According to a recent research report by MarkNtel Advisors, the Global Floating Solar Market is expecting around 45% CAGR during 2021-26. The rising inclination of governments worldwide toward clean energy generation to reduce pollution levels & carbon emissions and mounting concerns over the gradually declining land area owing to increasing construction activities are the prime aspects promoting the adoption of floating solar plants worldwide and driving the global market.
The rapidly depleting fossil fuel reserves are encouraging the utilization of renewable energy resources, where solar energy is one of the fastest power generation methods. As a result, governments of both developed & developing countries are massively investing in different large-scale floating solar projects to enhance energy yield & water quality, thereby boosting the market.
In addition, the cost-effectiveness associated with the floating solar technology and the gradually reducing prices of solar PV modules are a few other prominent factors contributing to the market growth, further cites the research report, “Global Floating Solar Market Analysis, 2021.”
Rapid Installations of Solar Plants across India & China Spurs the Asia-Pacific Floating Solar Market
Countries like China & India, adjoined with some parts of Southeast Asia, are increasingly utilizing solar power for clean energy generation. As a result, they are witnessing rapid installations of large floating solar plants and contributing significantly to the market growth across Asia-Pacific. Besides, the reducing costs of solar panels & the growing awareness about the various benefits of floating solar technology are other crucial aspects driving the regional market.
In Asia-Pacific, Japan is expecting high penetration of floating solar farms over the forecast years due to the less availability of land & fossil fuels across the country. Due to this, the Japanese government is authorizing several new floating solar projects to address environmental concerns & suffice the burgeoning energy requirements. Hence, these aspects are projecting a positive growth prospect for the floating solar market across Asia-Pacific in the years to come.
Stationary Floating Solar Panels Continue their Dominance in the Global Market through 2026
Stationary or fixed floating solar panels avoid impacts of changing weather & water current, are cheaper than solar trackers, and, in the case of damages, they are easier & cost-efficient to restructure. Moreover, stationary solar panels are resilient & require low maintenance since they have no moving parts. Due to these benefits, stationary or fixed floating solar panels dominated the global floating solar market with the largest share, and their demand would continue surging dramatically in the coming years, reveals MarkNtel Advisors in their research report, "Global Floating Solar Market Analysis, 2021."
The leading players in the Global Floating Solar Market include Ocean Sun AS, Quant Solar, Sharp Corporation, Tata Power Solar System Ltd., Sunengy Pty Ltd., Vikram Solar, Ciel & Terre International, KYOCERA Corporation, Novation AG, Pristine Sun LLC, SPI Energy Co., Ltd., Solaris Synergy, Yingli Solar, Swimsol GmbH, and JA Solar Technology Co. Ltd.
Key questions answered in the Research Report: