Floating Solar Panels Market Outlook 2031
The global floating solar panels market was valued at US$ 0.7 Bn in 2021
It is estimated to advance at a CAGR of 43.02% from 2022 to 2031
The global floating solar panels market is expected to reach US$ 24.5 Bn by the end of 2031
Global Floating Solar Panels Market Introduction
Floating solar power plant, or farm, is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels. The usage of floating solar panels has been rising since they are new, cost-effective, and a reliable renewable solution for utilizing idle water surfaces of reservoirs or lakes to produce renewable solar power.
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Advantages of Floating Solar Over Land-based Systems to Drive Floating Solar Panels Market
Floating solar eliminates the need to acquire expensive land areas for harvesting solar power, especially farmlands that are near any substation. This significantly lowers the price of solar power generation and also frees the land for other purposes. The requirement of land for solar installation has driven the prices of even arid wastelands to more than 10 to 20 times in California, the U.S. The high prices of land reflect in the total cost of generation of solar power. However, floating solar panels are installed on water surfaces; hence, they require a surface of water bodies that are not used for any other purposes.
Owners of floating solar plants can rent out a reservoir for power generation without any reclamation cost. Installation of floating solar panels does not entail civil work or any removal of plantations, as required in land-based solar installations. Theft of solar panels, which is common in land-based solar systems, is a risky proposition in floating solar systems due to the landscape of the installation. The cooling effect from the aquatic environment keeps the panels cool and enables them to generate more power than their land-based counterparts.
Water Saving from Decrease in Evaporation Losses to Boost Floating Solar Panels Market
Floating solar systems reduce the rate of evaporation of water from water bodies. The system offers shade to the water from direct sunlight and can lower evaporation losses by up to 70%. According to a study on Floating Solar PV Potential in Large Reservoirs published in the International Journal for Innovative Research in Science & Technology in April 2016, the installation of floating solar panels in a reservoir can save evaporation losses of around 1250 million liters per square kilometer per year or about 4 million gallons per acre per year of water on an average.
Floating solar systems also help improve the quality of water by blocking the sunlight that is essential for photosynthesis, which assists the growth of algae in water. Thus, growth of algae in reservoirs is arrested by shading the water. This lowers the cost of associated treatment and labor.
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High Demand for Stationary Floating Solar Panels to Benefit Manufacturers
In terms of type, the global floating solar panels market has been bifurcated into stationary floating solar panels and solar-tracking floating solar panels. The stationary floating solar panels segment held major share of 99.92% % of the global market in 2021. Growth of the stationary floating solar panels segment is estimated to augment the floating solar panels market size during the forecast period.
Stationary floating solar PV systems are installed on the water surface. PV panels float on a structure that floats on a water body. The entire system contains a series of solar panels, aluminum frames, cables, and invertors. Stationary floating solar system has panels that are fixed on a centralized tilt angle. Stationary solar panels are effective and require less care and occasional inspection. The overall cost of stationary floating systems is less than movers or tracking solar panels.
Various large-sized projects for floating solar panels have been proposed to ensure a robust future of the floating solar panels market. There is a fair difference between the overall cost of capital and operations of stationary solar panels and solar-tracking floating panels. Easy availability of stationary panels has fueled the demand for these panels.
Rise in Demand for Above 5 MW Floating Solar Panels for High-power Applications to Augment Market
Based on capacity, the global floating solar panels market has been classified into up to 1 MW, 1 MW-5 MW, and above 5 MW. The above 5 MW segment dominated the global floating solar panels market with 58.45% share in 2021.
The overall floating solar plant capacity is above 5 MW. The overall plant size is considerably large and the plant requires a significant area for installation. The plants of this capacity range are employed for higher-power applications. Installation cost of these plants is higher than the plants under other segments.
Regional Outlook of Global Floating Solar Panels Market
Growth opportunities in the floating solar panels market are being witnessed in Asia Pacific, which accounted for a prominent share of 95.62 % of the global market in 2021. The market in Asia Pacific is growing at a rapid pace due to the rise in investment in solar power by prominent countries such as China, India, and Japan in the region.
Europe and North America are also notable markets for floating solar panels. These regions held 2.51% and 1.6 % share of the global market, respectively, in 2021. In Europe, the U.K. and the Netherlands are investing considerably in renewable sources of energy as an alternative source of energy. Rest of the Word is a relatively minor market for floating solar panels as compared to other regions.
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Analysis of Key Players in Global Floating Solar Panels Market
The global floating solar panels market comprises several small and large-scale service providers that control a majority of the share. Most of the firms are adopting new technologies and strategies with comprehensive research and development activities, primarily to develop and prioritize sustainable power maintenance services. Diversification of product portfolios and mergers and acquisitions are prominent strategies adopted by key players. Ciel & Terre International, NOVATION AG, Solaris Synergy, Solimpeks Corp., Sharp Corporation, Sunengy, Trina Solar Limited, KTOCERA Corporation, JA Solar Co., Ltd, Yingli Solar, SPG Solar,Inc., and Pristine Sun LLC are the prominent entities operating in the market.
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