Dublin, Jan. 31, 2024 (GLOBE NEWSWIRE) — The “Floating Solar Panels Market Forecasts from 2023 to 2028” report has been added to ResearchAndMarkets.com’s offering.
The global floating solar panel market is estimated to grow at a CAGR of 27.57% to reach US$2,797.556 million in 2028 from US$508.809 million in 2021.
During the projected period, the worldwide floating solar panels market is anticipated to benefit from an increased focus on clean fuel power generating energy sources as well as an inadequate supply of land. Regulatory bodies across the world are establishing several clean energy-related goals that will aid in reducing pollution.
Increasing Demand for Renewable Energy
It is anticipated that the technical component of floating solar technology will see a significant increase throughout the predicted time due to the increasing demand for reliable renewable energy sources for power generation.
According to the data published by the National Energy Laboratory, the total installed FPV (Floating Photovoltaic) capacity worldwide in 2020 was around 2.6 GW, with the majority of this capacity being in China, the Taiwan region, and Japan (Cox 2021). The fast FPV expansion across Asia has been facilitated by a lack of available land, stringent renewable energy objectives, declining PV prices, and targeted subsidies.
The Potential of Solar Floating Panel
The floating solar panels may shield the water from direct sunlight and minimize evaporation losses by up to 70%. According to the research published in the International Journal for Innovative Research in Science and Technology on the possibility of floating solar photovoltaics in large reservoirs, the reservoir’s yearly water evaporation losses may be decreased by an average of 1, 250 million liters per square kilometer, or roughly 4 million gallons per acre, by installing floating solar panels.
With the potential to considerably increase clean electricity as the world rushes to reduce carbon emissions, floating solar farms are offering an alternative to ground-mounted modules in over a dozen nations worldwide. The largest man-made lake in the world, which is located on the border between Zambia and Zimbabwe, may also acquire floating solar panels to complement the region’s hydropower.
Growing Investment in the Field
Growing investment and product innovation are some key drivers for the floating solar panels market. For instance, to solve end-of-life difficulties with solar energy technology, the U.S. Department of Energy is sponsoring several initiatives, including recovering and recycling the materials used to make PV cells and panels. PV panel recycling is encouraged by regulations that have been passed in certain states.
As a consequence of the Jawaharlal Nehru National Solar Mission (JNNSM) launch, the number of PV systems installed has significantly grown, and 32.53 GW of solar energy has been produced, making India the fourth-largest producer of renewable energy. According to research by the Solar Energy Corporation of India (SECI), JNNSM has an aim of producing 175 GW of renewable energy by 2022, with 100 GW coming from the solar sector.
North America is Expected to Grow Considerably
North America is expected to hold a significant share of the floating solar panel market during the forecast period. Growth in the USA market is driven by increasing environmental awareness, supportive government policies, declining solar panel costs, and a growing preference for renewable energy solutions among consumers and businesses. In California, a prominent leader in renewable energy, several successful examples of Floating Photovoltaic (FPV) installations in commercial settings are evident.
For instance, Salad Cosmo, a US-based environmentally conscious bean sprout producer, collaborated with Sky Power Solar to implement an FPV system on a 40, 684 m irrigation pond. This installation incorporated Ciel & Terre’s Hydrelio technology, hosting 2208 Jinko Solar Co. Ltd. modules with 60 cells, covering approximately 15.42% of the water surface.
California is Expected Leading Market in North America
The regional distribution of U.S. PV installations in Q1-Q3 2022 provides valuable insights into the growth potential of the domestic floating solar panel market. California emerges as the leading state, accounting for 23% of the installations, indicating its active pursuit of renewable energy solutions. Texas and Southeast follow closely, contributing 17% and 13%, respectively, reflecting a growing interest in solar energy adoption in these regions.
Florida and Northeast each represent 12% of the installations, further corroborating the expanding trend of solar PV implementation in populous and environmentally-conscious areas. Midwest and Southwest stand at 11% and 9%, showcasing steady advancements in solar energy adoption across diverse geographic regions.
This data underscores the progressive growth of the floating solar panel market, fueled by regional variations in renewable energy policies, climate considerations, and economic drivers. As more states embrace the benefits of floating solar technology, the market is poised for further expansion and plays a crucial role in the nation’s transition towards sustainable energy solutions.
Key Market Developments
- In July 2022, NTPC declared the remaining 20 MW of the 100 MW Ramagundam Floating Solar PV Project in Telangana to be commercially operational.
- In August 2022, Trina Solar reported that it had won the 50 MWac (71 MWdc) Floating Solar Photovoltaic (FPV) project in the Sarawak Energy Berhad auction, which was held by the state’s vertically integrated power utility and largest source of renewable energy in Malaysia. It is the first FPV project the business will work on.
- In June 2023, the cutting-edge floating solar power plant near Toulouse in the Cintegabelle region of southern France has been successfully commissioned by Akuo, a major independent renewable energy producer and developer and a pioneer in floating solar technology in France.
- In January 2023, international floating solar authority Ciel & Terre finished building its most floating solar project at Montpezat-d’Agenais, southwest France. This project is anticipated to generate the equivalent of 14.5 MW in France.
|No. of Pages
|2021 – 2028
|Estimated Market Value (USD) in 2021
|Forecasted Market Value (USD) by 2028
|Compound Annual Growth Rate
- Kyocera TCL
- Trina Solar
- Solaris Synergy
- Vari Pontoon Pvt Ltd
- Akuo Group
- Ciel & Terre International
By Delivery Type
- Stationary Floating Solar Panels
- Tracking Floating Solar Panels
- North America
- United States
- South America
- United Kingdom
- Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
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- Floating Solar Panels Market