The global floating solar panels market revenue was clocked at US$ 0.7 Bn in 2021. The global market is anticipated to progress at a CAGR of 43.02% during the forecast period, from 2022 to 2031.The global floating solar panels market size is projected to attain value of US$ 24.5 Bn by 2031.
The quest for novel remedies and potentials for solar floating power plants is being driven by the rise in demand for renewable energy. The technology behind floating solar panels is based on that of ground-mounted solar panels, which is more developed and has a wider range of installation options. Floating solar panels advantages and disadvantages are expected to consider squarely by the companies before investing in solar plant projects.
One of the most popular ways to combat climate change is through use of solar energy. In order to improve the output of clean energy, more distributed PV (photovoltaic) solar systems are being placed on roofs and in solar farms. A novel product termed a floating solar panel has been developed as a result of ongoing research and development in the field of renewable energy. These panels consist of PV modules attached to floating platforms that are used in lakes, water reservoirs, and other suitable environments like oceans and seas.
Asia Pacific, which in 2021 held a significant share of 95.62% of the global floating market, offers immense growth potential to the floating solar panels companies. Due to the increase in solar energy investment by significant nations like Japan, India, and China, in the region, the market in Asia Pacific is likely to develop rapidly.
In terms of capacity, the market for floating solar panels was led by the above 5 MW category in 2021 with about 58.45% share. The total installed capacity of the floating solar farm exceeds 5 MW. The plant is rather huge overall, and installation is likely to take up a sizable amount of space. The plants in this capacity range are used for higher-power operations. Compared to plants from other categories, these plants have a higher cost of installation, which adds to the overall floating solar panels cost.
Based on type, the category of stationary floating solar panels accounted for 99.92% of the global market in 2021. Growth of the stationary floating solar panel category is anticipated to raise the demand for floating solar panels rises.
The market for floating solar panels is primarily being driven by the benefits of floating solar as compared to land-based solar systems and water conservation from drop in evaporation losses.
