LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global floating solar panels market predicts a CAGR of over 31% during the period 2018-2022.
The report segments the global floating solar panels market products such as tracking floating solar panels and stationary floating solar panels. The report also provides an analysis of the market based on the geographic regions such as the Americas, APAC, and EMEA. It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global floating solar panels market, according to Technavio energy researchers:
- Increasing investments in renewable energy: a major market driver
- In 2017, the stationary floating solar panels segment dominated the market by occupying over 89% share
- APAC dominated the global floating solar panels market with 86% share in 2017
- Ciel & Terre, KYOCERA, Solaris Synergy, Trina Solar, and Yingli Solar are the leading players in the market
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Increasing investments in renewable energy: a major market driver
Increasing investments in renewable energy is one of the major factors driving the global floating solar panels market. Advancing from fossil fuels to renewable sources, such as wind and solar, is the key to achieving economic, social, and environmental development.
According to a senior analyst at Technavio for power research, “Global investments in 2016 for solar power were over USD 100 billion, which was lower than 2015. However, this can be attributed to the low cost required to manufacture PV system components due to technological advances that have resulted in the reduction of the overall capital expenditure per MW of power generation.”
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Stationary floating solar panels segment to dominate the market
The stationary floating solar panels segment dominated the market in 2017, with a total market share of more than 89%. The tracking floating solar panels segment is expected to grow over the forecast period to reach more than 16% by 2022.
APAC: largest floating solar panels market
Technavio researchers anticipate high growth for the global floating solar panels market in the APAC, with a market share of close to 86%. APAC was followed by the Americas with and EMEA. In 2022, APAC is likely to continue dominating the market, with a share of close to 52%, while Americas is expected to witness a substantial increase in its share to reach 45%.
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