The global Floating Solar market is witnessing astronomical growth in the past few years owing to the factors such as rising government initiative and support for renewable energy due to stringent regulation on carbon-emission and burgeoning investment in the large-scale floating solar project by the countries to increase energy yield, reduced evaporation, and enhance water quality. Besides these, snowballing focus towards clean fuel source for electricity generation, surging spending in research and development along with growing use of water resources such as reservoirs, ponds, canals, and rivers for the installation of floating solar panels are some of the factors anticipated to propel the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report “Global Floating Solar Market Analysis, 2020”, the Global Floating Solar market is anticipated to grow at a CAGR of around 45% during 2021-26F. Based on Technology, photovoltaics is anticipated to grow at the highest CAGR by 2026. The demand for photovoltaic technology is high in the floating solar power plant due to its high suitability and snowballing investments in the development of small-scale photovoltaic projects.
“Global Floating Solar Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for Floating Solar providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go Market Strategies and identifying the blue ocean for its offerings.
Asia-Pacific Acquired the Majority Share
Asia-Pacific acquired the majority share in the market in 2019. China, India, and Japan are growing at a fast rate. The rising demand for cheap electricity, boost in the government support for renewable energy methods for preserving valuable non-renewable resources, and escalating investment toward the setup of floating solar power plant are the factor surging the demand for floating solar. Moreover, the increasing number of multi-megawatt projects in the pipeline, bolstering initiative to curb carbon emission, and the emergence of the technological plan such as smart cities are the driving factor anticipated to upsurge the growth of the Floating Solar Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Floating Solar Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Floating Solar market are Solaris Synergy, Sunengy Pty Ltd., Vikram Solar, Ciel & Terre International, KYOCERA Corporation, Novaton AG, Pristine Sun LLC, SPI Energy Co., Ltd., Yingli Solar, JA Solar Technology Co. Ltd., Ocean Sun AS, Quant Solar, Sharp Corporation, Tata Power Solar System Ltd., Swimsol GmbH etc.
Key questions answered in the study: