Floating Solar Panels
Market Analysis
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. Floating solar panels/ floating photovoltaic
(FPV) refers to a solar energy generation system floating on the top of water
bodies such as oceans, lakes, or ponds. These systems are more commonly
installed on a lake, basin, or man-made water bodies as reservoirs, as these
waters are generally calmer than the oceans. Floating solar is a relatively new
technology that since its patented inception in 2008 has predominately been
installed across the globe, especially in countries such as Japan, China, and
the UK.
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.
Nevertheless, increasing
government initiatives promoting the uptake of renewable energy would support
the growth of the market. Besides, rising installations of these panels in
hydroelectric plants are likely to drive the growth of the market in the
upcoming years.
Major Players:
Players leading the Floating
Solar Panels Market Analysis include Wuxi Suntech Power Co., Ltd.,
GEITS, 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, among others.
Global Floating Solar Panels
Market - Segmentation
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 - Geographical Analysis
The Asia Pacific region
dominates the floating solar panels market, heading with the ample availability
of water bodies, including large oceans and rivers. Skyrocketing demand for the
energy, rapid depletion of non-renewable energy sources such as fossil fuels
and scarcity of land are driving the demand for floating solar panels in the
region.
Furthermore, government
initiatives to promote utilization of renewable energy, rapid growth in the
utility sector, and the presence of flourishing solar panel manufacturing units
are some of the other factors impacting the growth of the regional market.
The floating solar
panels market in North America is another lucrative market globally. Large
advances in technology related to harvesting energy from renewable resources to
meet the increasing energy demand are fueling the growth of the floating solar
panels market in the region.
The Europe floating
solar panels market is predominantly driven by the government emphasis on
renewable energy sources for energy generation and rising environmental
awareness.
Competitive Landscape
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.
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