Global Floating Solar Panels Market Report 2026: Market Segments, Size, Trend and Market Projections for Upcoming Years

 Infinium Global Research’s recent report on the “Floating Solar Panels Market (Product (Stationary Floating Solar Panels, and Tracking Floating Solar Panels), Deployment (Onshore, and Offshore): Global Industry Analysis, Trends, Size, Share and Forecasts to 2026” provides a comprehensive outline of the factors responsible for the growth of the market. The global market for floating solar panels was sized USD 444 million in 2020 and is expected to reach over USD 3985.3 Million by 2026 growing with a CAGR of 44.1% over 2020-2026.

"We are Now Including the Impact Analysis of the COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2020-2026." 

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Floating solar panel technology is cost-effective substitute to land-based photovoltaic systems. It consists of panels that are installed on water bodies, for instance, irrigation ponds, reservoirs, lakes, canals, and oceans. The innovative technology utilizes water surface available on dams, reservoirs, and other water bodies for the generation of solar energy. These panels that are on water bodies, helps to retain the temperature of the silicon panels by keeping the efficiency. Increasing demand for clean fuel power generation energy sources, together with the inadequacy of land area, majorly drive the market growth. Regulatory boards across the globe are setting up numerous targets associated with clean energy, which will help to control the pollution level. Furthermore, cost-effective nature, growing networks of solar installers, and reductions in technology prices are expected to drive the market growth.

The ongoing COVID-19 pandemic has caused disruptions in floating solar panels market. The global floating solar panels market is set to see a noteworthy value decline in 2020 fundamentally due to limited sales. The major demand for floating solar panels was formerly noticed from giant manufacturing countries including the Germany, Italy, the United Kingdom, and China, which is badly affected by the spread of novel coronavirus, thereby halting the demand for floating solar panels.

Moreover, the potential impact of the lockdown is presently vague and the financial recovery of companies is totally based on their cash reserves. Floating solar panels companies can afford a full lockdown only for a few months, after which the players would have to change their investment plans. Floating solar panels manufacturers are focusing on protecting their workforce, operations, and supply chains to respond toward instantaneous crises and find different ways of working after COVID-19.

The Ability of Scaling Up Solar Generating Capacity to Drive the Stationary Floating Solar Panel segment in the Market

Based on product, global floating solar panels market is categorized into general stationary floating solar panels, and tracking floating solar panels. Among these, the stationary floating solar panelssegment accounts for the largest market share in 2019. Floating solar, also known as floating photovoltaic (FPV), is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels need to be fixed to a buoyant structure that keeps them above the surface. One of the major types of floating solar panel is Stationary Floating Solar Panels. The solar panels are placed in a stationary mode wherein the panel is faced with slope and azimuth in a predetermined direction.  This stationary mode has opened up new prospects for scaling up solar generating capacity, especially in countries with high population density and competing uses for available land.

In addition to this, technological breakthroughs along with low solar component costs will further lift the industry trends significantly. Strict government measures for reducing carbon emissions along with the promotion of renewable energy use is expected to push floating solar panel market size over the coming years.

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Floating Solar Panels Market to Witness Mergers and Acquisitions Over the Forecast Years

The floating solar panels industry has numerous manufacturing companies that manufacture products across various parts of the world. The largest companies that supply the floating solar panels include Sharp Corporation, Trina Solar Limited, Yingli Green Energy Holding Co Ltd, Kyocera Corporation, and JA Solar Technology Co., Ltd. These companiesare perceived as the dominant players in the floating solar panels and these players hold a major market share in the market. The market has witnessed several new projects been initiated in several countries across the world. Moreover, the leading market players have launched new products. For instance, in September 2020, Sharp launched a new 440W monocrystalline silicon photovoltaic (PV) panel, which is an addition to its half-cut cell portfolio. The NU-JD440 has a module efficiency of 19.9% and uses 144 M6 wafer size half cells.

Furthermore, the market players are engaging into strategic mergers and acquisitions. For instance, in September 2020 Trina Solar Co., Ltd. acquired Nclave Renewable S.L. to make Nclave a wholly-owned subsidiary of Trina Solar. The acquisition of Nclave will enhance the company’s comprehensive market competitiveness. Infinium Global Research’s recent report on the global floating solar panels market is an encompassment of such recent developments in the global marketplace. The report delivers insights into the leading players that have contributed greatly to the growth of the market and also estimates the impact of product innovations, similar to that of the aforementioned product on the global market.

Asia Pacific Region to Generate Highest Revenue in the Global Floating Solar Panels Market

Among the geographies, the floating solar panels market is segmented into North America, Europe, Asia Pacific, and RoW. The Asia Pacific region dominates the global floating solar panels market owing to its high market potential. For example, in Japan, the level of penetration of the floating solar panels is high because of its less availability of land, coupled with a limited amount of fossil fuels. Consequently, the government has authorized numerous plans for floating panels to meet the increasing electricity consumption with lesser damage to the environment. Furthermore, the North America region is expected to witness high growth in the global social commerce market during the forecast period. The industry is projected to offer enormous opportunities for market growth on account of the presence of various key players across the region.

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