Floating solar, also Floating Photovoltaic (FPV), involves the installation of solar panels on water bodies like lakes, ponds, and oceans for rapid clean energy generation. Since these set-ups are entirely on water bodies, they depict new horizons across various countries that have land constraints.
Higher energy yield, improved water quality, reduced evaporation, etc., are a few prominent benefits of floating solar panels over land-based systems. As a result, they are being increasingly installed worldwide, specifically in countries with high population density & less available land, and are generating new prospects for expanding solar energy generation capacity.
The Global Floating Solar Market is projected to grow at a CAGR of around 45% during the forecast period, i.e., 2021-26. The growth of the market is likely to be driven primarily by the mounting focus of various countries worldwide on producing clean & renewable energy and various government initiatives associated with floating solar plant installations, including tax rebates & incentives.
Many countries with high population levels & land constraints are actively setting up floating solar plants and scaling up solar energy utilization. Moreover, with the burgeoning energy requirements & rapidly depleting fossil fuels, the need for renewable energy resources is critically surging worldwide.
|Study Period||Historical Data: 2016-19|
|Base Year: 2020|
|Forecast Period: 2021-26|
|Regions Covered||North America: USA, Canada, Mexico|
|Europe: Germany, UK, France, Italy, Spain|
|Asia-Pacific: China, India, Japan, South Korea, Australia|
|South America: Brazil, Argentina|
|Middle East & Africa: UAE, Saudi Arabia, South Africa|
|Key Companies Profiled||Solaris Synergy, Sunengy Pty Ltd., Vikram Solar, Ciel & Terre International, KYOCERA Corporation, Novaton AG, Pristine Sun LLC, SPI Energy Co., Ltd., Yingli Solar, JA Solar Technology Co. Ltd., Ocean Sun AS, Quant Solar, Sharp Corporation, Tata Power Solar System Ltd., Swimsol GmbH, etc.|
In fact, several governments are also ambitious about reaching green energy targets, curbing carbon emissions, and addressing severe environmental challenges, which, in turn, would further generate a plethora of growth opportunities for the leading players in the industry and attract numerous investors over the coming years. Currently, China, India, Japan, the USA, and Germany act as powerhouses for the solar industry and are playing a crucial role in driving the global floating solar market.
Impact of Covid-19 on the Global Floating Solar Market
The advent of Covid-19 in 2020 severely impacted most industries worldwide. However, the Global Floating Solar Market did not observe, as such, any negative impact since several countries have categorized the solar industry under essentials to ensure continuous business operations even during restrictions & uncertainties. Although, floating solar plants were operational amidst the crisis. Still, with the sudden imposition of lockdown, the industry underwent a temporary halt and witnessed unprecedented challenges amidst the pandemic.
As most countries worldwide import solar materials, mainly from China, travel bans and import & export restrictions resulted in supply chain disruptions and a shortage of raw materials. However, with improved situations, governments of different countries uplifted restrictions & allowed the recommencement of business operations. In addition, exports from Chinese ports got reinstated while most countries gradually enabled imports. As a result, the market is projected to observe swift revival & substantial growth in the coming years.