Floating Solar Panels Market Size To Reach $2.7 Billion By 2025

The worldwide floating solar panels market is estimated to reach around USD 2.7 billion by 2025. It was valued at USD 13.8 million in 2015. Rapid adoption of this technology in Brazil, China, and the United Kingdom (UK) can drive the worldwide industry over the forecast period (2014 to 2025). Other factors that propel demand are dwindling fossil fuels, governmental efforts to reduce environmental pollution, and power generation using renewable energy. Additionally, this technology can lower land costs, which in turn may benefit the market in the long run.

Floating solar panel is a brand new technology which helps power solar panels on water. These panels save land space and also reduce the rate of evaporation in water bodies. The “floatovoltaics” technology, launched by SPG Solar is a special hybrid solar power system that is built on water bodies. This system is highly efficient as these solar panels with the help of the surrounding water can cool off after emitting solar energy. SPG Solar is a U.S. based provider of solar photovoltaic systems. The company is actively engaged in the design, development, and construction of such systems. 

A trend currently driving the market is the implementation of energy standards by various countries to curb pollution. For instance, the U.S. government recently announced the Executive Order 13693. This order aims at attaining nearly 30% electricity from renewable energy by 2025. Similarly, governments in China and the European Union (EU) have introduced plans to reduce their respective emission levels by nearly 20% by 2020.

In-depth research report on global floating solar panels market - http://www.grandviewresearch.com/industry-analysis/floating-solar-panels-market

The global floating solar panels market is split on the basis of products and regions. Products are divided into stationery and tracking solar floating panels. The former held maximum (90%) revenue shares in 2015. Demand for stationery solar floating panels is expected to be high over the forecast period. This owes to manufacturers’ preference for reliable solar power technologies with low maintenance costs.

Tracking solar panels may register a high growth rate till 2025 owing to their efficiency in tracking the sun’s position at all times. Proliferation of this technology in the overall industry for floating solar plants can stimulate product demand in the forecast period. However, high maintenance costs can hinder market progress.

According to regions, the overall market is divided into the U.S., Central & South America (CSA), Europe, Japan, Asia Pacific (APAC), and Rest of the World (RoW). Japan accounted for nearly 75% of global revenues in 2015. This regional market is propelled by scarcity of land and governmental efforts to support the adoption of newer technologies. The government encourages the adoption of floating solar panels in the region in order to meet its burgeoning energy demands.

Europe, the U.S., and Canada are projected to grow considerably due to regulations that promote solar energy for power generation. Factors such as land availability and capacity of this technology to decrease the chances of drought are expected to positively impact industry growth. Europe has an installed capacity of over 10,000 kW (kilowatts). APAC possesses high growth potential because of awareness and the availability of affordable solar panels in the region. 

Noteworthy players in the worldwide floating solar panels industry are Kyocera Corporation, Ciel & Terre, Wuxi Suntech Power Co., Ltd., Yingli Solar, and Trina Solar. These companies invest hugely in the research and development of cost effective technologies with high reliability. Kyocera Corporation is one of the biggest players in the industry because of its large distribution chain and global presence. Ciel & Terre recently installed solar panels in more than 50% plants worldwide.

Source: Floating Solar Panels Market Analysis & Segment Forecast Report, 2024

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