Reports
Global Floating Solar Panels Market: By Product Type: Tracking Floating Solar Panels, Stationary Floating Solar Panels; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics: Swot Analysis, Porter’s Five Forces Analysis, EMR’s Key Indicators for Demand; Competitive Landscape; Industry Events and Developments
Global Floating Solar Panels Market Outlook
The global floating solar panels market stood at a volume of around 0.80 GW in 2020. The market is further expected to grow at a CAGR of 29% in the forecast period of 2023-2028 to attain a volume of nearly 3.7 GW by 2026.
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Growing Popularity of Tracking Solar Panels to Bolster the Growth of the Floating Solar Panels Industry
Based on product type, the tracking solar panel segment is likely to witness a healthy growth in the forecast period, owing to the ability of the product to generate more electricity by optimising the land usage. The single axis and dual axis trackers in a tracing solar panel allow the user to find the perfect fit for a unique job site. Tracking solar panel is an ideal product when considering aspects like installations size, local weather, degree of latitude, and electrical requirements.
Meanwhile, the stationary solar panel segment accounts for a significant share in the market, owing to the lower installation cost and high strength elastic for the construction of panels. In addition to this, the stationary solar panels are durable and reliable, which is likely to bolster the growth of the segment.
The Asia Pacific Accounts for a Significant Share in the Floating Solar Panels Industry
The floating solar panels industry in the Asia Pacific is driven by the rapid expansion of industries such as automotive, food processing, oil and gas, and power generation, among others, which require high amounts of energy in order to sustain the day-to-day operations. In countries like China and Japan, a vast majority of floating solar panels have been installed in remote areas by giant solar farms owing to the favourable policies implemented by the governments and their ambitious plans pertaining to renewable energy installations. This is likely to be a major factor driving the industry growth in the region.
Floating Solar Panels: Market Segmentation
Floating solar panels, also known as floating photovoltaic (FPV), are defined as a solar power production installation mounted on a structure that floats on the surface of water. The panel is most likely to be located in a lake or basin, which might be artificial.
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Based on product type, the market is segmented into:
- Tracking Floating Solar Panels
- Stationary Floating Solar Panels
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Demand for Clean Energy Sources to Boost the Growth of the Floating Solar Panels Industry
The global floating solar panels industry is driven by the growing demand for renewable sources to meet the rising global demand for energy. The favourable government initiatives to support the adoption of solar panels are significantly contributing to the market growth. In addition, the insufficiency of the land area is expected to drive the demand for floating solar panels to take advantage of water bodies like irrigation ponds, reservoirs, lakes, canals, and others to meet the energy needs for various applications. For instance, in the quarry and mining industry, the plants are located in remote areas, where energy and water supply are costly and challenging. Thus, floating solar panels offer an economical solution to meet energy needs for such industries. The product can also reduce the evaporation rate, which is favourable for the mining industry and others.
Key Industry Players in the Global Floating Solar Panels Market
The report gives a detailed analysis of the following key players in the global floating solar panels market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Floating Solar UK
- Akuo Industries
- Yellow Tropus Pvt. Ltd
- JA Solar Technology Co., Ltd.
