Portland, OR, March 30, 2023 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global floating photovoltaics (FPV) market generated $32.3 million in 2021 and is estimated to reach $106.0 million by 2031, witnessing a CAGR of 12.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios. The report is a helpful source of information for leading market players, new entrants, investors, and stakeholders in devising strategies for the future and taking steps to strengthen their position in the market.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $32.3 Million |
| Market Size in 2031 | $106.0 Million |
| CAGR | 12.9% |
| No. of Pages in Report | 350 |
| Segments covered | System, Panel Type, Application, Product, and Region |
| Drivers | Increase in awareness and promotion of using green energy solutions |
Growth in power production at a low cost | |
| Energy efficiency, safety, low cost, and environmentally friendly floating photovoltaics (FPV) systems | |
| Opportunities | Increases the ability of existing power plants to produce more power |
| Restraints | High initial cost for floating photovoltaics (FPV) systems installation |
Covid-19 Scenario:
- The outbreak of COVID-19 had a negative impact on floating photovoltaics (FPV) industries, due to a significant reduction in China's production of solar module products and the closure of facilities for storing and distributing raw materials.
- However, as the global situation began to recover, increased investment in renewable energy facilities and a tendency toward transmission of renewable sources has boosted the market for the floating photovoltaics (FPV).
The report offers a detailed segmentation of the global floating photovoltaics (FPV) market based on system, panel type, application, product, and region. The report provides an analysis of each segment and sub-segment with the help of tables and figures. This analysis helps market players, investors, and new entrants in determining the sub-segments to be tapped on to achieve growth in the coming years.
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By system, the stand alone FPV system segment held the largest share in 2021, garnering more than two-thirds of the global floating photovoltaics (FPV) market revenue and is projected to maintain its dominance by 2031. However, the hybrid FPV hydropower systems segment would cite the fastest CAGR of 13.2% throughout the forecast period.
By panel type, the monocrystalline solar panels segment contributed to nearly half of the global floating photovoltaics (FPV) market revenue and is projected to rule the roost by 2031. The same segment would also portray the fastest CAGR of 13.2% throughout the forecast period. The segments such as polycrystalline solar panels, passivated emitter & rear cell (PERC) panels, and thin-film solar panels are also studied in the report.
By application, the manmade water bodies segment accounted for the highest share in 2021, generating nearly 90% of the global floating photovoltaics (FPV) market revenue and is expected to continue its lead during the forecast period. However, the natural water bodies segment would showcase the fastest CAGR of 13.2% during the forecast period.
By product, the stationary floating solar panels segment contributed to more than three-fourths of the global floating photovoltaics (FPV) market revenue and is projected to rule the roost by 2031. On the other hand, the solar-tracking floating solar panels segment would portray the fastest CAGR of 13.3% throughout the forecast period.
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By region, Asia-Pacific held the major share in 2021, garnering more than half of the global floating photovoltaics (FPV) market revenue and is projected to maintain its dominance by 2031. The same region would display the fastest CAGR of 13.2% throughout the forecast period. The other provinces studied in the report include North America, Europe and LAMEA.
The prominent market players analyzed in the global floating photovoltaics (FPV) market report include ISIFLOATING, Oceans of Energy, Swimsol, Ocean Sun AS, Solaris Float, SCOTRA CO, LTD., SUNGROW, Profloating, NRG ISLAND s.r.l, and Mibet Energy. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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