Global Floating Solar Panels Market: mainly boosted by increasing need for clean energy sources
Scarcity of land and high cost of acquisition fuels the global floating solar panels market
The global floating solar panels market trends are scarcity of land and high cost of acquisition, high production capacity, and increasing need for clean energy sources. In addition, declining panel cost, and increasing investments by governments have also encouraged the global floating solar panels market growth. Though, high cost of installation is the restraint of the market. Moreover, rising R&D on potential applications of solar power, increasing demand for high stability photovoltaic devices, and market expansion would provide lucrative opportunities to the market.
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Product type, location, and geography are the bifurcations of the global floating solar panels market. Product type is classified into stationary floating solar panels, and solar-tracking floating solar panels. By location, the market is segmented into off-shore floating solar panels, and on-shore floating solar panels.
By geography, floating solar panels market is categorized into Europe, Asia-Pacific, North America, and Rest of the World (RoW). Europe includes of UK, Germany, France, Italy, and rest of Europe. Asia-Pacific is divided into China, Japan, India, Australia, and rest of Asia-Pacific Whereas, North America is further segmented in U.S., Canada, and Mexico, while RoW comprises South America, Middle East, and Africa.
Stationary floating solar panel, by product type occupied the maximum global floating solar panels market share in the year 2016
In the year 2016, Stationary floating solar panel segment dominated the type segment with the largest market share and expected to continue its dominance throughout throughout the forecast period 2016 – 2024 and due to the reduced installation and maintenance costs.
On-shore floating solar panels, by location is expected to dominate the maximum market size during the forecast period
In the year 2016, On-shore floating solar panels segment, by location is projected to witness the maximum market size through the forecast period 2016 – 2024 owing to increasing costs of land, need for large scale renewable energy utilities, subsidy & grant programs for development and implementation of solar plants.
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Asia Pacific dominated for the largest market share, whereas, Rest of the World (RoW) expected to witness the fastest CAGR over the forecast period.
In the year 2016, Asia Pacific accounted for the largest market share of 82.4%, owing to limited space to install ground mounted panels, and widespread R&D and increase in investments on mega projects throughout the forecast period 2016 to 2024. Moreover, Rest of the World (RoW) is anticipated to dominate the market with fastest CAGR throughout the forecast period, owing to growing concern over high carbon emission, high potential for solar energy R&D, and excessive demand for energy production. In addition, Singapore, Australia, Malaysia, Canada is also witnessing a high demand in the global floating solar panels market.
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The key market players include Kyocera Corporation, Trina Solar Limited, Novaton AG, SPI Energy Co., Ltd., Wuxi Suntech Power Co., Ltd., Sharp Corporation, Ciel Et Terre International, SPG Solar, Inc., Yingli Solar, and Pristine Sun LLC, among others.
Scope of the Global Floating Solar Panels Market
Product Type Segments
• Solar-Tracking Floating Solar Panels
• Stationary Floating Solar Panels
• On-Shore Floating Solar Panels
• Off-Shore Floating Solar Panels
• North America
o Rest of Europe
o Rest of Asia-Pacific
o South America
o Middle East
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