This report titled “Floating Solar Panels Market - Growth, Future Prospects, and Competitive Analysis, 2020 – 2028” offers strategic insights into the trends in floating solar panels market along with the market size and forecast for the duration 2018 to 2028. The said research study incorporates in-depth analysis of multiple market segments based on product type, location and geographical distribution.

The global floating solar panels market is becoming increasingly competitive with growing number of startups entering into the market. In addition, several players are also focused on developing their niche in the market. Rapid growth of this market has also resulted in creating further skilled job opportunities in major hubs spread across North America, Europe, Latin America, MEA and Asia Pacific.

Based on product type, the global floating solar panels market is categorized into stationary floating solar panels and solar-tracking floating panels. In addition, floating solar panels manufacturing companies, distributors and academic organizations form the major client types for floating solar panels market. Market size (US$ Mn) and forecast for all the considered segmentation is presented in this report for the period 2018-2028 along with their respective CAGRs (%) for the forecast period 2020-2028.

In terms of geographical distribution, the global floating solar panels is studies for five major regions namely, North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. Market size and forecast for each regional and country-level market are included in the report for the considered periods. 

Along with the quantitative information sets, this report also provides qualitative information such as market dynamics and executive summary for the global floating solar panels market. Tools such as competition assessment and attractive investment proposition are also included in the report to provide the readers with competitive mapping assistance. This study concludes with company profiles section. This section includes major information about the key companies engaged in development, and provision floating solar panels.

Solar photovoltaic (PV) panels are used as an eco-friendly and renewable source energy based power generation technology worldwide. Solar panels are installed on roof tops and free land, but due to high occupancy of space and unavailability of large free space lands was a major issue. However, these issues were resolved by introduction of floating solar panel technology.

On the basis of product type, floating solar panels market is segmented into stationary floating solar panels and solar-tracking floating panels. Between the two, stationary floating solar panels accounted for larger revenue share and is expected to retain its position in global floating solar panels market during the forecast period. Stationary floating solar panels have quite a lot of benefits over the solar tracking floating panels for instance, increased evaporation control and efficiency owing to cooling effect of water.

By location, in 2019, onshore floating accounted for largest market share of the global floating solar panels market in terms of revenue and projected to maintain its dominance over the forecast period. It is also projected to be the fastest growing segment. The segment is expected to witness high growth due to increased efficiency of solar PV coupled with associated advantage of floating solar PV to prevent evaporation loss of water. Furthermore, increasing investments by private and utilities investors towards the deployment of large scale photovoltaic projects across various ponds, dams and riverbeds will further complement the industry outlook.

For the purpose of this study, the floating solar panels market is categorized into regional markets viz., North America, Europe, Asia Pacific and Latin America, and Middle East and Africa. In 2019, Asia Pacific was observed to be the largest market for floating solar panels. Asia Pacific is also anticipated to witness high growth in demand for floating solar panels. Growing investment in floating solar panels coupled with favorable regulatory support is expected to augment the growth of solar panels in Japan, China and India. Further, countries such as South Korea, Thailand, Malaysia, Australia and Maldives are projected to increase their investment in development of floating solar panel plants during the forecast period. Yamakura Dam project in Japan is expected to drive the demand for floating solar panels over the forecast period. In Europe, U.K. was estimated to be the largest country level market in 2019 and is also anticipated to witness high growth during the forecast period. Upcoming projects such as construction of Europe’s largest floating solar power farm with 23,000 solar panels on the Queen Elizabeth II reservoir at Walton-on-Thames is anticipated to drive the demand for floating solar panels in the region during the forecast period. North America, Latin America and Middle East & Africa are also projected to witness strong growth during the forecast period.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Floating Solar Panels market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Floating Solar Panels market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Floating Solar Panels market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Floating Solar Panels market?
• Which is the largest regional market for Floating Solar Panels market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Floating Solar Panels market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Floating Solar Panels market worldwide?