(MENAFN- America News Hour) Global floating solar panel market is anticipated to surpass USD 6 Million by 2027 and is expected to record a CAGR of around 44% during the forecast period i.e. 2019-2027.
A new report published, titled “Floating Solar Panel Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the floating solar panel market in terms of market segmentation by type, by capacity, by connectivity and by region.
Global floating solar panel market is anticipated to surpass USD 6 Million by 2027 and is expected to record a CAGR of around 44% during the forecast period i.e. 2019-2027. The market is segmented by type into stationary and solar tracking floating solar panels; by capacity into – up to 1 MW, 1 MW-5MW and above 5 MW. On the basis of connectivity, the market is segmented by on-grid and off-grid.
Regionally, the market in Asia Pacific region is anticipated to have the largest share in the global floating solar panel market mainly driven by China, Japan and India owing to the emergence of smart cities. The market in North America is expected to witness significant growth, out of which, the U.S. market is projected to have a market size of around USD 300 Million owing to favorable government initiatives to increase the dependency on clean energy sources. Europe is estimated to observe moderate growth and U.K. is expected to hold largest market in terms of volume owing to increased investments by the manufacturers and focus on reduction in the overall cost of the floating power panels.
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High Demand for Renewable Energy and Increasing Innovations
There is a high demand for renewable energy sources due to depletion of natural resources such as crude oil, natural gas combined with harmful effects of fossil resources on the environment. Solar energy is used as a renewable source of energy on a large scale owing to it abundant availability. Floating solar power panels have various advantages over their land-based equivalents. This factor is anticipated to boost the demand for floating solar panels, particularly in countries having large water bodies. Availability of trained professionals and government policies are boosting the confidence of the investors in the market. Additionally, countries that are facing power crisis are moving towards renewable sources to meet the shortage of power. Companies in the market are conducting continuous research and development to increase the overall efficiency of the solar panel systems. Recent innovations have taken place in the floating solar panels such as solar panel tracker which traces the movement of the sun and moves the panels in order to increase the time of exposure of panels to the sunlight. These factors are anticipated to boost the growth of the market in the near future.
However, high installation cost of the floating solar panels is expected to operate as a key restraint to the growth of floating solar panel market over the forecast period.
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Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
This report also provides the existing competitive scenario of some of the key players of the floating solar panel market which includes company profiling of Kyocera Corporation, Hanwha SolarOne, Sharp Corporation, Canadian Solar Inc., Sun Power Corporation, REC Solar Holdings AS, SolarWorld Americas Inc., Panasonic Electric Works Europe AG, and Ciel & Terre International and Solaris Energy Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the floating solar panel market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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