Market: China-Japan-India drive floating solar growth

North America works on carbon emission goals

Successful floating solar initiatives in China, Japan, and India demonstrate the technology’s viability and economic benefits, encouraging stakeholder investments in the global floating solar panels market size is projected to expand from US$16.71 billion in the current year to US$174.4 billion by 2035, registering a compound annual growth rate (CAGR) of 23.76% during the forecast period.

Furthermore, favorable renewable energy policies are stimulating government interest in promoting floating solar projects, according to a report on “Floating Solar Panels Market – Till 2035” which is being offered by ResearchAndMarkets from 20 Nov.

The demand for floating solar solutions is expected to rise as sustainability awareness and environmental assessments gain momentum. As solar tracking systems advance, efficiency improvements also become apparent, said the report.

“With applications extending from agricultural enhancements to urban energy resilience, the outlook is positive for the market’s growth,” it added.

Regionally, Asia currently holds the largest market share. The North American market is expected to grow rapidly, propelled by carbon emission reduction goals and sustainable development trends, supported by favorable policies and tax incentives for solar initiatives in the US, according to the report.

The industry heavyweights are: Canadian Solar; Ciel & Terre; Cleantech Solar; GCL-SI; GEITS; Hanwha; ITOCHU; JA SOLAR; Japan Mega Solar Power; Kyocera; LONGI Solar; Pristine Sun; Sharp Corporation; Solaris Synergy; Suntech Power Holdings; Trina Solar Limited; Vikram Solar; Waaree Energies; Wuxi; Suntech Power; Yello Tropus and Yingli Solar. Fiinews.com