Increasing Adoption of Clean Energy Sources are Surging the Demand for Floating Solar

Global Floating Solar market is witnessing astronomical growth owing to the factors such as high cost of land acquisition, burgeoning demand for floating solar panel among the countries which are prone to droughts which have gigantic water bodies along with increasing adoption of clean energy sources by the government and escalating spending in R&D by market players. Moreover, introduction of strict regulations by the governments to curb the greenhouse gas emissions, increasing number of smart city project, significant reduction in the technology prices and burgeoning investment on the large-scale floating solar project are strongly contributing toward the growth of the market in the forecast period.

Based on Location, Offshore segment acquired the significant market share owing to the factors such as snowballing government interest in offshore solar and surging spending toward the development offshore floating solar plant for sustainable energy transition.

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Asia-Pacific acquired the majority share in the market in 2019. China, India and Japan are growing at a fast rate. The growth of the region is attributed to introduction of various favorable initiatives by the government in order to increase dependency on clean energy sources due to strict regulation pertaining to carbon emission, rising demand for cheap electricity, strong pipeline of construction project and boost in the government support for renewable energy methods. Besides these, escalating investment toward the setup of floating solar power plant, decline in the cost of PV panel and surging investment towards the development of smart cities are placing a positive impact toward the growth of the market in the near future.
    
The key players with a considerable market share in the Global Floating Solar market are Solaris Synergy, Sunengy Pty Ltd., Vikram Solar, Ciel & Terre International, KYOCERA Corporation, Novaton AG, Pristine Sun LLC, SPI Energy Co., Ltd., Yingli Solar, JA Solar Technology Co. Ltd., Ocean Sun AS, Quant Solar, Sharp Corporation, Tata Power Solar System Ltd., Swimsol GmbH etc.