Floating Photovoltaics (FPV) Market By System (Stand Alone FPV System, Hybrid FPV Hydropower Systems), By Product (Stationary Floating Solar Panels, Solar-Tracking Floating Solar Panels), By Panel Type (Monocrystalline Solar Panels, Polycrystalline Solar Panels, Passivated Emitter and Rear Cell (PERC) Panels, Thin-Film Solar Panels), By Application (Man Made Water Bodies, Natural Water Bodies): Global Opportunity Analysis and Industry Forecast, 2021-2031
The global floating photovoltaics (FPV) market was valued at $32.3 million in 2021, and is projected to reach $106 million by 2031, growing at a CAGR of 12.9% from 2022 to 2031.
A type of solar array that floats on top of water is referred to as floating solar, also known as floating photovoltaic (FPV) or floatovoltaics. Under the floating plants, the photovoltaic panels are deployed on the surface of water bodies with various components attached. Floating photovoltaics (FPV) systems are an emerging form of PV systems which float on the surface of drinking water reservoirs, quarry lakes, irrigation canals or remediation, natural water bodies and tailing ponds.
One of the major factors contributing toward the floating photovoltaics (FPV) market growth is the change in renewable power activity. Floating photovoltaics (FPV) can improve performance, control cable and storage operating costs, and can be helpful in fulfilling the power demand in peak hours. Moreover, both the developing and developed countries are adopting renewable power sources which contribute to the rapid growth of the floating photovoltaics (FPV) market. Major power generation companies create opportunities for the floating photovoltaics (FPV) industry by investing majorly in resources in hybrid hydro power projects.
The floating photovoltaics (FPV) come with several advantages such as environment benefits and improvement of water quality. This is expected to drive the demand for floating photovoltaics (FPV) in the power industry. Countries with substantial number of water bodies are showing the interest for adopting floating photovoltaics (FPV) as a source of renewable power generation. The floating photovoltaics (FPV) are perfect solution as system can be installed at existing power plant and also improve the performance of solar panels. which increases the demand for floating photovoltaics (FPV) in the market.
Today, renewable power producing companies are engaged in the finding and building of new renewable source of power generation on both man-made water reservoir and nature water reservoir. Increase in utilization of water reservoirs in different regions is projected to create opportunities for the global floating photovoltaics (FPV) market.
Floating photovoltaics (FPV) systems are an environment-friendly solution and a desirable upgrade for renewable power generation companies. Hybrid FPV-hydropower system eliminates expensive cabling and removes the dependence on another grid, reducing expenses, and avoiding blackout conditions in the event of a power outage. Floating photovoltaics (FPV) products are coming up with advanced features such as tracking and monitoring sensors which increases products popularity among power generation companies.
For the purpose of analysis, the floating photovoltaics (FPV) market is segmented on the basis of system, product, panel type, application and region. On the basis of system, the market is bifurcated into stand-alone FPV system and hybrid FPV-hydropower system. On the basis of product, the market is divided into stationary floating solar panels and solar-tracking floating solar panels. On the basis of panel type, the market is categorized into monocrystalline solar panels, polycrystalline solar panels, passivated emitter and rear cell (PERC) panels and thin-film solar panels. On the basis of application, the market is classified into man-made water bodies and nature water bodies. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Major players operating in the global floating photovoltaics (FPV) industry include SUNGROW., SolarisFloat, Profloating, NRG ISLAND s.r.l, ISIFLOATING, Oceans of Energy, Swimsol, Ocean Sun AS, SCOTRA CO, LTD. and Mibet Energy.
Key Benefits For StakeholdersThis report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the floating photovoltaics (fpv) market analysis from 2021 to 2031 to identify the prevailing floating photovoltaics (fpv) market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the floating photovoltaics (fpv) market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global floating photovoltaics (fpv) market trends, key players, market segments, application areas, and market growth strategies.
Key Market SegmentsBy SystemStand Alone FPV System
Hybrid FPV Hydropower Systems
By Panel TypeMonocrystalline Solar Panels
Polycrystalline Solar Panels
Passivated Emitter and Rear Cell (PERC) Panels
Thin-Film Solar Panels
By ApplicationMan Made Water Bodies
Natural Water Bodies
By ProductStationary Floating Solar Panels
Solar-Tracking Floating Solar Panels
By RegionNorth America
U.S.
Canada
Mexico
Europe
UK
Germany
Spain
Italy
France
Rest Of Europ
Asia-Pacific
China
India
Japan
South Korea
Malaysia
Thailand
Rest of Asia-Pacific
LAMEA
Brazil
Saudi Arabia
UAE
Rest of LAMEA
Key Market Players
SUNGROW.
SolarisFloat
NRG ISLAND s.r.l
ISIFLOATING
Swimsol
SCOTRA CO, LTD.
Ocean Sun AS
Profloating
Oceans of Energy
Mibet Energy.
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