Global cumulative installed capacity of floating solar plants was 675.389 MW in 2017 and is expected to reach 4127.567 MW by 2024 while actuating at an estimated exponential CAGR of 30.7% from 2018 to 2024.
The growth is primarily attributed to the difficulty faced in land acquisitions and increased efficiency of solar panels due to cooling effect of water. Moreover, rising investments in R&D by key players, along with various government initiatives promoting the adoption of floating solar technology are expected to augment the market demand over the forecast period.
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The years used for the assessment are as follows;
Historical year: 2014, 2015, and 2016
Base year: 2017
Forecast period: 2018 – 2024
The research and analysis is based on data and information obtained from various primary and secondary sources. The data obtained is validated by interacting with the companies of the concerned domain. The steps involved in the research methodology are;
Obtaining historical data of the market based on news, articles, publications, annual reports, white papers, and other secondary sources
Interacting with key opinion leaders of the market and developing data points based on interaction with them
Study of past trends in the market and their year on year Impact on the market size and share
Analyzing the collected data points
Bridging the data points to calculate the total floating solar energy market and its various segments
Anticipating potential risks
Analyzing market forces such as drivers, restraints, and opportunities to assess new growth areas for the floating solar energy market
Finalizing the overall size and share for the global floating solar energy market
To classify the global floating solar energy market into segments by product type, location, technology, application, capacity, and region and analyze their growth prospects individually.
To analyze market trends, opportunities, drivers and restraints associated with the floating solar energy market.
Profiling key companies operating in the global floating solar energy market.
To study market response with respect to the mergers and acquisitions in the industry.
The research scope for global floating solar energy market is as follows:
By Product Type
Concentrated Solar Power (CSP) & Concentrator Photovoltaics (CPV)
Rest of the World (RoW)
Middle East & Africa (MEA)
The global cumulative installed capacity of floating solar plants was 675.389 MW in 2017, and is expected to reach 4127.567 MW by 2024, while actuating at an estimated CAGR of 30.7% from 2018 to 2024. The growth is primarily attributed to the difficulty faced in land acquisitions and increased efficiency of solar panels due to cooling effect of water. Moreover, rising investments in R&D by key players, along with various government initiatives to promote the adoption of floating solar technology are expected to augment the market demand over the forecast period.
Solar photovoltaic (PV) panel is used as an eco-friendly and renewable energy based power generation technology around the world. These solar panels are installed upon free land and roof tops. However, solar PV systems have a major drawback as they need large land areas for scalability. Several countries around the world do not have large land areas, and hence are not able to implement solar PV technology based power plants on a large scale. This problem was addressed with the advent of floating solar energy technology.
The lack of availability of large land masses and high population density is providing immense opportunities for the growth of the floating solar panels market across the globe. Moreover, major players of the solar technology market are transitioning towards floating solar technology, as land acquisition is an expensive venture. Additionally, land regulations make it hard for these companies to acquire desired land area with preferable solar energy attributes. Due to these factors floating solar energy market has gained fast traction in the recent years.
The Asia-Pacific region held the largest share of the floating solar energy market, and is expected to continue its dominance over the forecast period. The growth in the region is primarily due to the high energy demand, and government initiatives to promote floating solar energy systems. The European floating solar energy market is expected to grow at a rapid rate during 2018-2024. The growth in the region is mainly attributed to the technological advancements in the development of floating solar power technology.
Some of the key companies operating in the market include Ciel & Terre International; Novaton; Infratech Industries, Inc.; DNV GL; Solar Power Incorporated; Pristine Sun; Yingli Green Energy Holding Company Limited; Trina Solar; Sharp Corporation; and KYOCERA Corporation, among others.
Table Of Contents
Global Floating Solar Energy Market Outlook, Trend and Opportunity Analysis, Competitive Insights, Actionable Segmentation & Forecast 2024
CHAPTER 1. Market Scope and Methodology
CHAPTER 2. Market Outlook
CHAPTER 3. Market Entry Strategy
CHAPTER 4. Global Floating Solar Energy Market Size and Forecast (2018 – 2024)
CHAPTER 5. Global Floating Solar Energy Market, By Region
CHAPTER 6. Key Players and Strategic Developments
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