In its published report, Credible Markets states that the global floating solar market which is presently valued at USD 140 billion, is anticipated to amplify at a CAGR of 5% over the forecast duration of 2022-2030.
Global Floating Solar Market- Overview
Floating solar, also known as Floatovoltaics is referred to any array that floats on top of a water body including, lakes and reservoirs. This technology is regarded as an efficient eco-friendly method of producing electricity as it combines both marine and renewable energy sources. The solar panels constituting the floating solar system are affixed on buoyant structures which prevents them from sinking.
The components of a floating PV system include anchoring system, converters, PV modules, and underwater cables.
Global Floating Solar Market- Growth Drivers and Challenges
The primary factors that are aiding the expansion of this market place are rising awareness about the advantages of renewable energy sources and rising research & development investments in the field. Alongside, rapid reduction in fossil fuel reserves and surging requirement for continuous energy supply, is adding traction to the market growth.
Furthermore, high efficiency of floating solar due to the cooling effect of water, favorable government initiatives to promote the adoption of floating solar technology, and rising carbon footprints in various regions, are augmenting industry outlook.
However, high installation costs associated with these systems is likely to impede the progression of global floating solar market.
Moreover, the COVID-19 outbreak also adversely affected the market expansion. The travel restrictions and indefinite lockdowns imposed by various nations hindered the supply chain of floating solar equipment. This in turn led to a massive increase in the prices of panels, thereby hampering overall market growth.
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Segmental analysis of global floating solar market
By Product
• Tracking Floating Solar Panels
• Stationary Floating Solar Panels
The stationary floating solar panels segment is poised to generate substantial revenue share over the estimated timeline owing to its cost effectiveness and high efficacy.
By Capacity
• Below 5MW
• 5MW-50MW
• Above 50MW
Asia Pacific to showcase lucrative progression trends
Europe, North America, Asia Pacific, and Middle East & Africa are the primary regions considered to understand the geographical dynamics of this business sphere. Among these, Asia Pacific is projected to register notable gains over 2022-2030 ascribing to surging cognizance on floating solar technology and shortage of land space for installing ground-mounted PV cells due to population expansion. Also, rigid regulations to reduce GHG emissions and growing electricity consumption in the region are contributing to the regional market progression.
Competitive Hierarchy
Prominent players influencing the competitive terrain of global floating solar market are Sulzer Ltd., JA SOLAR Technology Co. Ltd., Sharp Corporation, Yellow Tropus Pvt. Ltd., KYOCERA Corporation, Vikram Solar Limited, Wuxi Suntech Power Co., Ltd., Hanwha Group, Talesun Solar Technologies Co., LERRI Solar Technology Co., Ltd., and GCL System Integration Technology Co. Ltd.
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Major Developments
• GreenYellow Limited, in February 2021 installed a 2MW floating solar power plant at the facilities of Thailand based SPM Group. It was aimed to facilitate the production of 2.8 GWh of low carbon electricity every year.
Key Questions answered in this report
• What is the growth rate projection for global floating solar market over 2022-2030?
• What are the primary growth drivers of global floating solar market?
• Which segment of global floating solar market is projected to showcase significant expansion?
• Which is the fastest growing region in global floating solar market?
Major takeaways from this report
• The global floating solar market is poised to amplify with a CAGR of 5% over 2022-2030
• Rising cognizance about the benefits of renewable energy and research & development investments are fueling global floating solar market progression
• Stationary floating solar panels segment is projected to register notable gains owing to the cost effectiveness of these panels
• Asia Pacific is expected to garner substantial returns due to increasing awareness on floating solar technology and strict regulations to reduce GHG emissions
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