Global Industry Analysts Predicts the World Floating Solar Panels Market to Reach 4.8 Thousand MW by 2026
Jan 18, 2022, 09:30 ET
SAN FRANCISCO, Jan. 18, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Floating Solar Panels - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
FACTS AT A GLANCE
Edition: 5; Released: January 2022
Executive Pool: 674
Companies: 43 - Players covered include Ciel & Terre International; GCL-SI; Hanwha Group; ITOCHU Corporation; JA SOLAR Technology Co. Ltd.; KYOCERA Corporation; LONGi Solar; Pristine Sun Corp.; Sharp Corporation; Talesun; Trina Solar; Vikram Solar Limited; Wuxi Suntech Power Co., Ltd.; Yellow Tropus Pvt. Ltd.; Yingli Solar and Others.
Coverage: All major geographies and key segments
Segments: Type (Stationary, Tracking)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.
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Global Floating Solar Panels Market to Reach 4.8 Thousand MW by the Year 2026
Floating solar panels or floating photovoltaics (FPV), which are also known as floatovoltaics, are solar panels that are mounted on a structure floating on a water body, typically a lake or a reservoir. FPVs float on water and an embedded solar tracker follows the sun's movement and place the solar panel to increase the time of exposure to sunlight and enhance the complete efficiency of the FPV system. Moreover, floatovoltaics allow low maintenance and management costs and remove the requirement for costly land areas, which considerably decreases the cost of generating solar power and frees up the land. The water-based PV systems are beneficial in several aspects such as reduced algae growth and evaporation. Floatovoltaics additionally reduce PV's operating temperature and costs of generating solar energy. As the water bodies are generally government-owned, it is easy to obtain permits for water bodies compared to land. Furthermore, FPVs provide shade assisting the algae to bloom and reducing water evaporation, and although power generation on individual sites is not equal to ground mounts, the FPVs are suitable for the cities having a limited roof or land space.
Global Floating Solar Panels market is projected to register significant growth over the near-to-long term. The market, estimated at 1.6 Thousand MW in 2021 is projected to reach 4.8 Thousand MW by 2026, registering a compounded annual growth rate (CAGR) of 33.7% over the analysis period. Asia-Pacific represents the largest regional market for Floating Solar Panels, accounting for an estimated 62.2% share of the global total in 2020. The market, estimated at 771.6 MW in 2021 is projected to reach 2.7 Thousand MW by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 59.4% over the analysis period. The market is expected to progress steadily to evolve as a major regional market for Floating Solar Panels, supported by various factors conducive to healthy growth.
Advantages related to setting up FPV panel plants in comparison with traditional plants are anticipated to boost the FPV panels' market growth. Shifting preference towards renewable energy resources such as solar and wind for power generation, rise in investments for renewable resources of energy, and various government initiatives to encourage solar energy are the prime factors driving the FPV panels' market growth. Generally, 1 MW of FPV plant covers water bodies of nearly 7 to 10 hectares, conserves water of 15 MI, and generates electricity of 1500 MWh. However, the FPV panels' overall cost is much high compared to the stationary solar panels, which is estimated to be the key factor hindering the FPV panels' market growth. Additionally, increased demand for energy, rising solar installers' networks, and decreased prices of FPV technology are estimated to augment the growth of the FPV panels' market.
Demand for FPV panels will also be supported by the fact that FPV panels' installation doesn't require colossal land areas and the FPV projects are cost-efficient. FPV panel projects are possible to set up on unused water bodies, which are anticipated to be the prime driving factor for the FPV panels' market growth. Countries like India, China, Germany, the USA, and Japan emerged as solar powerhouses, and the growing solar energy-based electricity production, in turn, boosted the market growth of FPV panels. The US has over 24,000 water bodies that are manmade which are anticipated to be useful in FPV development, as man-Made water bodies are easy to manage and have infrastructure and roads in place. The untapped regions' exploration such as Russia and Azerbaijan for growth, too, is estimated to benefit the FPV panels' market. The offshore segment based on location dominates the FPV panels' global market and is anticipated to continue dominating in years to come. However, forceful water currents and tides are estimated to cause issues or damage the FPV panels. Furthermore, high construction and maintenance costs of seawater plants are estimated to cause the inland segment to observe increased growth. The Netherlands is the epicenter of inland FPVs and GroenLeven owns a huge FPV farm in Europe promising a steady income for people willing to rent the locations that have the ability to host FPVs. More
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