As per Market Research Future (MRFR)’s report, the global floating solar panels market is set to foresee significant growth in the upcoming years. Floating solar panels is a sophisticated technology developed for overcoming issues associated with conventional panels, such as high maintenance cost, land scarcity, etc. These panels are poised to gain traction over the next couple of years owing to its mobility and flexibility according to the sun’s position.

MRFR’s report offers an unbiased commentary on the global floating solar panels market highlighting the current market status, ongoing industry trends, and key developments. It also analyzes the micro and macroeconomic factors that are poised to influence the market prospects. The scope of the report covers different products such as stationary floating solar panels and tracking floating solar panels. It also studies the market on the basis of location, which includes offshore and onshore. The regional analysis of the market covers Europe, Asia Pacific, North America, and the Rest of the World.

The demand for floating solar panel is excessively increasing in the countries that are prone to droughts and countries with massive water bodies. Furthermore, the initiatives undertaken by the governments across the world for promoting the shift towards renewable energy have a favorable impact on the expansion of the floating solar panels market. These panels can also be installed in hydroelectric plants which is likely to drive the growth of the market in the forthcoming years. However, high installation cost remains an impediment to the market proliferation.

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Market Segmentation:

The global floating solar panels market has been segmented on the basis of product and location. Based on product, the floating solar panels market has been segmented into stationary floating solar panels and tracking floating solar panels. The stationary solar panels segment is expanding significantly in the global floating solar panels market owing to the high adoption of these panels as a result of their cost-effectiveness as compared to other types of floating solar panels. Based on location, the floating solar panels market has been segmented into onshore and offshore.

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Regional Analysis:

Geographically, the global floating solar panels market has been segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. Limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources such as fossil fuels are inducing high demand for floating solar panels in the Asia Pacific region, leading to the significant growth of the floating solar panels market in this region. High penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the increasing energy demand is fueling the growth of the floating solar panels market in the North America region. Government emphasis on shifting towards renewable energy sources for energy generation and rising environmental awareness are propelling the growth of the floating solar panels market in the Europe region

Key players:

The leading players operating in the global floating solar panels market are GEITS, Yingli Solar, SPG Solar, Suntech Power Holdings Co. Ltd., Ciel & Terre, Wuxi Suntech Power Co. Ltd., Kyocera Corporation, Trina Solar Limited, Japan Mega Solar Power Co., Solaris Synergy, and Sharp Corporation.

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