The new report by Expert Market Research titled, ‘Global Floating Solar Panels Market Growth, Share, Price, Trends, Analysis, Report and Forecast 2023-2028’, gives an in-depth analysis of the global floating solar panels market, assessing the market based on its segments like type and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Volume (2022): Around 1.33 GW
- Forecast CAGR (2023-2028): 29 %
- Forecast Market Volume (2028): Nearly 6.16 GW
The tracking solar panel market, by product type, is expected to increase at a healthy rate over the projection period, owing to the product’s capacity to create more electricity by optimising land usage. A tracing solar panel’s single axis and dual axis trackers let the user discover the ideal fit for a certain project site. When considering factors such as installation size, local weather, latitude, and electricity requirements, a tracking solar panel is an excellent choice.
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Meanwhile, due to lower installation costs and high strength elastic for panel construction, the stationary solar panel sector accounts for a substantial portion of the market. Furthermore, stationary solar panels are sturdy and dependable, which would likely boost the segment’s growth.
Industry Definition and Major Segments
Floating solar panels, commonly known as floating photovoltaic (FPV), are solar power generation systems that are mounted on a structure that floats on water’s surface. The panel is most likely to be in a lake or basin, which may or may not be man-made.
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Based on type, the market covers:
- Tracking Floating Solar Panels
- Stationary Floating Solar Panels
The major regional markets include:
- North America
- Latin America
- Middle East and Africa
Floating Solar Panels Market Trends
The fast expansion of sectors such as automotive, food processing, oil and gas, and power generation, among others, across Asia Pacific is driving the floating solar panels business. These industries require large amounts of energy to run day-to-day operations. Because of the governments’ favourable regulations and ambitious goals for renewable energy installations, the great majority of floating solar panels have been put in distant places by big solar farms in nations like China and Japan. This is going to be a major driver driving the industrial growth in the region.
The growing desire for renewable energy sources to fulfil the expanding global demand for energy is driving the global floating solar panels market. The industry is growing due to favourable government initiatives to encourage the installation of solar panels. Furthermore, land scarcity is predicted to boost demand for floating solar panels that use water bodies such as irrigation ponds, reservoirs, lakes, canals, and other bodies of water to meet energy needs for diverse uses.
Plants in the quarry and mining industries, for example, are located in isolated places where energy and water supplies are expensive and difficult to come by. As a result, floating solar panels are a cost-effective way to meet the energy demands of such businesses. The product can also minimise evaporation rates, which is beneficial to mining and other industries.
Key Market Players
The major players in the market are Floating Solar UK, Akuo Industries Yellow Tropus Pvt. Ltd, JA Solar Technology Co., Ltd Hanwha Group, among others.
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