The floating solar panels market was USD 2,731 million in 2022, and it will reach USD 40,662 million by 2030, powering at a rate of 40.2% in the years to come, as stated by P&S Intelligence, a market research company, in one of its reports.
The industry is powered by the snowballing number of government initiatives for the use of renewable resources, stringent ecological regulations, and the disregard of the necessity for the attainment of large terrestrial areas with the setting up of PV plants on waterbodies.
Floating PV systems had a larger share of revenue, of 93%, in 2022, as installing PV plants in waterbodies aids to overcome the limits of conventional PV sites. It allows for the most effectual land usage, creation of a visually pleasing environment, tidal management, and surge in power cohort.
They are also lucrative as opposed to conventional mounting-based PV systems, and they make maximum usage of water’s cooling effect for generating higher energy.
Stationary panels had the larger share, of 82%, in the recent past. On a lake, dam reservoir, or extra waterbody, it is comparatively easy for installing these panels. Furthermore, serving as a shade above the waterbody, these panels hold up the evaporation of the water.
Moreover, installation of a stationary floating PV plant is more cost-effective than a solar-tracking floating plant, meanwhile the former type of panels is made of high-strength plastic and are economical
Owing to the increasing expenditures on the solar tracking technology's maintenance, the expenditure on the production and setting up of stationary alternatives in developing economies will boost the requirement for them in the years to come.
Generation of conventional solar energy needs massive land for the fitting of PV plants, which surges the upfront cost. This acts as the main challenge in the development of the worldwide deployment of the solar panels market. For overcoming this challenge, recently, more than a few nations have started accepting floating solar panels, which disregards the requirement for land attainment.
APAC dominated the industry in the past. The industry will witness fast growth chiefly on account of the administration initiatives promoting the use of floating solar panels.
Moreover, the strict environmental guidelines, accompanied by the increasing affordable energy requirement, are endorsing the industry growth. The setting up of ground-based PV systems needs large landmasses; hence, land acquisition surges the price of power. The obtainable land in most Asian nations is quite less, due to their high population densities.
It is due to the increasing government regulations, the demand for the floating solar panels will continue to rise in the years to come, all over the world.
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