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The floating solar panels market share is expected to increase by USD 775.85 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 16.89%.
This floating solar panels market research report provides valuable insights into the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers the floating solar panels market segmentation by product (stationary floating solar panels and tracking floating solar panels) and geography (APAC, North America, Europe, MEA, and South America). The floating solar panels market report also offers information on several market vendors, including Ciel and Terre International, JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Kyocera Corp., Ocean Sun AS, Pristine Sun Corp., Sinovoltaics Group Ltd., Tata Sons Pvt. Ltd., Trina Solar Co. Ltd., and Vikram Solar Ltd. among others.
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"Frequent power outages, ongoing rapid developments in the industrial sector, and rapid urbanization due to the heavy inflow of foreign direct investment (FDI) will facilitate the floating power plant market growth in APAC over the forecast period."
The increasing investments in renewable energy is notably driving the floating solar panels market growth, although factors such as technical challenges may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the floating solar panels industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Floating Solar Panels Market Driver
The increasing investments in renewable energy is one of the key drivers supporting the floating solar panels market growth. Advancing from fossil fuels to renewable sources, such as wind and solar, is the key to achieving economic, social, and environmental development. This can be attributed to the low cost required to manufacture PV system components due to technological advances that result in the reduction of the overall capital expenditure per MW of power generation. Several countries have been adopting renewables as the primary energy source. For instance, Mindanao, the Philippines, is witnessing an uptrend in renewable energy projects. Jose Layug Jr., the chairman of the National Renewable Energy Board, the Philippines, announced that the power mix of Mindanao is composed of 40% renewables, and the rest is non-renewables. This mix is likely to increase further, where the share of renewables is expected to grow during the forecast period.
Key Floating Solar Panels Market Trend
The increasing conversion efficiency of solar PVs is one of the key floating solar panels market trends that is contributing to the market growth. At present, solar panels have a very low conversion efficiency rate when compared with other renewable energy technologies which have more than 30% generation efficiencies. Companies such as SunPower are focusing on enhancing the efficiency of solar panels. The company claims that its E-series panels have a maximum conversion rate of around 22.2%. As the floating solar panel does not heat much due to the presence of the surrounding water, the overall conversion rate of the system is high. Moreover, as the technology is improving, the installation cost for the entire PV system is likely to reduce. Thus, higher conversion efficiency coupled with decreasing prices of PV systems will affect the floating solar panels market positively during the forecast period.
Key Floating Solar Panels Market Challenge
Technical challenges is one of the factors hindering the floating solar panels market growth. Some technical challenges affect factors, such as the cost component, while some, such as corrosion, affect the strength of the component in use. Due to the low efficiency of the solar PV system, the cost associated with the required number of solar panels and other associated components is high. Though the technology is constantly evolving, the conversion rate of solar PVs is no match for the amount of energy generated by burning fossil fuels. These technical challenges will limit the floating solar panels market growth during the forecast period.
This floating solar panels market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the floating solar panels market as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the floating solar panels market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the floating solar panels market encompasses successful business strategies deployed by the key vendors. The floating solar panels market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The floating solar panels market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the floating solar panels market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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69% of the market's growth will originate from APAC during the forecast period. Japan, China, and India are the key markets for floating solar panels market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The increased growth of the solar power plants industry will facilitate the floating solar panels market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
n 2020, the COVID-19 outbreak in the Asia-Pacific (APAC) disrupted various verticals of industries, including the renewable energy industry. However, the resumption of operations in manufacturing hubs after the lifting of nationwide lockdowns and the shifting preference toward sustainable power sources may proliferate the growth of floating solar systems and drive the growth of the regional floating solar panels market during the forecast period.
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The floating solar panels market share growth by the stationary floating solar panels segment will be significant during the forecast period. Stationary floating solar panels have a lower conversion efficiency than tracking floating solar panels due to their limited exposure to the sun. However, tracking solar panels have a higher cost associated with them than stationary floating solar panels. For a tracker to be economically viable, the additional cost of installing and maintaining the tracker over the lifetime of the system should be lower than the increased energy harvest from the solar PV system. In such projects, stationary solar panels are found to be more appropriate, especially in emerging and developing economies. Such factors will drive the segment growth during the forecast period.
This report provides an accurate prediction of the contribution of all the segments to the growth of the floating solar panels market size and actionable market insights on post COVID-19 impact on each segment.
