Floating Solar Market: Introduction
Transparency Market Research delivers key insights on the global floating solar market. In terms of revenue, the global floating solar market is estimated to expand at a CAGR of 30% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecast in its report on the global floating solar market.
The global floating solar market has been positively impacted by an increase in global solar energy capacity and investment.
Floating Solar Market: Dynamics
The drive to promote green energy in several countries, together with reducing solar technology costs and maturing practices, has attracted strategic investors into the sector primarily driven by return and sustainable investment principles owing to government favorable policies.
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With a population of 1.4 billion and one of the world’s fastest-growing major economies, India is expected to be vital for the future of the global energy markets. The Government of India has made impressive progress in the past few years in increasing citizens’ access to clean electricity through various government policies. For instance, in November 2020, the government announced production-linked incentive (PLI) scheme worth US$ 610.23 Mn for high-efficiency solar PV modules manufacturing over a five-year period.
Thus, favorable policies by governments across the globe and declining prices of solar technology due to rapid development are expected to increase the demand for floating solar systems during the forecast period.
Furthermore, floating solar systems are installed on the surface of water bodies. Thus, they reduce the rate of evaporation of water from these water bodies. The system offers shade to the water from direct sunlight and can lower up to 70% of evaporation losses. According to a study, installation of floating solar panels in a reservoir can save evaporation losses of around 1,250 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, which is essential for photosynthesis that 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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Floating Solar Market: Prominent Regions
In terms of value, Asia Pacific dominated the global floating solar market in 2020. The region is expected to remain highly lucrative during the forecast period, due to high industrial activities and the presence of a large number of floating solar companies. The region has witnessed significant investment in the solar energy industry in the last decade, due to governments’ initiatives and increased awareness about solar energy.
China is the leading country and holds a major share of the Asia Pacific floating solar market. The market in China is driven by the introduction of national renewable energy targets and specific solar PV policies. Existing renewable energy targets set under national policies have driven the demand for new renewable energy projects, as China’s 2019 renewable portfolio standard requires the country to source 20% of primary energy from non-fossil fuel sources by 2030. Therefore, utilities in every state must develop capacity expansion plans that ensure they meet the renewable portfolio standard. These national energy targets, in addition to environmental pollution laws in some provinces, have encouraged deployment of RE, including floating PV systems.
Europe was another lucrative region of the global floating solar market in 2020. In Europe, countries such as the U.K., France, and the Netherlands are investing in renewable sources of energy as an alternative source of energy.
The Netherlands is the leading country in the floating solar market in Europe, and expansion of the market in the Netherlands can be ascribed to government support for the development of floating solar. The government supports floating solar projects as part of its larger renewable energy strategy. In 2017, the country’s Ministry of Infrastructure and Water Management created a consortium called “Zon op Water” (“Sun on Water”) to work toward development of 2,000 MW of FPV by 2023. The Netherlands also supports RE development under the Sustainable Energy Production Incentive Grant 15 program. This program reimburses the difference between the costs of generating energy from the FPV system.
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Floating Solar Market: Key Players
Key players operating in the global floating solar market are CETC Solar Energy Holdings Co., Ltd., DCH Group international, Konca Solar Cell Co., Ltd., EPC Group, Targray Technology International Inc., Kalyon Solar Technologies Factory, NorSun AS, JA SOLAR Technology Co., Ltd., Maharishi Solar Technology (P) Ltd., SUOZ Energy Group, and LONGi Solar Technology Co., Ltd.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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