at US$314.184 million in 2019.


Q3. What are the growth prospects for the floating solar panel market?
A3. The floating solar panel market is expected to grow at a CAGR of 35.62% over the forecast period.


Q4. How is the global floating solar panel market segmented?
A4. The floating solar panel market has been segmented by type, deployment, and geography.


Q5. What factors are anticipated to drive the floating solar panel market growth?
A5. The inclination towards clean energy with floating solar panels is expected to be a major driver of the floating solar panel market.

1. INTRODUCTION
1.1. Market Definition
1.2. Market Segmentation

2. RESEARCH METHODOLOGY
2.1. Research Data
2.2. Assumptions
3. EXECUTIVE SUMMARY
3.1. Research Highlights

4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porters Five Forces Analysis
4.3.1. Bargaining Power of Suppliers
4.3.2. Bargaining Powers of Buyers
4.3.3. Threat of Substitutes
4.3.4. The threat of New Entrants
4.3.5. Competitive Rivalry in Industry
4.4. Industry Value Chain Analysis

5. FLOATING SOLAR PANELS MARKET, BY DELIVERY TYPE
5.1. Introduction
5.2. Stationary Floating Solar Panels
5.3. Tracking Floating Solar Panels

6. FLOATING SOLAR PANELS MARKET, BY DEPLOYMENT
6.1. Introduction
6.2. Onshore
6.3. Off Shore

7. FLOATING SOLAR PANELS MARKET, BY GEOGRAPHY
7.1. Introduction
7.2. North America
7.2.1. United States
7.2.2. Canada
7.2.3. Mexico
7.3. South America
7.3.1. Brazil
7.3.2. Others
7.4. Europe
7.4.1. Germany
7.4.2. France
7.4.3. United Kingdom 
7.4.4. Others
7.5. Middle East and Africa
7.5.1. Turkey
7.5.2. Egypt
7.5.3. South Africa
7.5.4. Others
7.6. Asia Pacific
7.6.1. China
7.6.2. India
7.6.3. South Korea
7.6.4. Japan
7.6.5. Others

8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrative
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix

9. COMPANY PROFILES
9.1. Kyocera TCL
9.2. Trina Solar
9.3. Solaris Synergy
9.4. Swimsol
9.5. Vari Pontoon Pvt Ltd
9.6. Akuo Group
9.7. Ciel & Terre International

Kyocera TCL

Trina Solar

Solaris Synergy

Swimsol

Vari Pontoon Pvt Ltd

Akuo Group

Ciel & Terre International

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