In 2014, the global market for floating solar panels valued at $3.89 million, is expected to witness a growth at a CAGR of 116.1%, during the forecast period. This significant growth is ascribed to the factors include no requirement of acquisition of large amount of land, increase in government inventiveness, strict environmental standards, and increase in efficiency of electricity generation. In addition, depletion of fossil fuels followed by the global warming have shifted the energy industry preference from conventional to renewable energy.
Globally, several countries have started various projects and schemes to encourage the generation and utilization of green energy. In addition, with the advantages of floating solar panel technology, countries such as Australia, Japan, India, the U.S., France, the U.K. and Brazil have started set up of floating solar power plants. Several of these countries offers tax benefits and direct capital subsidies to the manufacturers of solar panels.
On the basis of product type, the stationary type floating solar panels accounted for the larger revenue share in the floating solar panels market across the globe, in 2014. Based on the geography, the Asia-Pacific (APAC) market accounted the largest market share in the global market in 2014. The demand for floating solar panels in APAC is growing, owing to region’s increasing government initiatives to promote the usage of floating solar panels. Further, increasing energy demand and strict environmental regulations are also encouraging the demand for cost effective floating solar panels. The installation of normal solar systems requires huge amount of land to equip on the ground, and the acquisition cost of that land increases the cost of the installation. Therefore, floating solar panel technology and presence of abundant water bodies (such as industrial effluent ponds, waste water bodies, lakes and rivers) are generating abundant growth opportunities in the solar panel industry in APAC region, during the forecast period.
The floating solar power plants shows better efficiency than ground-mounted solar plants, in terms of power production. The ground-mounted solar panels show less efficiency, owing to ground heat. This variance is basically because of, solar panels have improved efficiency under low temperature values. Hence, the floating solar panels shows better efficiency, as water helps to lower the temperature of the photovoltaic panels. Thus, the increased efficiency by floating solar panels for power generation attracts a significant amount of investment from major manufacturers, which drives the demand for floating solar panels in the global market.
The huge untouched floating solar panels market throughout the globe and unavailability of large land masses in densely populated nations of Asia is projected to generate growth opportunities for floating solar panels market. At present, very less countries, such as the U.S., Japan, Australia, India, and Brazil have initiated various projects to install floating solar power generation plants. However, the cost required for the installation and maintenance is higher than ground based solar panels, followed by the lack of financing schemes by governments has created a challenge for the floating solar panel manufacturers.
The major market players in the global floating solar panels market are Trina Solar Limited, Infratech Industries Inc, Ciel & Terre International, Novaton AG, DNV GL AS, SPI Solar, Sharp Corporation, Yingli Green Energy Holding Company Limited, Pristine Sun, and KYOCERA Corporation.
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The information and data in the publication “Global Floating Solar Panels Market Size, Share, Development, Growth and Demand Forecast to 2020”, represents the research and analysis of data from various primary and secondary sources. An amalgamation of top-down and bottom-up approach has been used to calculate the market size. P&S Intelligence analysts and consultants interacted with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
FLOATING SOLAR PANELS MARKET SEGMENTATION
By Product Type