Floating Solar Panels Market is anticipated to develop at a CAGR of 43.02% from 2019 to 2027 – KSU
- The globe Floating solar panel market was valued at $ 240.65 million in 2018 and is expected to expand at a CAGR of 43.02% from 2019 to 2027
- In terms of type, stationary floating solar panels accounted for more than 90% of the global floating solar panel market in 2018
- In terms of capacity, over 5MW accounted for more than 50% of the global floating solar panel market in 2018
- Based on region and country, Asia Pacific dominated the global floating solar panel market in 2018. China, Japan, South Korea and India together accounted for more than 80% of the world market in 2018
- Yingli Solar and KYOCERA Corporation are the dominant suppliers of solar modules for floating offshore solar power plants
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High demand for renewable power generation to encourage the installation of floating solar panels
- Floating solar systems are being created as alternatives to conventional floor-mounted photovoltaic systems. The majority of countries are shifting to offshore solar power generation due to lack of land. The increasing awareness of floating solar and solar power generation is expected to drive demand for floating solar panels over the forecast period.
- Floating solar systems offer various advantages, such as: B. an increase in energy production due to the cooling effect of panels, the preservation of water by reducing evaporation and a shorter installation time than traditional land-mounted panels
- The demand for floating solar systems has increased due to the potential synergies. Some developers claim that such systems are 50% more efficient than land-based solar systems
- Floating solar systems and panels offer an extremely practical solution to land-based solar power plants. These panels eliminate the need for expensive land, especially farmland that is near a substation, for harvesting solar energy.
- Floating solar panels significantly lower the price of solar energy production and free up the land for other uses as well. The need on land for solar installation drives prices 10 to 20 times higher in most countries, even for arid wasteland.
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Stationary Floating Solar Module segment leads the global floating solar module market
- Depending on the type, the floating solar module market has been divided into stationary floating solar modules and floating solar modules
- Robots are used in floating solar panels with solar tracking. Solar panels are moved according to the sun’s intensity to get maximum light.
- In terms of value, the stationary floating solar module segment dominated the market in 2018 with a share of more than 95%. The segment is also expected to expand rapidly in the forecast period.
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Increase in investments in renewable energy to fuel the Asia-Pacific market
- In terms of region, the global floating solar panel market has been split into America, Europe, Asia Pacific, and the rest of the world
- The Asia-Pacific region had a market share of more than 92% in 2018, led by the increasing installation of solar energy in countries like China, Japan and India
- The Asia-Pacific floating solar module market is expected to grow significantly over the forecast period due to the increasing demand for solar energy and the increasing implementation of solar modules as an alternative energy source in the region, particularly in China and Japan
Yingli Solar and KYOCERA Corporation jointly had a large share of the global floating solar panel market
- Yingli Solar is one of the leading manufacturers of solar modules and the main supplier of solar modules for floating offshore solar systems. Yingli Solar has supplied more than 65 million solar modules for households, businesses and power plants worldwide
- The company operates the entire production process for solar modules, from polysilicon to bars and solar cells to solar modules
- Kyocera Corporation manufactures crystalline silicon solar cells. It has an integrated production system for the manufacturing process (from silicon bars to solar modules for multi-crystalline silicon solar cells).
- In September 2018, Sharp Energy Solutions Corporation (SESJ) announced plans to build mega offshore solar power plants at locations in Binh Thuan Province and Long An Province in Vietnam, each with a capacity of approximately 49 MW DC for a total capacity of approx. 98 to MW-dc. SESJ received the order from Gia Lai Hydropower Joint Stock Company and TTC-Duc Hue Long, a Power Joint Stock Company operating under the umbrella of the Thanh Thanh Cong Group (TTC Group).
- In January 2016, Kyocera Corporation and Century Tokyo Leasing Corporation announced in a joint venture that Kyocera TCL Solar LLC had started construction of the world’s largest floating solar power plant with a capacity of 13.7 megawatts (MW) on Yamakura Dam
- Other players in the global floating solar module market are Sharp Corporation, Trina Solar Limited, KYOCERA Corporation, JA Solar Co., Ltd., Yingli Solar, SPG Solar, Inc., Ciel & Terre International, NOVATON AG and Solaris Synergy