The global floating solar panels market was valued at $3.89 million in 2014, and it is expected to grow with a CAGR of 116.1% during 2015 - 2020. The factors driving the growth of the market include increased government initiatives and stringent environmental regulations, no need for acquisition of large land areas, and increased efficiency of power generation.
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Geographically, the Asia-Pacific market accounted for the largest share in the global floating solar panels market in 2014. The floating solar panels market in Asia-Pacific is growing mainly, due to increased government initiatives in promoting the usage of floating solar panels. The stringent environmental regulations and high energy demand at lower cost are also supporting the demand for cost effective and efficient floating solar panels.
The floating solar power plants have higher efficiency of power generation, as compared to the ground-mounted solar plants. The ground-mounted solar panels have reduced efficiency, due to the heating up of ground. Solar panels have improved efficiency at low temperature. Therefore, floating solar panels are more efficient, as water helps to lower the temperature of the photovoltaic panels.
The massive unexplored floating solar panels market across the globe and lack of availability of large land masses in densely populated countries of Asia is expected to create strong opportunities for the growth of the market. The global floating solar panels market is in its nascent form; hence as of current scenario, there is little market penetration across the globe.
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The key companies operating in the global floating solar panels market include Novaton AG, Ciel & Terre International, DNV GL AS, Infratech Industries Inc., KYOCERA Corporation, SPI Solar, Pristine Sun, Yingli Green Energy Holding Company Limited, Trina Solar Limited and Sharp Corporation.
FLOATING SOLAR PANELS MARKET SEGMENTATION
By Product Type
- Stationary Floating Solar Panels
- Solar-tracking Floating Solar Panels
- On-shore Floating Solar Panels
- Off-shore Floating Solar Panels
By Region
- North America
- The U.S.
- Rest of North America
- Europe
- The U.K.
- Rest of Europe
- Asia-Pacific
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Others
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