With the increasing carbon emissions, it isn’t difficult to understand the core reason behind the significant growth of floating solar companies. However, the rising carbon footprint is not only the reason behind this exponential growth. A combination of factors including requirements for green sources of energy due to rising environmental crises, increasing fuel prices, and government regulations are some other significant reasons behind this growth surge.
Floating Solar or Floatovoltaics, are the solar panel system installed on the bodies of water such as reservoirs, lakes, ponds, irrigating canals, and oceans. The floating solar panels are used to generate clean energy and this energy is afterward turned into alternating current via inverters, enabling it to be assimilated into the electrical grid. Water surfaces are comparatively cheaper and there are fewer rules and regulations for structures built on bodies of water not used for recreation. Even floating arrays can achieve higher efficiencies than RV panels on land because water cools the panels, also those panels comprise a special coating to prevent rust or corrosion.
According to Markntel Research Report “Global Floating Solar Market: By Type (Pure, Metallic, and Membrane), By Waterbody (Inland and Marine), By Component (Service and Equipment), Competition, Forecast & Opportunities, (2024-30)” The Global Floating Solar Market size in terms of installed capacity is valued at around 5.9 GW in 2023. Along with this, the market is estimated to grow at a CAGR of around 34.2% during the forecast period, i.e., 2024-30). The national governments across the globe are extensively investing in the implementation and advancement of low-carbon electricity generation sources and strategies. Additionally, the lucrative growth of the market is propelled by government schemes that provide support and investments to private players for the development of floating solar plants.
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Founded in 2006, specializes in deploying floating solar power plants. Contributing to the global need for cleaner, more efficient, and economical energy. The main goal is to make renewables simpler and integrate them flawlessly into their immediate environment. The companies emphasize more towards research and development, enabling reliable and durable designs for efficient floating solar solutions. Ciel Terre International has successfully installed over 30 FPV systems across more than 30 countries, including the United States, India, Australia, and some Asian, and European countries.
Established in 2004 and is a Marina, floating bridge, floating house, and floating PV specialized company for floating systems. The Tagline of the company depicts – New World on the water, the company that opens a new paradigm on the water for the future. Since 2004 the company has been a leading FPV system supplier in Korea. The company comprises 17 patents for floating PV, 8 patents for floating leisure facilities, 6 design registrations for floating PV more than 1,400 references for mooring & anchoring with unrivaled technical abilities. This resulted in one of the top companies across the globe.
Established in 2016, Huainan Sungrow Group Company was recognized in 1995 in China as a solar power manufacturing company, afterward ventured into FPV system supply in 2016. Sungrow Floating PV is a key high-tech enterprise that emphasizes providing floating PV system solutions, dedicated to providing environmentally friendly, reliable, and efficient floating PV system solutions. The company majorly focuses on research and development groups and applied for more than 230 patents. The company consists of PV inverters, floating structures, and other floating solar products.
Founded in 2016, Ocean Sun has advanced a patented solution for a floating power system with solar panels attached to a thin hydroelastic membrane. The cooling effect from the water facilitates increasing the power output from the solar modules, resulting in renewable energy at the world-beating cost level. The company revolutionized floating solar power production with effective low-carbon solutions. Majorly specialized in design specifications, EPC for 1 MW demo installations, consultancy, and management.
Xiamen Mibet New Energy Co., Ltd, a high-tech enterprise, specializes in researching and developing, manufacturing, and selling solar energy products. Mibet is a leading provider of solar mounting solutions, including ground mounts, floating solar systems, single-axis trackers, flat roof ballasts, etc. Recent innovation systems i.e., MRac tracker mounting system with G4S have been utilized in over 100 countries. Their HDPE structure clears more than 10 specification tests. Hence assures the product lifespan is approx. 25 years.
The blog comprises Global market players in the Floating solar market, with their diverse product innovations. This blog depicts prominent factors behind the surging demand for floating solar panels due to rising environmental crises and increasing energy prices. The Global Floating market is witnessing exponential growth, driven by innovation and regulatory framework. Market players such as Scrotra, Sungrow, Sumitomo, Ocean Sun, etc., are some of the leading companies, facilitating revolutionizing the global market and promoting the secure future of FVP applications.
