The global floating solar panel market is anticipated to grow at a significant CAGR of 24.5% during the forecast period (2021-2027). One of the major drivers of the floating solar panel market is the growing awareness amongst people, and the government to increase the sources of renewable energy. Governments across the globe are being more proactive in making sure to reduce their fossil fuel consumption, and start to take initiatives in the direction of clean, green, and renewable energy sources. For instance, as per the IBEF, the government of India is aiming to achieve 227 GW of renewable energy capacity (including 114 GW of solar capacity addition and 67 GW of wind power capacity) by 2022, more than its 175 GW target as per the Paris Agreement. The government plans to establish renewable energy capacity of 523 GW (including 73 GW from Hydro) by 2030.
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Moreover, governments across the globe are implementing restrictions and regulations to limit and eventually stop the usage of fossil fuels. For instance, under its 5-year plan, the government of China implemented its plan to reduce emission rates by 18% until 2020. The policy included regulations such as low to high-capacity scalability, easy to dismantle and assemble, adaptability to any electronic configuration, and minimum requirement of heavy equipment in the manufacturing of solar panels. Furthermore, India has been taking some big initiatives in floating solar power such as the Kayamkulam floating solar power plant in Kerala with the capacity of 92 MW, and 25 MW floating solar power plant at Simhadri thermal power plant near Visakhapatnam.
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Global Floating Solar Panels Market Segmentation
By Product Type
- Stationary
- Tracking
By Capacity
- MW
- 1-5 MW
- ?5 MW
By Connectivity
- On-Grid
- Off-Grid
By Technology
- Monocrystalline
- Polycrystalline
Regional Analysis
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
Company Profiles
- Ciel & Terre international
- GCL-SI
- Hanwha
- ITOCHU Corp.
- JGC
- LONGi Solar
- Ocean Sun AS
- Pristine Sun Corp.
- QuantSolar
- Raytheon Technologies Corp.
- SHARP
- SPI Groups
- SUNGROW
- Suzhou Talesun Solar Technology Co., Ltd
- Tata Power
- wimsol
- WTWH Media, LLC
- Yingli Solar
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