According to MarkNtel Advisors’ research report, “Global Floating Solar Market Analysis, 2021,” the market is likely to grow at a CAGR of around 45% in the forecast period of 2021-26. It owes substantially to the increasing focus for cleaner fuel power generation and the insufficiency of land area. Moreover, the regulatory boards across the world are setting up several targets to produce clean energy that shall diminish the pollution level. Moreover, global warming & the rapid depletion of fossil fuels instigated by their massive usage are critical aspects drawing attention toward adopting green energy resources from conventional sources. Hence, the changing preferences for power generation from renewable energy sources, government initiatives to promote solar energy, high energy demand, and increased investments in renewable energy are likely to boost the Global Floating Solar Market growth in the forecast years.
Impact of COVID-19
The outbreak of the COVID-19 pandemic affected the global economy in many ways, and it is going through a rough phase. The ongoing pandemic has disrupted the complete value chain of manufactured products of various industries, where the floating solar market was moderately affected. Due to the imposition of strict norms on the movement and lockdown, various commercial & industrial establishments had to shut down to restrict the spread of Covid-19. This shut down made a temporary halt in the production of solar panels in recent years.
However, the Global Floating Solar Market is likely to regain its speed & recover from the losses post the Covid-19 when the governments shall lift the lockdowns & restrictions. The world shall witness economies coming back to normalcy, projects, and the market to grow exponentially in the forecast period.
Market Segmentation
Offshore Location to Dominate the Market with the Largest Share
Based on Location, the market bifurcates into Onshore and Offshore locations. Between the two, Offshore Location dominated the Global Floating Solar Market in the previous years and is likely to continue its dominance in the forecast years, attaining the largest market share. The prominent reason behind the exponential demand of the Offshore locations for Floating Solar is the extensive implementation of distributed or decentralized power generation systems. Many market players in developing countries are likely to invest & increase the segment demand in the forecast period, leading the segment to dominate the Global Floating Solar Market with the largest share in the forecast period.
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1-5 MW Capacity to Attain the Largest Market Share
Based on Capacity, the market bifurcates into 0.1-1 MW, 1-5 MW, and ≥ 5 MV. Here, floating solar panels with 1-5 MW capacity are the most widely used panels worldwide. These are utilized extensively for large-scale photovoltaic projects, which shall propel floating solar panel market size from 1-5 MW capacity because of the massive investments by private & public parties. Furthermore, with the growing adoption at a robust pace, the segment is likely to surpass the installation volume in the forecast years of 2021-26, resulting in an astronomical growth of the Global Floating Solar Market, states MarkNtel Advisors in their research report, “Global Floating Solar Market Analysis, 2021.”
Regional Landscape
North America Dominates the Market with the Largest Share
North America dominated the market with the largest share and is likely to continue its dominance in the forecast years. It owes to the protruding growth rate due to the federal schemes in the US that include rising demand across the public & private sectors for green electricity & solar investment tax credit. Furthermore, the low to high capacity scalability, adaptability to any electrical configuration, ease to dismantle and assemble, and minimal requirement of heavyweight equipment in the manufacturing are other supporting factors for the exponential market share of the region, expanding the market and scope globally.
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