Floating Solar Panels Market Report: 69% of Growth to Originate from APAC, Driven by Increasing Investments in Renewable Energy – Technavio – QNT Press Release

NEW YORK, July 29, 2022 /PRNewswire/ — The floating solar panels market size is expected to grow by USD 775.85 million from 2021 to 2026, progressing at a CAGR of 16.89% as per the latest market report by Technavio. The increasing investments in renewable energy is one of the key drivers supporting the floating solar panels market growth. Advancing from fossil fuels to renewable sources, such as wind and solar, is the key to achieving economic, social, and environmental development. This can be attributed to the low cost required to manufacture PV system components due to technological advances that result in the reduction of the overall capital expenditure per MW of power generation. Several countries have been adopting renewables as the primary energy source. For instance, Mindanao, the Philippinesis witnessing an uptrend in renewable energy projects. Jose Layug Jr.the chairman of the National Renewable Energy Board, the Philippinesannounced that the power mix of Mindanao is composed of 40% renewables, and the rest is non-renewables. This mix is ​​likely to increase further, where the share of renewables is expected to grow during the forecast period.

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Floating Solar Panels Market: Segmentation Analysis

The report extensively covers the floating solar panels market segmented by product (stationary floating solar panels and tracking floating solar panels) and geography (APAC, North America, EuropeMEA, and South America).

Product Landscape

  • Revenue Generating Segment – The floating solar panels market share growth in the stationary floating solar panels segment will be significant for revenue generation. The Stationary floating solar panels have a lower conversion efficiency than tracking floating solar panels due to their limited exposure to the sun. However, tracking solar panels have a higher cost associated with them than stationary floating solar panels. For a tracker to be economically viable, the additional cost of installing and maintaining the tracker over the lifetime of the system should be lower than the increased energy harvest from the solar PV system. In such projects, stationary solar panels are found to be more appropriate, especially in emerging and developing economies. Such factors will drive the segment growth during the forecast period.

Geography Landscape

  • Regional Highlights – 69% of the market’s growth will originate from APAC during the forecast period. Japan, Chinaand India are the key markets for floating solar panels market in APAC. Market growth in this region will be faster than the growth of the market in other regions. The increased growth of the solar power industry will facilitate the floating solar panels market growth in APAC over the forecast period.

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Floating Solar Panels Market: Vendor Analysis

The floating solar panels market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

  • Ciel and Terre International
  • JA Solar Technology Co. Ltd.
  • JinkoSolar Holding Co. Ltd.
  • Kyocera Corp.
  • Ocean Sun AS
  • Pristine Sun Corp.
  • Sinovoltaics Group Ltd.
  • Tata Sons Pvt. Ltd.
  • Trina Solar Co. Ltd.
  • Vikram Solar Ltd.
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Get ready to achieve excellent business outcomes from this exclusive Floating Solar Panels Market report by Technavio. The report will include highlights of the overall market which includes frequently asked questions such as –

  • What are historical revenue figures and estimated revenue figures as well as CAGR during the forecast timeframe?
  • What is the current trend taking place in the market space?
  • Which are business tactics that will influence competitive scenarios along with defining the growth potential of the market?
  • What are market drivers, restraints, and challenges impacting demand & growth of the market?
  • Which regions & segments will garner massive revenue and emerge as market leaders in upcoming years?

The competitive scenario provided in the Floating Solar Panels Market report analyzes, evaluates, and positions companies based on various performance indicators. Some of the factors considered for this analysis include the financial performance of companies over the past few years, growth strategies, product innovations, new product launches, investments, growth in market share , etc. Don’t wait, Make a strategic approach & boost your …

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