The Global market for Floating Solar Farm is forecast to reach $2.1 Billion by 2025, growing at CAGR of 20% from 2020 to 2025. The market growth is mainly driven by factors including scarcity of land for land-based solar farms, simple installation, and deployment with a high degree of modularity on sites, limited anchoring, and mooring requirements. Moreover, as a floating solar farm are anchored at a particular position, they can be conveniently transported around the water body, thereby providing a portability factor. Key Takeaways
Onshore floating solar farm held the highest market share in 2019 and it is estimated to witness the significant market growth during the forecast period 2020-2025. This is due to favourable environmental conditions of the onshore water bodies such as lakes, rivers, ponds, and others in comparison to offshore water bodies including seas and oceans for its establishments.
APAC region is anticipated to witness significant market growth during the forecast period 2020-2025. The market growth in this region is attributed to factors such as high population density, intense competition for the usability of available land space and others.
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Floating Solar Farm Market Segment Analysis - By Location
[FURL=https://www.industryarc.com/Report/19361/floating-solar-farm-market.html]Floating Solar Farm Market[/FURL] is segmented into onshore and offshore based on location. The market for onshore held the highest market share in 2019 and it is estimated to witness the significant market growth during the forecast period 2020-2025.
Floating Solar Farm Market Segment Analysis - By Geography
APAC region held the highest market share of 65% of global Floating Solar Farm Market in 2019. Moreover, APAC region is also estimated to witness significant market growth during the forecast period 2020-2025. Land accessible in most Asian countries is much smaller due to its high population density. Growing investments around the renewable sector serve as growth multipliers for floating solar farm market. In July 2020, according to Institute for Energy Economics and Financial Analysis (IEEFA) report Asia leads Europe in deploying floating solar farm.
Floating Solar Farm Market Drivers
Ease of combination with hydropower plant
High Cost of Land
Market Landscape
Partnerships and acquisitions along with product launches are the key strategies adopted by the players in the Floating solar farm market. As of 2019, the market for Floating Solar Farm Market is consolidated with the top players including Sulzer Ltd., Trina Solar, Yellow Tropus Pvt. Ltd., Wuxi Suntech Power Co., Ltd., Talesun, Ciel & Terre International, LONGi Solar, KYOCERA Corporation, JA SOLAR Technology Co. Ltd., Hanwha Group, Vikram Solar Limited and among others.
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