Key Drivers and Restraints of Global Solar Pontoon Market
- Increase in usage of renewable energy, such as solar, wind, and hydro, is estimated to drive the solar pontoon market in the near future. Various companies are investing in renewable energy sources. This is estimated to boost the demand for solar pontoon. Therefore, increase in usage of renewable energy is expected to drive the global solar pontoon market during the forecast period.
- Enactment of stringent government regulations to reduce carbon emissions into the atmosphere is a major factor driving the solar pontoon market. Favorable government incentive schemes to promote the installation of solar pontoon system are also fueling the market.
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Global Solar Pontoon Market: Segmentation
- The global solar pontoon market can be segmented in terms of type, location, and system type
- In terms of type, the global solar pontoon market can be bifurcated into non-plastic and plastic. The plastic segment is likely to account for major share of the solar pontoon market during the forecast period. Plastic-based solar pontoons are economic, durable, and corrosion resistant. These key benefits are projected to boost the demand for plastic-based solar pontoons during the forecast period.
- Based on location, the market can be fragmented into inshore and onshore. The inshore segment is likely to expand significantly in the near future, due to higher demand for solar pontoons in inshore locations.
- Based on system type, the global solar pontoon market can be divided into cable floating solution and anchoring system. Anchoring system is anticipated to be the key segment of solar pontoon market during the forecast period, as it provides stable structure vis-à-vis the cable floating solution.
Global Solar Pontoon Market: Regional Segmentation
- In terms of region, the global solar pontoon market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East Africa
- Asia Pacific is the leading region of the global solar pontoon market, followed by North America and Europe. Significant rise in investment in solar pontoons in China, Japan, India, and South Korea is anticipated to augment the demand for solar pontoons in Asia Pacific during the forecast period.
- Increase in demand for renewable-based energy in developing economies of Asia Pacific such as China, India, and Indonesia is anticipated to offer lucrative opportunities for manufacturers of solar pontoons in the region
- The market in North America and Europe is projected to expand at a rapid pace in the near future due to the enactment of stringent government policies to reduce carbon and greenhouse emissions in these regions
- The market in Latin America and Middle East Africa is expected to expand at a relatively slow pace, owing to the lower investment in renewable energy projects in these regions
Key Players Operating in Global Market
- SUNGROW
- SUMITOMO MITSUI CONSTRUCTION CO., LTD
- Mibet Energy
- SCG Chemicals Co., Ltd.
- Zhongshan Jintin Plastic Hardware Products Co., Ltd.
- Vari Pontoons Pvt. Ltd.
- Zhejiang Hisea Plastic Co.,Ltd
- Adtech Systems
- Vikram Solar
- REC Solar Holdings AS
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COVID-19 Impact on Global Solar Pontoon Market
The coronavirus pandemic has put the global economy in major distress. Demand for solar pontoons has been negatively impacted during the pandemic. However, demand for solar pontoons has been recovering after the relaxation of lockdowns and governmental initiatives to encourage investments in solar energy projects.
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