Global Floating Solar PV Market Growing On the Back of Rising Demand for Water Saving from Decrease in Evaporation Losses and Increase in Demand for Clean Energy
A floating solar PV, also known as a floating solar farm, is a collection of photovoltaic solar panels mounted on a structure that floats on a body of water, usually a lake or reservoir. Floating solar PV are those employed in the development of floating solar farms. Since floating solar panels are a brand-new, affordable, and trustworthy renewable option for using empty water surfaces of reservoirs or lakes to generate renewable solar electricity, their use has been growing.
The world's interest in conventional energy has switched to green energy due to the rapid depletion of fossil fuel resources and the global warming that results from their use. Many countries throughout the world have launched initiatives, plans, and put in place a number of environmental legislation in an effort to reduce the use of conventional resources and encourage green energy. One of the main reason for halting climate change is solar energy. To increase the production of clean energy, there has been a noticeable increase in the installation of rooftop and floating solar PV systems over the years globally. Additionally, as research and development in this field has grew, floating solar PV market will grow.
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The worldwide demand for Floating Solar PV market was estimated at around USD 2 billion in 2022, and by the end of 2031, existing and expected developments would hit valuations of around USD 35 billion. The industry players and analysts predict the global Floating Solar PV market growth of around 30% in terms of CAGR. During the upcoming years, rising awareness of the advantages associated with the floating solar PV is projected to raise demand for the Floating Solar PV market. However, high cost of Floating Solar PV is one of the challenge presented to floating solar PV market development and growth.
Some of the leading and top Floating Solar PV companies in the global Floating Solar PV market include Ciel & Terre International, GCL-SI, Hanwha Group, JA SOLAR Technology, Co. Ltd., KYOCERA Corp., LONGi Solar, Pristine Sun Corp, Sharp Corp., Talesun, Trina Solar, Vikram Solar Ltd, Wuxi Suntech Power, Co., Ltd. and Yingli Solar among others. The worldwide market of floating solar PV is very competitive, due to the presence of large players across the globe. Ciel & Terre is one the biggest installer in the global Floating Solar PV market.
On the basis of type, the worldwide Floating Solar PV market can be segmented into Stationary Floating Solar Panels and Tracking Floating Solar Panels, with the 'Stationary Floating Solar Panels ' category having the leading market share of about 60 percent. In terms of technology, global Floating Solar PV market can be segmented into Crystalline Silicon Floating Solar PV, and others. On the basis of capacity, the market can be bifurcated into Up to 1 MW, 1 MW – 5 MW and above 5 MW. Based on Connectivity, the market can be divided into on grid and off grid. On the basis of application, market can be segmented into inland and marine. In terms of geography, Asia Pacific region held the leading market share of around 65% among other regions such as North America, Europe, Latin America, and Middle East & Africa in the global Floating Solar PV market.
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