Global Floating Solar Panels Market 2018-2022
About Floating Solar Panels
Floating solar panels are also referred as floating solar farms or floating solar arrays, referring to an array of photovoltaic (PV) panels on a structure that floats on a water body typically a lake or a reservoir. A floating solar panel system built on water conserves land space increases the overall efficiency of the solar panel, and provides several environmental benefits, including reduced evaporation of water.
Technavio’s analysts forecast the global floating solar panels market to grow at a CAGR of 31.16% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global floating solar panels market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of floating solar panels.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Floating Solar Panels Market 2018-2022
Technavio recognizes the following companies as the key players in the global floating solar panels market: KYOCERA, Solaris Synergy, Trina Solar, and Yingli Solar.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is increasing conversion efficiency of solar PVs. Though solar energy is a clean source of energy, its conversion efficiency when compared to the other sources is quite low. This is inducing solar panel companies to focus more on improving the efficiency of solar panels. Panasonic has already introduced a new series of solar panels that have high efficiency than its older models. Since solar panels that operate at low temperatures have a higher efficiency, this need for enhancing the efficiency will drive the adoption of floating solar panels since they use water as a cooling medium.”
According to the report, one of the major drivers for this market is growing investments in renewable energy. The recent years witnessed a significant shift in preference towards power generation from renewable sources such as wind and solar and it has been observed that the global investment in solar power was more than USD 100 billion in 2016. Owing to technological advancements that led to a reduction in the overall expenditure, there is a considerable decrease in costs required to manufacture PV system components. This will result in increased investments in renewable energy, which will subsequently augment the growth prospects of this solar panel market.
KYOCERA, Solaris Synergy, Trina Solar, and Yingli Solar.