Floating Solar Panels Market Emerges as the Future of Renewable Energy Generation, says Market.us

Today, electrical energy is a basic requirement, and its demand is rising globally. Additionally, the demand for a backup energy source has grown, and as solar energy is supported by the government’s ambitious green energy plans, it has drawn a lot of attention from investors.

Over the past ten years, nations like China, India, Japan, Germany, and the United States have emerged as solar powerhouses and increased their electricity output using solar energy, which has in turn aided the expansion of the market for floating solar panels.

According to a report by Market.us, “The market for floating solar panels was estimated at USD 37.17 million in 2022, and from 2023 to 2032, it is anticipated to increase at a CAGR of 23.2%. It is expected to reach USD 299.43 billion in the forecast period.”

A simple and economical alternative to ground-mounted photovoltaic systems is the floating solar panel, which is especially ideal for nations that cannot afford to squander either land or water. Photovoltaic panels, combiner boxes, mooring lines & anchors, floating frameworks, and central inverters are all components of floating solar panels.

Floating solar panels are divided into four categories based on their capacity: up to 500 kW, 500 kW to 1 MW, 1 MW to 3 MW, and greater than 3 MW. Most floating solar projects have a capacity of less than 1 MW.

The two types of floating solar panels are tracking panels and stationary panels. Floating solar panels are classified as Thin Film, Poly-crystalline, and Mono-crystalline depending on the type of panel they are made of.

Anurag Sharma, a senior research analyst at Market.us, said, “The growing demand for clean and renewable energy around the world is the main market driver for the global market for solar floating panels. Today, many nations are turning to clean energy sources. Due to its significant untapped potential, floating solar is becoming more popular among the available sources with the availability of government incentives and tax refunds over the installation of photovoltaic technology.”

During the projected period, the global market will benefit from an increased focus on clean fuel power generating energy sources as well as an inadequate supply of land. Regulatory bodies all across the world are establishing a number of clean energy-related goals that will aid in reducing pollution.

Due to the rising demand for sustainable renewable energy sources for power generation, the technical side of floating solar technology is predicted to experience a significant increase throughout the estimated timeframe.

The negative effects on marine life are the main market limitation for the global market for solar floating panels. Aquatic vegetation and wildlife are negatively affected by the lack of sunlight.

The market for floating solar panels is expanding as a result of several primary causes, including the rising demand for clean, renewable energy, falling installation and maintenance costs, and the scarcity of available land.

In the Johor strait, which divides Singapore from Malaysia, project developer Sunseap revealed intentions to construct the largest PV systems floating on seawater. When finished, the project, which has the assistance of Singapore’s Economic Development Board, will supply the grid with electricity for 25 years.

In 2021, Asia Pacific dominated the global market and generated more than 75% of worldwide revenues. In Japan, floating solar panels are frequently used since there is a shortage of available land and a finite amount of fossil resources. The government has therefore approved a number of floating panel schemes in an effort to meet the growing need for electricity while minimizing environmental damage.

Due to favorable legislation that encourages the use of solar energy for electricity generation, the industry is expected to expand in industrialized nations like France, Germany, the United States, and Canada. Additionally, elements including land availability and solar technology’s capacity to float to reduce the impact of evaporation are projected to increase product demand.