Global Floating Solar Panels Market to Grow at a CAGR of 65.1%: Research and Markets

Floating solar panels market is expected to witness robust growth with rising inclination towards clean energy of various economies across the globe

Research and Markets in its latest report forecasts the global floating solar panels market to reach US$ 842.0 Mn by 2023, expanding at a CAGR of 65.1% during the forecast period 2016 to 2023.

Floating solar panels market is expected to witness robust growth with rising inclination towards clean energy of various economies across the globe. Factors such as subsidies and tax benefits offered by the governments, directed with the aim of installation of the solar panels along with rent benefits offered to the owners of the reservoir are expected to provide an impetus to the growth of the solar photovoltaic (PV) panels market. Also, scarcity of land open and increasing use of water resources such as reservoirs, ponds, canals and rivers etc. for the installation of floating solar panels is expected to propel the growth of the overall market said the research firm in its report. Furthermore, the floating solar panel enables low management and maintenance costs. The buoyant photovoltaic (PV) panel carries with it several benefits such as it helps save water by water evaporation retention in places with dry climate. Further the floating solar photovoltaic panels offer enhanced efficiency. The cooling effect of the water helps to maintain the temperature of the silicon panels thus enhancing the efficiency levels. Research and Markets note that the floating solar photovoltaic (PV) panels can also be planted in the hydroelectric plants. However, high cost of installation and lack of resistance to corrosion in sea water restricts the use of floating solar panels which in turn is anticipated to hamper the demand for the floating solar panels during the forecast period (2016-2023).

By application, onshore floating accounted largest share of the market in terms of revenue and projected to maintain its dominance over the forecast period. Growing investment in floating solar panels coupled with favourable regulatory support is expected to augment the growth of solar panels in Japan, China and India. Further, countries such as South Korea, Thailand, Malaysia, Australia and Maldives are projected to increase their investment in development of floating solar panel plants during the forecast period. Yamakura Dam project in Japan is expected to drive the demand for floating solar panels in Japan. The region is also anticipated to be the fastest growing region during the forecast period.

According to Research and Markets major players in global floating solar panels market are mostly startup firms accounting for the major share of the global floating solar panels market.