Floating Solar Panels Market is Predicted to Observe Significant CAGR till 2025

Posted by Ryan Shaw on December 3rd, 2019

According to report by Grand View Research, Inc., the Floating Solar Panels Market is poised to rise to a valuation of USD 2.70 billion by 2025. Increase in demand for renewable energy sources, and recent innovations in the floating solar panels are expected to drive the demand for the market in the forecast period.

Increasing installations of these panels in hydroelectric plants and their advantages over traditional plants are anticipated to fuel the demand in the years to come. Furthermore, increasing R&D investments by the panel manufacturers and installers to reduce the cost of this specific technology is expected to boost the market growth.

Declining cost of panels that leads to declining cost of power generation is promoting the use of this technology. Unavailability of land for installation along with its ability to affect the impact of evaporation are key factors driving the growth of the market.

Abundant availability of solar power due to its renewable source is also anticipated to create new opportunities for the market. However, high installation cost of floating solar panels is anticipated to hinder the market growth in the forecast period.

Press Release: Floating Solar Panels Market Size To Reach USD 2.70 Billion By 2025

Leading key players in the floating solar panels market are Trina Solar, Kyocera Corporation, Yingli Solar, and Sharp Corporation. Ciel and Terre are anticipated to be the major installers of floating solar panels all over the world. The company accounts for more than 50% of the total floating panels installations.

Some of the key developments, mergers, and acquisitions in the market are as follows:

  1. KYOCERA Corporation and Yingli Solar together accounted for the largest share of the floating solar panels market.
  2. Yingli Solar, a provider of solar panels for offshore-based floating solar plants, offered more than 65 million solar panels for businesses, power plants, and homes across the globe.
  3. In September 2018, Sharp Energy Solutions Corporation (SESJ) planned to build mega offshore solar power plants at Long An Province and Binh Thuan Province in Vietnam, each with a capacity of around 49 MW-dc for a combined capacity of around 98 MW-dc. The company got the orders from TTC-Duc Hue Long An Power Joint Stock Company and Gia Lai Hydropower Joint Stock Company operating under Thanh Thanh Cong Group (TTC Group).
  4. In July 19, 2018, Jan De Nul Group (Luxembourg), a top global construction engineering company for maritime infrastructure, declared its association with a group of Belgian companies for the construction and development of the initial offshore photovoltaic (Floating Solar Panels) plan in the North Sea.
  5. In January 2016, Century Tokyo Leasing Corporation and Kyocera Corporation, in a partnership, announced the construction of the world’s biggest floating solar power plant on the Yamakura Dam reservoir.

Geographically, Japan accounted for over 75% of the total revenue share in 2015. It is driven by favorable initiatives taken by the government to promote the use of renewable sources of energy and low availability of land. Furthermore, the industry is anticipated to grow significantly owing to several plans authorized by the Japanese government. In addition, Europe is leading in the installation of floating solar panels on account of increasing market saturation in the U.K. with around six plants.

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Ryan Shaw

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Ryan Shaw
Joined: August 11th, 2017
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