March 30, 2020
Floating Solar Panels

Floating Solar Panels Market 2023 | Asia Pacific was estimated to be the largest market

The Global Floating Solar Panels Market is expected to reach US$ 842.0 Mn by 2023, expanding at a CAGR of 65.1% during the forecast period 2016 to 2023.

The market for floating solar panels is expected to witness robust growth with an increasing inclination towards clean energy in various economies around the globe. Factors such as subsidies and tax benefits offered by governments aimed at installing solar panels along with the rental benefits offered to reservoir owners are expected to boost the growth of the solar photovoltaic (PV) panel market. Furthermore, the scarcity of land open and increasing use of water resources, such as reservoirs, ponds, canals and rivers, etc., for the installation of floating solar panels is expected to stimulate the growth of the overall market. In addition, floating solar panels enable low management and maintenance costs. The photovoltaic (PV) panel has several advantages, such as helping to save water by evaporating water in places with a dry climate. In addition, floating solar photovoltaic panels offer enhanced efficiency. The cooling effect of the water helps to maintain the temperature of the silicone panels and thus improves efficiency. In addition, floating solar photovoltaic (PV) panels can also be installed in hydroelectric plants. However, high installation costs and lack of resistance to corrosion in seawater restrict the use of floating solar panels which, in turn, are expected to hinder the demand for floating solar panels during the forecast period (2016-2023).

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Global floating solar panel market is segmented on the basis of product type, location and geography. By product type, in 2015 stationary floating solar panel segment was the most dominant segment accounting for the largest revenue share in the global floating solar panels market. By application, onshore floating accounted for the largest share of the market in terms of revenue and projected to maintain its dominance over the forecast period. On the basis of geography, Asia Pacific was estimated to be the largest market for floating solar panels in 2015. Growing investment in floating solar panels coupled with favorable regulatory support is expected to augment the growth of solar panels in Japan, China and India. Further, countries such as South Korea, Thailand, Malaysia, Australia and Maldives are projected to increase their investment in the development of floating solar panel plants during the forecast period. Yamakura Dam project in Japan is expected to drive the demand for floating solar panels in Japan. The region is also anticipated to be the fastest-growing region during the forecast period.

Major players in global floating solar panels market are mostly startup firms accounting for the major share of the global floating solar panels market.

Overall, global floating solar panels market is anticipated to register robust growth over the forecast period (2016-2023).

Key Trends:

  • Production capacity expansion
  • Investment in research and development

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