Floating Photovoltaic Solar Panels Market: Current Analysis and Forecast (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 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.