- Hanwha Group
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report | Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Product Type, Region |
| Breakup by Product Type | Tracking Floating Solar Panels, Stationary Floating Solar Panels |
| Breakup by Region | North America, Europe, Asia Pacific, Latin America, Middle East and Africa |
| Market Dynamics | SWOT, Porter's Five Forces, Key Indicators for Price and Demand |
| Competitive Landscape | Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications |
| Companies Covered | Floating Solar UK, Akuo Industries, Yellow Tropus Pvt.Ltd, JA Solar Technology Co., Ltd., Hanwha Group, Others |
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Floating Solar Panels Market Analysis
8.1 Key Industry Highlights
8.2 Global Floating Solar Panels Historical Market (2018-2022)
8.3 Global Floating Solar Panels Market Forecast (2023-2028)
8.4 Global Floating Solar Panels Market by Product Type
8.4.1 Tracking Floating Solar Panels
8.4.1.1 Market Share
8.4.1.2 Historical Trend (2018-2022)
8.4.1.3 Forecast Trend (2023-2028)
8.4.2 Stationary Floating Solar Panels
8.4.2.1 Market Share
8.4.2.2 Historical Trend (2018-2022)
8.4.2.3 Forecast Trend (2023-2028)
8.5 Global Floating Solar Panels Market by Region
8.5.1 North America
8.5.1.1 Market Share
8.5.1.2 Historical Trend (2018-2022)
8.5.1.3 Forecast Trend (2023-2028)
8.5.2 Europe
8.5.2.1 Market Share
8.5.2.2 Historical Trend (2018-2022)
8.5.2.3 Forecast Trend (2023-2028)
8.5.3 Asia Pacific
8.5.3.1 Market Share
8.5.3.2 Historical Trend (2018-2022)
8.5.3.3 Forecast Trend (2023-2028)
8.5.4 Latin America
8.5.4.1 Market Share
8.5.4.2 Historical Trend (2018-2022)
8.5.4.3 Forecast Trend (2023-2028)
8.5.5 Middle East and Africa
8.5.5.1 Market Share
8.5.5.2 Historical Trend (2018-2022)
8.5.5.3 Forecast Trend (2023-2028)
9 North America Floating Solar Panels Market Analysis
9.1 United States of America
9.1.1 Market Share
9.1.2 Historical Trend (2018-2022)
9.1.3 Forecast Trend (2023-2028)
9.2 Canada
9.2.1 Market Share
9.2.2 Historical Trend (2018-2022)
9.2.3 Forecast Trend (2023-2028)
10 Europe Floating Solar Panels Market Analysis
10.1 United Kingdom
10.1.1 Market Share
10.1.2 Historical Trend (2018-2022)
10.1.3 Forecast Trend (2023-2028)
10.2 Germany
10.2.1 Market Share
10.2.2 Historical Trend (2018-2022)
10.2.3 Forecast Trend (2023-2028)
10.3 France
10.3.1 Market Share
10.3.2 Historical Trend (2018-2022)
10.3.3 Forecast Trend (2023-2028)
10.4 Italy
10.4.1 Market Share
10.4.2 Historical Trend (2018-2022)
10.4.3 Forecast Trend (2023-2028)
10.5 Others
11 Asia Pacific Floating Solar Panels Market Analysis
11.1 China
11.1.1 Market Share
11.1.2 Historical Trend (2018-2022)
11.1.3 Forecast Trend (2023-2028)
11.2 Japan
11.2.1 Market Share
11.2.2 Historical Trend (2018-2022)
11.2.3 Forecast Trend (2023-2028)
11.3 India
11.3.1 Market Share
11.3.2 Historical Trend (2018-2022)
11.3.3 Forecast Trend (2023-2028)
11.4 ASEAN
11.4.1 Market Share
11.4.2 Historical Trend (2018-2022)
11.4.3 Forecast Trend (2023-2028)
11.5 Australia
11.5.1 Market Share
11.5.2 Historical Trend (2018-2022)
11.5.3 Forecast Trend (2023-2028)
11.6 Others
12 Latin America Floating Solar Panels Market Analysis
12.1 Brazil
12.1.1 Market Share
12.1.2 Historical Trend (2018-2022)
12.1.3 Forecast Trend (2023-2028)
12.2 Argentina
12.2.1 Market Share
12.2.2 Historical Trend (2018-2022)
12.2.3 Forecast Trend (2023-2028)
12.3 Mexico
12.3.1 Market Share
12.3.2 Historical Trend (2018-2022)
12.3.3 Forecast Trend (2023-2028)
12.4 Others
13 Middle East and Africa Floating Solar Panels Market Analysis
13.1 Saudi Arabia
13.1.1 Market Share
13.1.2 Historical Trend (2018-2022)
13.1.3 Forecast Trend (2023-2028)
13.2 United Arab Emirates
13.2.1 Market Share
13.2.2 Historical Trend (2018-2022)
13.2.3 Forecast Trend (2023-2028)
13.3 Nigeria
13.3.1 Market Share
13.3.2 Historical Trend (2018-2022)
13.3.3 Forecast Trend (2023-2028)
13.4 South Africa
13.4.1 Market Share
13.4.2 Historical Trend (2018-2022)
13.4.3 Forecast Trend (2023-2028)
13.5 Others
14 Market Dynamics
14.1 SWOT Analysis
14.1.1 Strengths
14.1.2 Weaknesses
14.1.3 Opportunities
14.1.4 Threats
14.2 Porter’s Five Forces Analysis
