Floating Photovoltaic Solar Panels Holds Huge Potential to Move Solar Panels from the Land to the Shores. Asia Pacific to Witness the Highest Growth
Floating Photovoltaic Solar Panels Market is expected to exceed the market valuation of more than US$ XX billion by 2027 expanding at a reasonable CAGR of around XX% during the forecast period (2021-2027). Various large-scale projects for floating solar photovoltaic (FPV) technology have been implemented around the world. Challenges to its deployment remain due to its lack of robust track record, uncertainty of costs, uncertainty of environmental impact, and technical complexity of designing and building in water. However, the technology is advancing at an exponential pace. At the end of 2018, 1.3-gigawatt peak (GWp) of floating photovoltaic cells (FPV) were installed globally. This number is likely to accelerate in the coming years as the technology matures and expands. FPVs have additional benefits like improved water quality, higher energy yield and reduced evaporation which make it an attractive option to combat the growing energy needs. Countries with high population density are planning to adopt large-scale floating solar deployment which will avoid using their scarce land resources and provide them with adequate solar power.
Capital costs of floating PVs are still comparatively higher as compared to the ground mounted PVs, due to the need additional cost of floats, moorings, and more resilient electrical components. However, the cost of floats and other additional equipment is expected to drop over time owing to technological developments. In 2018, the total capital expenditure of turnkey floating PV installations ranged between 0.8-1.2 per Wp, depending on the location of the project, variations in that depth, depth of the water body, and size of the system. As of 2018, China was the only country to build installations of tens of hundreds of megawatt-peaks in size. Japan still has relatively high system prices, while prices have dropped significantly in India and China. This is also true for ground-mounted and rooftop solar systems.
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The Covid-19 pandemic has impacted the growth of many industries which include manufacturing, education, agriculture, finance, healthcare, sports, education, food, and tourism. It also had a profound impact on the energy industry. According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped 9% (25 GW) in April 2020. Due to this the floating photovoltaic Solar Panels industry was also impacted as the developing projects were postponed and there wasn’t enough work force to complete the ongoing projects.
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.
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.
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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.
Additionally, the report provides detailed initiatives that are being taken in the field of Floating Photovoltaic Solar Panels, globally. The report provides a detailed analysis of regions including North America (the U.S, Canada, and Rest of North America), Europe (Germany, France, Spain, Italy, UK, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and the Rest of the World. Asia Pacific dominated the market in 2020, with XX% share.
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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 make Floating Photovoltaic Solar Panels as cost-effective and as widely available as possible.
Floating Photovoltaic Solar Panels Market Segmentation
Market Insight, by Type
- Solar Tracking
Market Insight, by Location
Market Insight, by Technology
- Photovoltaic (PV)
- Concentrated Solar Power (CSP)
Market Insight, by Region
- North America Floating Photovoltaic Solar Panels Market
- United States
- Rest of North America
- Europe Floating Photovoltaic Solar Panels Market
- United Kingdom
- Rest of Europe
- Asia-Pacific Floating Photovoltaic Solar Panels Market
- Rest of Asia-Pacific
- Rest of World Floating Photovoltaic Solar Panels Market
Top Company Profiles
- 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.
- Hanwha Group