Global Floating Solar Panels Market size is projected to be valued $1.2 Billion by 2024; with a CAGR of 64.5% from 2017 to 2025. Floating solar panels are capable of solving the issues involving lack of land which is now scarcely available in the world due to high in cost. Technological advancement in major countries including Japan, UK, China, and Brazil has fueled the growth of the floating solar panels market. These panels can be installed in any water bodies such as a lake, river, and others and can also increase the amount of generation along with the cooling effect of water.
Scarcity of land and high cost of acquisition, high production capacity, and increasing need for clean energy sources are the key drivers propelling the growth of the global floating solar panels market. Moreover, increasing investments by governments, and declining panel cost also drives the market growth. However, high cost of installation could act as a major restraint for the market. Furthermore, increasing demand for high stability photovoltaic devices, rising R&D on potential applications of solar power, and market expansion would create immense market opportunities in the coming years.
The global floating solar panels market is segmented on the basis of product type, location, and geography. Product type is bifurcated into solar-tracking floating solar panels, and stationary floating solar panels. Location is further categorized as on-shore floating solar panels, and off-shore floating solar panels.
Based on geography, floating solar panels market is segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America is further bifurcated in U.S., Canada, and Mexico whereas Europe consists of UK, Germany, France, Italy, and rest of Europe. Asia-Pacific is segmented into China, Japan, India, Australia, and rest of Asia-Pacific, while RoW is bifurcated into South America, Middle East, and Africa.
The key market players include Ciel Et Terre International, Sharp Corporation, SPG Solar, Inc., Kyocera Corporation, Trina Solar Limited, Novaton AG, SPI Energy Co., Ltd., Wuxi Suntech Power Co., Ltd., Yingli Solar, and Pristine Sun LLC, among others.
The report covers
Scope of the Global Floating Solar Panels Market
Product Type Segments