Market Research Future (MRFR) in its latest report reveals that the global floating solar panels market is set to expand rapidly in the forthcoming years. Floating solar panels are witnessing a strong commercial interest. Solar energy is an alternative solution to rapidly depleting fossil fuel. Floating solar panel also referred to as floating photovoltaic (FPV) is a well-organised array of solar panel on water body on a lake or artificial basin.

With rapid depletion of fossil fuels and other non-renewable energy sources, research has increased to develop new techniques for harvesting energy from renewable sources. Photovoltaic systems are being vastly utilized for harvesting solar energy with the help of solar panels that are installed on large land areas. Recent technological advancement has led to the development of floating solar panels that are installed on the structure that floats on a water body, which does not occupy much of the land area.

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Floating Solar Panels Market Segmentation

Segmentation of the global Floating Solar Panels Market Analysis is based on product, location and region.

Based on the product, the floating solar panel market is segmented into the stationary floating solar panel and tracking floating solar panel.

Based on location, the floating solar panel market is segmented into onshore and offshore.

The offshore floating solar panel is responsible for renewable decentralized distribution of energy.

Based on region Market Research Future studied the floating solar panel market in North America, Europe, Asia Pacific and rest of the world (ROW).

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Regional Analysis:

Geographically, the global floating solar panels market has been segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. Limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources such as fossil fuels are inducing high demand for floating solar panels in the Asia Pacific region, leading to the significant growth of the floating solar panels market in this region. High penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the increasing energy demand is fueling the growth of the floating solar panels market in the North America region.

The Prominent Companies

GEITS, Wuxi Suntech Power Co., Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation, Japan Mega Solar Power Co., Suntech Power Holdings Co., Ltd., Solaris Synergy, Trina Solar Limited, and Sharp Corporation are the key companies operating in the floating solar panel market.