- – Advantages like the elimination of a large land requirement, reduction in evaporation, and a vast amount of power generation are assisting the floating solar panels market to flutter its wings across the horizon of growth
- – A robust CAGR of 43.02 percent is anticipated to be recorded for the global floating solar panels market between 2019 and 2027
Transparency Market Research, New York: Technologies related to renewable energy generation are creating ripples across the globe. Various countries around the world are adopting renewable energy methods for preserving valuable non-renewable resources. The floating solar panels market will grow at a rapid rate on these factors. In addition, the various benefits provided by floating solar panels will serve as a cherry on the cake.
The analysts at Transparency Market Research (TMR) foresee the global floating solar panels market to expand at a strong CAGR of 43.02 percent during 2019-2027. The global floating solar panels market was valued at US$ 240.65 mn in 2018.
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The emergence of innovations in the floating solar panels market is bringing tremendous growth prospects for the floating solar panels market. Novel concepts like photovoltaic-hydropower hybrid plants are adding feathers of growth in the cap of the floating solar panels market. The exploration of untapped regions like Azerbaijan and Russia for growth prospects is also proving to be a boon for the floating solar panels market.
Floating Solar Panels Market: Prominent Findings
- – Based on type, the stationary floating solar panels acquired more than 90 percent share of the global floating solar panels market in 2018
- – Above 5 MW segment acquired more than 50 percent share of the global floating solar panels market on the basis of capacity
- – Asia Pacific emerged as the largest growth-contributing region in 2018 with more than 92 percent share of the global floating solar panels market in 2018
- – Japan and China constituted more than 80 percent of the global market share in 2018
- – Asia Pacific is anticipated to continue the same dominance during the forecast period of 2019-2027
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Floating Solar Panels Market: Growth Strengtheners
Zero dependence on large swathes of land for installing solar panels will serve as an expansive growth generator for the floating solar panels market. The cooling effect caused by water bodies on solar panels enables them to perform better on water bodies as compared on land, thus bringing massive growth opportunities for the floating solar panels market.
- – As floating solar panels are anchored at a specific location, they can be easily transported across the water body, thus providing the portability factor, further increasing the growth rate
- – Floating solar panels help in reducing evaporation across the water bodies and, hence, this factor can bring magnifying growth
- – Maintenance of floating solar panels is low as compared to a land-based system
- – Rising investments across the renewable sector may serve as growth multipliers for the floating solar panels market
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India’s Role as Goldmine of Growth for Floating Solar Panels Market
India is prominently bringing extensive growth opportunities for the floating solar panels market. The government initiatives regarding the utilization of renewable energy resources are assisting India to become an epicenter of growth. The formation of the International Solar Alliance (ISA) comprising the countries lying partially or completely between the Tropic of Cancer and Tropic of Capricorn has added extra muscle to the growth of the floating solar panels market.
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The first floating solar panels project in India was launched at Kolkata, a city in India in 2014. After the success of the project, various floating solar panels projects are underway across the country. Madhya Pradesh, a state in India is planning a 1GW floating solar plant on the Indira Sagar Dam and is pegged to be the world’s largest floating solar plant after completion. Such initiatives are developing a strong bond of growth with the floating solar panels market.
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Global Floating Solar Panels Market: Segmentation
By Type
- – Stationary Floating Solar Panels
- – Solar-Tracking Floating Solar Panels
By Capacity
- – Up to 1MW
- – 1MW – 5MW
- – Above 5MW
By Region
- – Asia Pacific
- – Americas
- – Europe
- – Rest of the World
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