14.2.1 Supplier’s Power
14.2.2 Buyer’s Power
14.2.3 Threat of New Entrants
14.2.4 Degree of Rivalry
14.2.5 Threat of Substitutes
14.3 Key Indicators for Demand
14.4 Key Indicators for Price
15 Value Chain Analysis
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Floating Solar UK
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 Akuo Industries
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Yellow Tropus Pvt.Ltd
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 JA Solar Technology Co., Ltd.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Hanwha Group
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Floating Solar Panels Market: Key Industry Highlights, 2018 and 2028
2. Global Floating Solar Panels Historical Market: Breakup by Product Type (GW), 2018-2022
3. Global Floating Solar Panels Market Forecast: Breakup by Product Type (GW), 2023-2028
4. Global Floating Solar Panels Historical Market: Breakup by Region (GW), 2018-2022
5. Global Floating Solar Panels Market Forecast: Breakup by Region (GW), 2023-2028
6. North America Floating Solar Panels Historical Market: Breakup by Country (GW), 2018-2022
7. North America Floating Solar Panels Market Forecast: Breakup by Country (GW), 2023-2028
8. Europe Floating Solar Panels Historical Market: Breakup by Country (GW), 2018-2022
9. Europe Floating Solar Panels Market Forecast: Breakup by Country (GW), 2023-2028
10. Asia Pacific Floating Solar Panels Historical Market: Breakup by Country (GW), 2018-2022
11. Asia Pacific Floating Solar Panels Market Forecast: Breakup by Country (GW), 2023-2028
12. Latin America Floating Solar Panels Historical Market: Breakup by Country (GW), 2018-2022
13. Latin America Floating Solar Panels Market Forecast: Breakup by Country (GW), 2023-2028
14. Middle East and Africa Floating Solar Panels Historical Market: Breakup by Country (GW), 2018-2022
15. Middle East and Africa Floating Solar Panels Market Forecast: Breakup by Country (GW), 2023-2028
16. Global Floating Solar Panels Market Structure
Key Questions Answered in the Report
In 2020, the global floating solar panels market attained a volume of nearly 0.80 GW.
The market is estimated to grow at a CAGR of 29% between 2023 and 2028.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the ability of the product to meet the energy demand from the industries, and low cost of installation, growing demand for renewable sources, insufficiency of the land area, changing preferences for power generation from renewable sources of energy, rising demand across the public and private sectors for green electricity and solar investment tax credit, growing investments in the manufacturing and installation of solar panels, and growing penetration of tracking solar technology.
The increasing shift towards the green energy resources in order to prevent the depletion of non-renewable resources and favourable government initiatives to support the adoption of solar panels are the key trends guiding the growth of the industry.
Tracking floating solar panels and stationary floating solar panels are the major types of products.
The major players in the industry are Floating Solar UK, Akuo Industries, Yellow Tropus Pvt. Ltd, JA Solar Technology Co., Ltd., and Hanwha Group, among others.
Analyst Review
The global floating solar panels market attained a volume of 0.80 GW in 2020, driven by the growing demand for renewable sources. Aided by the increasing shift towards the green energy resources in order to prevent the depletion of non-renewable resources and favourable government initiatives, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 29%.
EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on product type, the market is divided into tracking floating solar panels and stationary floating solar panels. The major regional markets for floating solar panels are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include Floating Solar UK, Akuo Industries, Yellow Tropus Pvt. Ltd, JA Solar Technology Co., Ltd., and Hanwha Group, among others.
EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.
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