Floating Photovoltaic Solar Panels Market Report, Segmentation by Product Type, End User, Regions

A comprehensive overview of the Floating Photovoltaic Solar Panels market is recently added by UnivDatos Market Insights to its humongous database. The Floating Photovoltaic Solar Panels market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Floating Photovoltaic Solar Panels market. The Floating Photovoltaic Solar Panels market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Floating Photovoltaic Solar Panels market at the global and regional levels.

Market Overview  

The floating photovoltaic solar panels market is expected to grow at a significant CAGR from US$ X billion in 2020 to US$ X billion in 2027. Key reasons driving the market growth are its higher efficiency compared to on-land solar panels and reduction in land use. According to the manager of corporate communications at Q-Cells. Floating solar panels can generate up to 10% more power as compared to land-based arrays. This is because the cooling effect of water acts as a sink, ensuring peak power output to be achieved more easily. Furthermore, installations in water are increasingly encourage not only by densely populated countries but also in developing and developed countries where the land used by solar fields can be used for other purposes. Additionally, the unused space in water bodies such as dams can easily be used for installation of floating PVs. All this is expected to aid in the growth of the floating photovoltaic solar panels market. A few drawbacks of FVPs include its higher costs of installations but they are expected to decrease with time and its harder installation and maintenance as they are in water.

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COVID-19 Impact

The Covid-19 pandemic has impacted the growth of many industries which include manufacturing, education, agriculture, finance, healthcare, sports, education, food, and tourism. It has a profound impact on the energy industry.  According to International Energy Agency (IEA), the energy demand decline in 2020 is the largest in the last 70 years. As compared to 2019, the global energy demand in 2020 declined by 6% which is a 7 times greater fall than the 2009 financial crisis. From 2015-2019, the mean electricity generation of 16 European countries dropped 9% (25 GW) in April 2020. Due to this the floating photovoltaic Solar Panels industry was also impacted as the developing projects were postponed and there wasn’t enough work force to complete the ongoing projects. However, the overall percentage of renewable energy usage increased by 15% (15 GW) during this time, this is an opportunity for renewable energy to increase in dominance during the post covid recovery.

Floating Photovoltaic Solar Panels market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Type, the market is primarily segmented into

• Stationary
• Solar Tracking

Amongst Type, the Stationary segment of the Floating Photovoltaic Solar Panels market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 and is growing at a CAGR of X% from 2021-2027.

By Location, the market is primarily segmented into

• Inland
• Offshore

Amongst Location, Inland segment accounted for a market valuation of US$ X billion in 2020 and is expected to reach US$ X billion by the year 2027, at a CAGR of X% over the analyzed period.

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By Technology, the market is primarily segmented into

• Photovoltaic (PV)
• Concentrated Solar Power (CSP)

Amongst Technology, the Photovoltaic (PV) segment of the Floating Photovoltaic Solar Panels market was valued at US$ X billion in 2020 and is likely to reach US$ X billion by 2027 and is growing at a CAGR of X% from 2021-2027.

Floating Photovoltaic Solar Panels Market Geographical Segmentation Includes:

• North America
• Europe
• Asia-Pacific
• Rest of the World

Based on the estimation, the Asia-Pacific region dominated the Floating Photovoltaic Solar Panels market with almost X% revenue share in 2020. Asia-Pacific also saw the highest CAGR of X% in the forecast period due to the decreasing land availability.

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The major players targeting the market includes

• Sulzer Ltd.
• KYOCERA Corporation
• Trina Solar
• Yellow Tropus Pvt. Ltd.
• Wuxi Suntech Power Co., Ltd.
• Yingli Solar
• Ciel & Terre International
• LONGi Solar
• JA SOLAR Technology Co. Ltd.
• Hanwha Group

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Floating Photovoltaic Solar Panels market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the Floating Photovoltaic Solar Panels market?
• Which factors are influencing the Floating Photovoltaic Solar Panels market over the forecast period?
• What are the global challenges, threats, and risks in the Floating Photovoltaic Solar Panels market?
• Which factors are propelling and restraining the Floating Photovoltaic Solar Panels market?
• What are the demanding global regions of the Floating Photovoltaic Solar Panels market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?

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