Floating Solar Panels Market Regional Study, Business Trends, Global Segments and Future Prospects 2023

Global Floating Solar Panels Market Research Report Forecast to 2023
Industry Survey, Growth, Competitive Landscape
and Forecasts to 2023
Market Research Future
(Part of Wantstats Research & Media Pvt. Ltd.)
Global Floating Solar Panels Market Forecast to 2023
Global Floating Solar Panels Market - Overview
Market Research Future (MRFR) in its latest report reveals that the global floating solar panels market is set to expand rapidly in the
forthcoming years. Floating solar panels are witnessing a strong commercial interest. Solar energy is an alternative solution to rapidly
depleting fossil fuel. Floating solar panel also referred to as floating photovoltaic (FPV) is a well-organised array of solar panel on water
body on a lake or artificial basin.
The land base alternative in case of floating solar panel reduces that cost and maintenance efforts that makes it economical and
beneficial renewable energy solution. The rapid depletion in fossil fuel today is creating an extensive market for alternative renewable
energy resources in which the contribution of floating solar panel seems outstanding in future.
Initiatives taken by various governments around the world to adopt clean technology and promote the use of sustainable energy has
made a positive impact on the market. In addition, installation of the panels in hydroelectric plants has led to the expansion of
renewable energy generation business.
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Floating solar panels can provide a reliable electricity supply without requiring a large site and compatibility with the water types. It is a
mobile asset that can be relocated or traded, and most importantly, it provides a secure power supply in the event of earthquakes or
floods. Additional factors substantiating the market growth are augmenting demand for uninterrupted power supply and rising
population, world economy, urbanization, and industrialization.
Conversely, high installation cost and lack of natural resources such as solar energy or water bodies are two of the major factors
obstructing the growth of the market. Also, the complexity in the designing of the systems is impeding the growth of the floating solar
panels market.
The floating solar panels installation is creating scope for the reservoir owner to earn rents and business tax from plant operator. The
floating solar panel has highly efficient silicon solar panels. This efficiency is maintained by the cooling effect of evaporating water on the
silicon panels. The floating solar panels can be adjusted according to the position of the sun. The environmental benefit of floating solar
panels is that it inhibits algae growth in water. These factors reduce the management and maintenance cost of floating solar panels and
are the key drivers of the floating solar panels market.
Global Floating Solar Panels Market Forecast to 2023
Global Floating Solar Panels Market - Competitive Analysis
Highly competitive, the floating solar panels market looks fragmented with the presence of several
well-established and notable players. Matured market players incorporate strategic initiatives such as
acquisition, collaboration, expansion, and technology launch to gain a competitive advantage.
In a scenario, especially where the energy market is confronting the geopolitical issues floating solar
panels is a viable technology to be rolled out on an industrial scale. Market players are continually
striving for new ways to utilize their expertise in the energy industry and exploring opportunities in
the new energy.
April 10, An agreement has been signed between The Power, Energy and Business Development
Ministry and Canadian Commercial Corporation at the Presidential Secretariat to set up a 100megawatt floating solar power plant in the Maduru Oya reservoir, Sri Lanka.
July 19, 2018 – Jan De Nul Group (Luxembourg), a leading global construction engineering company
for maritime infrastructure, announced its partnership with a group of Belgian companies for the
development and construction of the first offshore photovoltaic (Floating Solar Panels) project in the
North Sea.
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Global Floating Solar Panels Market Forecast to 2023
Global Floating Solar Panels Market - Segments
The report segments the market into three key dynamics to widen the scope of understanding,
By Product : Stationary floating solar panels and Tracking floating solar panels
By Location : Onshore and Offshore.
By Regions : Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Floating Solar Panels Market Forecast to 2023
Key Players:
Wuxi Suntech Power Co., Ltd.,
Yingli Solar,
Ciel & Terre,
SPG Solar,
Kyocera Corporation,
Suntech Power Holdings Co., Ltd.,
Japan Mega Solar Power Co.,
Solaris Synergy,
Sharp Corporation, and
Trina Solar Limited
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Floating solar panels systems do not require valuable land space for installations, which is one of their biggest advantages. Resultantly, their installations are multiplying, and its market demonstrates a huge growth potential. According to Market Research Future (MRFR), the market is set to witness significant growth during the forecast period (2017-2023). The market is poised to garner fabulous traction over the next couple of years owing to solar panels’ mobility and flexibility according to the sun’s position.