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Floating Solar Panels Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.89% |
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Market growth 2022-2026 |
$ 775.85 million |
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Market structure |
Fragmented |
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YoY growth (%) |
16.66 |
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Regional analysis |
APAC, North America, Europe, MEA, and South America |
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Performing market contribution |
APAC at 69% |
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Key consumer countries |
Japan, China, US, India, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Ciel and Terre International, JA Solar Technology Co. Ltd., JinkoSolar Holding Co. Ltd., Kyocera Corp., Ocean Sun AS, Pristine Sun Corp., Sinovoltaics Group Ltd., Tata Sons Pvt. Ltd., Trina Solar Co. Ltd., and Vikram Solar Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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***1. Executive Summary
**1.1 Market Overview
*Exhibit 01: Key Finding 1
*Exhibit 02: Key Finding 1
*Exhibit 03: Key Finding 2
*Exhibit 04: Key Finding 3
*Exhibit 05: Key Finding 4
*Exhibit 06: Key Finding 5
*Exhibit 07: Key Finding 5
***2. Market Landscape
**2.1 Market ecosystem
*Exhibit 08: Parent market
*Exhibit 09: Market characteristics
**2.2 Value chain analysis
*Exhibit 10: Value chain analysis: Global renewable electricity market
*2.2.1 Inputs
*2.2.2 Operations
*2.2.3 Distribution and logistics
*2.2.4 Marketing and sales
*2.2.5 Aftermarket and service
*2.2.6 Industry innovations
***3. Market Sizing
**3.1 Market segment analysis
*Exhibit 11: Market segments
**3.2 Market size 2021
**3.3 Market definition
*Exhibit 12: Offerings of vendors included in the market definition
**3.4 Market outlook: Forecast for 2021 - 2026
*Exhibit 13: Global - Market size and forecast 2021 - 2026 ($ million)
*Exhibit 14: Global market: Year-over-year growth 2021 - 2026 (%)
***4. Five Forces Analysis
**4.1 Five Forces Summary
*Exhibit 16: Five forces analysis 2021 & 2026
**4.2 Bargaining power of buyers
*Exhibit 17: Bargaining power of buyers
**4.3 Bargaining power of suppliers
*Exhibit 18: Bargaining power of suppliers
**4.4 Threat of new entrants
*Exhibit 19: Threat of new entrants
**4.5 Threat of substitutes
*Exhibit 20: Threat of substitutes
**4.6 Threat of rivalry
*Exhibit 21: Threat of rivalry
**4.7 Market condition
*Exhibit 22: Market condition - Five forces 2021
***5 Market Segmentation by Product
**5.1 Market segments
*Exhibit 23: Product - Market share 2021-2026 (%)
**5.2 Comparison by Product
*Exhibit 24: Comparison by Product
**5.3 Stationery floating solar panels - Market size and forecast 2021-2026
*Exhibit 25: Stationery floating solar panels - Market size and forecast 2021-2026 ($ million)
*Exhibit 26: Stationery floating solar panels - Year-over-year growth 2021-2026 (%)
**5.4 Tracking floating solar panels - Market size and forecast 2021-2026
*Exhibit 27: Tracking floating solar panels - Market size and forecast 2021-2026 ($ million)
*Exhibit 28: Tracking floating solar panels - Year-over-year growth 2021-2026 (%)
**5.5 Market opportunity by Product
*Exhibit 29: Market opportunity by Product
***6. Customer landscape
**6.1 Overview
*Technavio’s customer landscape matrix comparing Drivers or price sensitivity, Adoption lifecycle, importance in customer price basket, Adoption rate and Key purchase criteria
*Exhibit 30: ?Customer landscape?
***7. Geographic Landscape
**7.1 Geographic segmentation
*Exhibit 31: Market share by geography 2021-2026 (%)
**7.2 Geographic comparison
*Exhibit 32: Geographic comparison
**7.3 APAC - Market size and forecast 2021-2026
*Exhibit 33: APAC - Market size and forecast 2021-2026 ($ million)
*Exhibit 34: APAC - Year-over-year growth 2021-2026 (%)
**7.4 Europe - Market size and forecast 2021-2026
*Exhibit 35: Europe - Market size and forecast 2021-2026 ($ million)
*Exhibit 36: Europe - Year-over-year growth 2021-2026 (%)
**7.5 North America - Market size and forecast 2021-2026
*Exhibit 37: North America - Market size and forecast 2021-2026 ($ million)
*Exhibit 38: North America - Year-over-year growth 2021-2026 (%)
**7.6 MEA - Market size and forecast 2021-2026
*Exhibit 39: MEA - Market size and forecast 2021-2026 ($ million)
*Exhibit 40: MEA - Year-over-year growth 2021-2026 (%)
**7.7 South America - Market size and forecast 2021-2026
*Exhibit 41: South America - Market size and forecast 2021-2026 ($ million)
*Exhibit 42: South America - Year-over-year growth 2021-2026 (%)
**7.8 Key leading countries
*Exhibit 43: Key leading countries
**7.9 Market opportunity by geography
*Exhibit 44: Market opportunity by geography ($ million)
***8. Drivers, Challenges, and Trends
**8.1 Market drivers
*8.1.1 Increasing investments in renewable energy
*8.1.2 Increasing benefits of floating solar panels
*8.1.3 Increasing governmental support
**8.2 Market challenges
*8.2.1 Technical challenges
*8.2.2 Intermittency in solar power generation
*8.2.3 Competition from alternate sources of energy
*Exhibit 45: Impact of drivers and challenges
**8.3 Market trends
*8.3.1 Increasing conversion efficiency of solar PVs
*8.3.2 Emergence of smart cities
*8.3.3 Hybrid floating solar power plants
***9. Vendor Landscape
**9.1 Overview
*Exhibit 46: Vendor landscape
*The potential for the disruption of the market landscape was moderate in 2020, and its threat is expected to remain unchanged by 2025.
