The floating solar panels market share will post an incremental growth of USD 775.85 million, progressing at a CAGR of 16.89% during the forecast period. The increasing investments in renewable energy will drive the sales of the higher volume of floating solar panels.
Technavio’s report on “Floating Solar Panels Market by Product and Geography - Forecast and Analysis 2022-2026“ provides a detailed floating solar panels market analysis of the prevalent market forces, trends, and drivers which are likely to impact the market in focus.
What are the leading segments in the Floating Solar Panels Market?
The floating solar panels market is segmented by product (stationary floating solar panels and tracking floating solar panels) and geography (APAC, North America, Europe, MEA, and South America).
Based on the product, the floating solar panels market share growth in the stationary floating solar panels segment will be significant during the forecast period. Due to the limited exposure to the sun, stationary floating solar panels have a lower conversion efficiency than tracking floating solar panels.
By Geography, 69% of the floating solar panels market growth will originate from APAC during the forecast period. Japan, China, and India are the key markets for the floating solar panels market in APAC. The increased growth of the solar power industry in APAC will drive the demand for the floating solar panels market. Market growth in this region will be faster than the growth of the market in other regions.
What are the Factors Impacting the Growth of the Floating Solar Panels Market?
Factors such as the increasing investments in renewable energy, Increasing benefits of floating solar panels, and Increasing governmental support will drive the demand for the floating solar panels market. In addition, the Increasing conversion efficiency of solar PVs will influence the growth of the market. However, factors such as the technical challenges and the intermittency in solar power generation will hamper the market value.
What are the Key Companies in the Floating Solar Panels Market?
Some of the major market participants in the floating solar panels market are 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., and Vikram Solar Ltd.
Download the PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the growth of the market.
Technavio’s Analysis of the Floating Solar Panels Market also includes:
