Floating Photovoltaic Solar Panels Market: Current Analysis and Forecast 2021-2027

Floating Photovoltaic Solar Panels Market is expected to exceed the market valuation of more than US$ XX billion in 2027 and is expected to grow at a significant CAGR of XX% during the forecast period (2021-2027). Floating Photovoltaic (FPV) systems are also known as floatovoltaics which is an emerging technology where photovoltaic (PV) systems are positioned directly in water. This water-based configuration is beneficial in a variety of aspects: provides reduced evaporation and algae growth, also lowers operating temperature of the PV and reduces potential costs of solar energy generation. FPV systems are gaining popularity around the world, especially in the United Kingdom and the Seychelles. NREL conducted a study in 2019 to study the technical potential of FPV in the United States and found that there are 24,419 human made water bodies in the United States which can be used for FPV development. The search exclusively searched only human made bodies because these are more likely to be managed and have roads and infrastructure in place. Analysis like these is important because it can help grow the floating photovoltaic solar panels industry. Additionally, the World Bank report "where water meets sun" stated that the installed capacity of FPVs has increased 100-fold from 2014 to 2018 to 1.1 GW.
Key reasons driving the market growth are its higher efficiency compared to on-land solar panels and reduction in land use. According to the manager of corporate communications at Q-Cells. Floating solar panels can generate up to 10% more power as compared to land-based arrays. This is because the cooling effect of water acts as a sink, ensuring peak power output to be achieved more easily. Furthermore, installations in water are increasingly encourage not only by densely populated countries but also in developing and developed countries where the land used by solar fields can be used for other purposes. Additionally, the unused space in water bodies such as dams can easily be used for installation of floating PVs. All this is expected to aid in the growth of the floating photovoltaic solar panels market. A few drawbacks of FVPs include its higher costs of installations but they are expected to decrease with time and its harder installation and maintenance as they are in water.
Sulzer Ltd., KYOCERA Corporation, Trina Solar, Yellow Tropus Pvt. Ltd., Wuxi Suntech Power Co., Ltd., Yingli Solar, Ciel & Terre International, LONGi Solar, JA SOLAR Technology Co. Ltd., and Hanwha Group are some of the prominent players operating in the Floating Photovoltaic Solar Panels market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
"Amongst Type, Stationary segment holds the major share"
Based on type, the floating photovoltaic solar panels market is segmented into solar tracking and stationery. Amongst type, the stationery segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027. Solar tracking solar panels can follow the sun and thus produce more solar energy. However, they are much more expensive than the stationary solar panels which decreases their overall worth. A fixed ground mounted system costs US$ 14,625 whereas a solar tracking one costs US$ 22,125.
"Amongst Location, Inland Segment holds the major share"
Based on location, the floating photovoltaic solar panels market is segmented into offshore and inland. Amongst location, inland segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analyzed period. Netherlands has become the hotbed of inland floating solar panels with 52,000 hectares of shallow water. GroenLeven, which owns the largest floating PV farm "Zonnepark Bomhofsplas" in Europe (powering 7,000 homes) promises a stable income for those who are willing to rent locations capable of hosting floating panels. The costs of floating solar panels are like the ground-mounted systems.
"Amongst Technology, Photovoltaic Segment holds the major share"
Based on technology, the floating photovoltaic solar panels market is segmented into Concentrated Solar Power (CSP) and Photovoltaic (PV). The photovoltaic segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F. PV produces energy through the photovoltaic effect, i.e., by absorbing light which leads to the breaking of electrons to generate an electric current. On the other hand, Concentrated Solar Power (CSP) uses the sun's radiation to heat a liquid substance that is then used to drive the heat engine and an electric generator.
"Asia Pacific represents one of the largest markets of Floating Photovoltaic Solar Panels market"
For a better understanding of the market dynamics of the Floating Photovoltaic Solar Panels market, a detailed analysis was conducted for different regions across the globe including North America (the U.S, Canada, and the Rest of North America), Europe (Germany, France, Italy, United Kingdom, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC) and Rest of the World. Asia Pacific dominated the market and grabbed around XX% market share owing to the increasing awareness about renewable energy in the region.
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- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Floating Photovoltaic (FPV) systems are also known as floatovoltaics which is an emerging technology where photovoltaic (PV) systems are positioned directly in water. This water-based configuration is beneficial in a variety of aspects: provides reduced evaporation and algae growth, also lowers operating temperature of the PV, and reduces potential costs of solar energy generation. FPV systems are gaining popularity around the world, especially in the United Kingdom and the Seychelles.
NREL conducted a study in 2019 to study the technical potential of FPV in the United States and found that there are 24,419 human made water bodies in the United States which can be used for FPV development. The search exclusively searched only human made water bodies because these are more likely to be managed and have roads and infrastructure in place. Analysis like these is important because it can help grow the floating photovoltaic solar panels industry. Additionally, the World Bank report "where water meets sun" stated that the installed capacity of FPVs has increased 100-fold from 2014 to 2018 to 1.1 GW.
Based on type, the floating photovoltaic solar panels market is segmented into solar tracking and stationery. Amongst type, the stationery segment of the market was valued at US$ XX million in 2020 and is likely to reach US$ XX million by 2027 growing at a CAGR of XX% from 2021-2027.
Based on location, the floating photovoltaic solar panels market is segmented into offshore and inland. Amongst location, inland segment accounted for a market valuation of US$ XX million in 2020 and is expected to reach US$ XX million by the year 2027, at a CAGR of XX% over the analysed period.
Based on technology, the floating photovoltaic solar panels market is segmented into Concentrated Solar Power (CSP) and Photovoltaic (PV). The photovoltaic segment generated revenue of US$ XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of US$ XX million by 2027F.
For a better understanding of the market adoption of Floating Photovoltaic Solar Panels Industry, the market is analysed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. Asia-Pacific will dominate the Floating Photovoltaic Solar Panels market on account of growing population density and decreases land space.
Some of the major players operating in the market include Sulzer Ltd., KYOCERA Corporation, Trina Solar, Yellow Tropus Pvt. Ltd., Wuxi Suntech Power Co., Ltd., Yingli Solar, Ciel & Terre International, LONGi Solar, JA SOLAR Technology Co. Ltd., and Hanwha Group. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Floating Photovoltaic Solar Panels Market was valued at US$ XX billion in 2020 and is projected to expand significantly with a CAGR of XX% from 2021-2027F to US$ XX billion in 2027. The Floating Photovoltaic Solar Panels Market is expected to witness a boost on account of its high adoption in the Asia Pacific region.