**9.2 Landscape disruption
*Exhibit 47: ?Landscape disruption?
*Exhibit 48: Industry risks
**9.3 Competitive scenario
***10. Vendor Analysis
**10.1 Vendors covered
*Exhibit 49: Vendors covered
**10.2 Market positioning of vendors
*Exhibit 50: ?Market positioning of vendors?
**10.3 Ciel and Terre International
*Exhibit 51: Ciel and Terre International - Overview
*Exhibit 52: Ciel and Terre International - Product and service
*Exhibit 53: Ciel and Terre International - Key offerings
**10.4 JA Solar Technology Co. Ltd.
*Exhibit 54: JA Solar Technology Co. Ltd. - Overview
*Exhibit 55: JA Solar Technology Co. Ltd. - Business segments
*Exhibit 56: JA Solar Technology Co. Ltd. - Key offerings
*Exhibit 57: JA Solar Technology Co. Ltd. - Segment focus
**10.5 JinkoSolar Holding Co. Ltd.
*Exhibit 58: JinkoSolar Holding Co. Ltd. - Overview
*Exhibit 59: JinkoSolar Holding Co. Ltd. - Product and service
*Exhibit 60: JinkoSolar Holding Co. Ltd. - Key News
*Exhibit 61: JinkoSolar Holding Co. Ltd. - Key offerings
**10.6 Kyocera Corp.
*Exhibit 62: Kyocera Corp. - Overview
*Exhibit 63: Kyocera Corp. - Business segments
*Exhibit 64: Kyocera Corp. - Key News
*Exhibit 65: Kyocera Corp. - Key offerings
*Exhibit 66: Kyocera Corp. - Segment focus
**10.7 Ocean Sun AS
*Exhibit 67: Ocean Sun AS - Overview
*Exhibit 68: Ocean Sun AS - Product and service
*Exhibit 69: Ocean Sun AS - Key offerings
**10.8 Pristine Sun Corp.
*Exhibit 70: Pristine Sun Corp. - Overview
*Exhibit 71: Pristine Sun Corp. - Product and service
*Exhibit 72: Pristine Sun Corp. - Key offerings
**10.9 Sinovoltaics Group Ltd.
*Exhibit 73: Sinovoltaics Group Ltd. - Overview
*Exhibit 74: Sinovoltaics Group Ltd. - Product and service
*Exhibit 75: Sinovoltaics Group Ltd. - Key offerings
**10.10 Tata Sons Pvt. Ltd.
*Exhibit 76: Tata Sons Pvt. Ltd. - Overview
*Exhibit 77: Tata Sons Pvt. Ltd. - Business segments
*Exhibit 78: Tata Sons Pvt. Ltd. - Key offerings
*Exhibit 79: Tata Sons Pvt. Ltd. - Segment focus
**10.11 Trina Solar Co. Ltd.
*Exhibit 80: Trina Solar Co. Ltd. - Overview
*Exhibit 81: Trina Solar Co. Ltd. - Business segments
*Exhibit 82: Trina Solar Co. Ltd. - Key offerings
*Exhibit 83: Trina Solar Co. Ltd. - Segment focus
**10.12 Vikram Solar Ltd.
*Exhibit 84: Vikram Solar Ltd. - Overview
*Exhibit 85: Vikram Solar Ltd. - Product and service
*Exhibit 86: Vikram Solar Ltd. - Key offerings
***11. Appendix
**11.1 Scope of the report
*11.1.1 ????Market definition
*11.1.2 ????Objectives
*11.1.3 Notes and Caveats
**11.2 Currency conversion rates for US$
*Exhibit 87: ?Currency conversion rates for US$?
**11.3 Research Methodology
*Exhibit 88: ?Research Methodology
*Exhibit 89: ??Validation techniques employed for market sizing?
*Exhibit 90: ??Information sources
**11.4 List of abbreviations
*Exhibit 91: List of abbreviations
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