Floating Solar Panels Market Size, Share, Future Growth Analysis

The global floating solar panels market demand is expected to reach 4690.8 MW by 2027, according to a new report by Grand View Research, Inc., expanding at a CAGR of 28.9% from 2020 to 2027. The technical aspect of floating solar technology is projected to observe substantial growth over the estimated period owing to the growing demand for dependable renewable sources of energy for power generation. Besides, the skill to lessen land cost is likely to boost the demand over the forecast period.

Increasing emphasis by various governments towards the usage of renewable sources of energy for electricity generation, coupled with lesser environmental pollution by decreasing the dependence on fossil fuels, is likely to have an optimistic influence on the market growth over the forecast period.

Decreasing the cost of the panel is leading to the cost of generation per unit at lower rates, which is the main factor to endorse the usage of solar panel technology for electricity generation. Moreover, lack of accessibility of appropriate land areas for the installation of solar panels, coupled with its skill to lower the effect of evaporation rate, is the main factor propelling the market growth over the estimated period.

Tracking floating solar panels are projected to witness considerable growth over the next few years owing to the augmented efficiency of the panels with a tracking technique. Increasing investments in research and development by the panel manufacturers and installers to decrease the cost of the tracking technology are expected to strengthen market growth.

Japan held the largest share in the APAC market in 2019 owing to the lower accessibility of land and promising government initiatives to encourage the usage of renewable energy.

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Floating Solar Panels Market Report Highlights

• By product, stationary floating solar panels accounted for the largest revenue share in 2019
• Asia Pacific accounted for the largest revenue share in 2019 and is projected to grow at a significant rate throughout the forecast period. Japan is expected to account for the maximum share in the regional market in the forthcoming years
• North America is likely to expand at a moderate growth rate during the projected period.

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About Grand View Research        

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.

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