The global market for floating solar panels market is set to grow at a compound annual growth rate (CAGR) of over 31% from 2018-2022, according to a report from Technavio. Increasing investments in renewable energy represent one of the major factors driving the market. Advancing from fossil fuels to renewable sources is the key to achieving economic, social, and environmental development.
The stationary floating solar panels segment dominated the market in 2017, with a total market share of more than 89%. The tracking floating solar panels segment is expected to grow over the forecast period to reach more than 16% by 2022.
Technavio researchers anticipate high growth for the global floating solar panels market in the Asia-Pacific region, with a market share of close to 86%. In 2022, Asia-Pacific is likely to continue dominating the market with a share of close to 52%, while the Americas region is expected to witness a substantial increase in its share to reach 45%.
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