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

Report Description

Floating Photovoltaic Solar Panels Market was valued at US$ 700 million in 2020 and is expected to grow at a CAGR of 18% over 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.

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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.

Floating Photovoltaic Solar Panels Installed Globally and Their Annual Additions (MWp), 2019

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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• 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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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Floating Photovoltaic Solar Panels market were the three major steps undertaken to create and analyze the adoption of Floating Photovoltaic Solar Panels in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Floating Photovoltaic Solar Panels market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Floating Photovoltaic Solar Panels through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Floating Photovoltaic Solar Panels market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as type, location, and technology. Further country-level analyses were conducted to evaluate the overall adoption of Floating Photovoltaic Solar Panels in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Floating Photovoltaic Solar Panels. Further, we conducted factor analysis using dependent and independent variables such as increasing population density and dropping rates of solar panels using Floating Photovoltaic Solar Panels. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the Floating Photovoltaic Solar Panels sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Floating Photovoltaic Solar Panels market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of Floating Photovoltaic Solar Panels across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Floating Photovoltaic Solar Panels market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Floating Photovoltaic Solar Panels market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type and their type of the Floating Photovoltaic Solar Panels market.

The main objective of the Floating Photovoltaic Solar Panels Market Study

The current & future market trends of Floating Photovoltaic Solar Panels were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Floating Photovoltaic Solar Panels in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type and their subtypes
• Define and analysis of the regulatory framework for the Floating Photovoltaic Solar Panels industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Floating Photovoltaic Solar Panels market for the major region
• Major regions studied in the report include North America (the U.S, Canada, and Rest of North America), Europe (Germany, United Kingdom, France, Spain, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Others), and the Rest of the World
• Company profiles of the Floating Photovoltaic Solar Panels market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry