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Floating Solar Panels Market by Product and Geography - Forecast and Analysis 2022-2026

  • Published: Apr 2022
  • Pages: 120
  • SKU: IRTNTR73216
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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 on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers floating solar panels market segmentations 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.

What will the Floating Solar Panels Market Size be During the Forecast Period?

Download the Free Report Sample to Unlock the Floating Solar Panels Market Size for the Forecast Period and Other Important Statistics

 

Floating Solar Panels Market: Key Drivers, Trends, and Challenges

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.

Parent Market Analysis

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.

Who are the Major Floating Solar Panels Market Vendors?

The report analyzes the market’s competitive landscape and 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.
  • Vikram Solar Ltd.

 

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.

Product Insights and News

  • Ciel and Terre International - Under the unified segment, the company offers various solutions and services in the field of large-scale floating PV plants. 
  • Ciel and Terre International - The company offers floating solar panel technology known as Hydrelio which is produced through a blow-molding process. 

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.

Floating Solar Panels Market Value Chain Analysis

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.

Which are the Key Regions for Floating Solar Panels Market?

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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 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. 

What are the Revenue-generating Product Segments in the Floating Solar Panels Market?

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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.

 

Floating Solar Panels Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 16.89%

Market growth 2022-2026

$ 775.85 million

Market structure

Fragmented

YoY growth (%)

16.66

Regional analysis

APAC, North America, Europe, MEA, and South America

Performing market contribution

APAC at 69%

Key consumer countries

Japan, China, US, India, and UK

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

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.

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

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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What are the Key Data Covered in this Floating Solar Panels Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive floating solar panels market growth during the next five years
  • Precise estimation of the floating solar panels market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the floating solar panels industry across APAC, North America, Europe, MEA, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of floating solar panels market vendors

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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

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
Technavio

TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
Technavio

TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The floating solar panels market growth will increase by $775.85 million during 2021-2026.
The floating solar panels market is expected to grow at a CAGR of 16.89% during 2021-2026.
Technavio has segmented the floating solar panels market by product (Stationery floating solar panels and Tracking floating solar panels) and geographic (APAC, North America, Europe, MEA, and South America).
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., Vikram Solar Ltd. are a few of the key vendors in the floating solar panels market.
APAC will register the highest growth rate of 68.63% among the other regions. Therefore, the floating solar panels market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the floating solar panels market growth are:
  • Increasing investments in renewable energy
The floating solar panels market vendors should focus on grabbing business opportunities from the stationery floating solar panels segment as it accounted for the largest market share in the base year.
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