For quick and clean energy production, solar panels are installed on bodies of water, such as lakes, ponds, and oceans, in a technique known as floating solar, or floating photovoltaic (FPV). These setups show new horizons across different countries with limited landmass because they are all on bodies of water.
According to SPER market research, ‘Floating Solar Market Size– By Type, By Technology, By Location, By Capacity- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Floating Solar Market is predicted to reach USD 70.33 billion by 2033 with a CAGR of 30.02%.
Floating solar market growth is being propelled by multiple critical aspects. Among these are the growing emphasis on clean and renewable energy generation on a worldwide scale, which is encouraged by government programmes such tax breaks and refunds for the construction of floating solar power plants. Floating solar technology is being actively adopted by nations with dense populations and limited land resources in order to effectively harness solar energy. The need for renewable energy sources is expanding globally as a result of rising energy consumption and the depletion of fossil fuels, which presents profitable prospects for the floating solar sector. Inadequate electricity infrastructure and the drive towards renewable energy targets are also anticipated to contribute to the market’s growth. A lot of governments are also dedicated to reducing carbon emissions, promoting green energy, and addressing environmental issues. This brings in investors and opens up a lot of growth prospects for business executives.
Since they only make up a small portion of all solar PV installations worldwide, floating solar plants are not given the attention they deserve despite their many benefits. The type of bed in the reservoir, depth, and potential fluctuations in water level all provide substantial obstacles when it comes to anchoring and mooring them in place during installation. Therefore, organisations in the floating solar industry are conducting more study to fully comprehend the geography of the waterbed and if it is suitable to set up anchors for floats. Their total prices rise as a result of the extra expenses associated with deploying floating solar plants in remote and far-flung locales. As a result, it is anticipated that the higher costs linked to floating solar plants will significantly impede industry expansion.
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Impact of COVID-19 on Global Floating Solar Market
Furthermore, the market for floating solar panels has suffered as a result of the COVID-19 pandemic’s detrimental effects on product demand brought on by the lockdowns implemented in numerous countries. The manufacture of solar panels and their parts has been suspended since the outbreak in December 2019 due to nationwide lockdowns. Conditions akin to curfews that hindered enterprises—a`part from those offering necessities—from functioning in several nations affected the market for floating solar panels. Certain countries loosened COVID-19-related restrictions in an effort to boost their economies. The expectation is that over the projection period, there will be a rise in the market for floating solar panels.
Floating Solar Market Key Players:
Geographically, the floating solar market was dominated by Asia-Pacific. Floating solar panels are widely used in the Asia-Pacific region since there is a fixed supply of fossil fuels and a scarcity of land. Conversely, during the projection period, North America is anticipated to develop at the fastest rate. Over the course of the projection period, it is anticipated that the region’s demand for floating solar would increase due to factors like the potential of floating solar technology to reduce evaporation and land availability. Additionally, some of the market key players are Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, Sulzer Ltd., Trina Solar, Others.
Floating Solar Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecast for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Floating Solar Market is segmented as; Solar-Tracking Floating Solar Panels, Stationary Floating Solar Panels.
By Technology: Based on the Technology, Global Floating Solar Market is segmented as; Concentrated Solar Power, Photovoltaic.
By Location: Based on the Location, Global Floating Solar Market is segmented as; Offshore, Onshore.
By Capacity: Based on the Capacity, Global Floating Solar Market is segmented as; Below 5MW, 5MW – 50MW, Above 50MW.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Floating Solar Market Future Outlook
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