The increasing government initiatives, stringent environmental regulations, and advantage of no requirement for large land areas are supporting the adoption of floating solar panels. Owing to such factors, the global floating solar panels market is expected to generate revenue of $2,301.8 million by 2026.
The ongoing coronavirus pandemic has impacted several markets across the globe, including the floating solar panels market. Several governments across the globe have imposed countrywide lockdowns, in order to curtail the spread of the virus, which has led to the shutdown of panel and floating structure manufacturing facilities. Owing to this, several projects, which were to be commissioned in 2020, are likely to be delayed, in turn, impacting the industry.
Stationary Floating Solar Panels To Witness Higher Installations
On the basis of type, the floating solar panels market is classified into stationary and solar tracking panels. Of these, the stationary category held the larger share in 2019, and it is expected to retain its dominance in the coming years. Although stationary floating solar panels have a lower yield, they enjoy a higher preference owing to their significantly lower costs, as well as lesser chances of damage caused due to current waves. Owing to such factors, the demand for stationary floating solar structures is expected to grow, in turn, promoting the advance of the industry in the coming years.
Based on location, the market has been categorized into onshore and offshore. In 2019, the onshore category held the dominant share, and the trend is likely to continue during the forecast period. This is primarily ascribed to the fact that there are high chances of plant destruction in deep waters, such as oceans, due to stronger waves and higher tides, in comparison to lakes and ponds. In order to mitigate the risk of damage by waves, onshore floating solar plants are expected to witness a higher installation rate.
On the basis of technology, the market has been categorized into photovoltaic (PV) and concentrated solar power (CSP), of which the PV category held the larger share in 2019. The category is projected to retain its dominance throughout the forecast period, on account of the cost-effectiveness and easier maintenance of PV panels, which make them a suitable alternative to conventionally produced electricity.
Geographically, Asia-Pacific (APAC) is expected to witness the most floating solar panel installations in 2026. This is majorly ascribed to the untapped potential of the market in developing countries, such as India, China, Vietnam, and Indonesia, which would attract plant developers to make investments in the region in the coming years. In addition, the strong support from the governments in the region, in order to generate electricity from renewable sources, is expected to further propel the floating solar panels market in the coming years.
Client Wins Being Adopted as Key Strategy
Players in the floating solar panels market are putting an immense focus on winning client deals, in order to expand their business and gain a competitive edge, with large-scale projects. For instance, in February 2020, Sembcorp Solar Singapore Pte. Ltd. secured a contract for developing a floating solar power project with a capacity of 60 Megawatts (MW), on the Tengeh reservoir in Singapore. The project, being executed under the supervision of DNV GL AS Group Communications, as the technical advisor, is scheduled to be completed by 2022.
Browse report overview with detailed TOC on "Floating Solar Panels Market Research Report: By Type (Stationary, Solar Tracking), Location (Onshore, Offshore), Technology (Photovoltaic, Concentrated Solar Power)- Global Industry Analysis and Demand Forecast to 2026" at:https://www.psmarketresearch.com/market-analysis/floating-solar-panels-market
Similarly, in January 2020, Quadran Seychelles Ltd., a subsidiary of Quadran International, was awarded the contract for the development of a 5.8 MW floating solar power plant on a lagoon in Providence (Mahe) in the Seychelles.
Sungrow Power Supply Co. Ltd., Ciel Et Terre International, JinkoSolar Holding Co. Ltd., Kyocera Corporation, Quant Solar, Sharp Corporation, Swimsol GmbH, Tata Power Solar Systems Ltd., JA Solar Technology Co. Ltd., Topper Floating Solar PV Mounting Manufacturer Co. Ltd., Trina Solar Limited, and Ocean Sun AS are some of the key players operating in the floating solar panels market.