Dublin, May 27, 2022 (GLOBE NEWSWIRE) — The report “Floating Solar Panel Market – Forecast 2022 to 2027” has been added to from ResearchAndMarkets.com offer.
The floating solar panel market was valued at USD 376.827 million in 2020 and is expected to grow at a CAGR of 35.86% during the forecast period to reach a total market size of USD 3219.996 million. 2027.
In various economies, the tilt towards clean energy with floating solar panels is expected to be a major growth driver. In 2019, solar photovoltaic was the second absolute producer of energy in the United States, followed by wind and ahead of hydroelectricity, which drove the growth of floating solar energy generation by 22% (+131 TWh). ).
Various factors, such as subsidies and tax incentives offered by the government to purchase and install solar panels, as well as rental benefits offered to tank owners, are expected to fuel the demand for solar photovoltaic (PV) panels. Additionally, the scarcity of open land and increasing use of water resources such as reservoirs, ponds, canals, and rivers for floating solar panel installations are expected to drive the market growth.
In addition, floating solar panels have low maintenance and management costs. By 2020, 230,000 Americans will work in the solar industry, with more than 10,000 companies in every state in the country. A $25 billion investment in the solar industry is expected for the U.S. economy in 2020. If floating solar panels were added to bodies of water that already have hydroelectric plants, researchers estimate that a potential annual production 10,600 terawatt hours could be generated by installing solar photovoltaic systems alone.
Solar panels are expected to grow in Japan, China and India due to growing investments in floating panels and favorable regulatory support. During the forecast period, the South Korean, Malaysian, Australian and Maldivian governments are all expected to increase their investments in floating solar panel power plants.
Following the Yamakura Dam project in Japan, floating solar panels are expected to be in demand in Japan. Similarly, the government of Uttar Pradesh in India has announced that it will soon develop a 150 megawatt (MW) floating solar power project.
Investments in floating solar panels continue to grow
Manufacturing companies are investing more in ways to improve the efficiency of solar panels, which is a dominant trend in the floating panel market.
Additionally, governments around the world are investing in this technology because floating solar panels save money because they don’t need land. Many projects scheduled for construction in the next few years, such as the 475 MW project in Vietnam, the 2.1 gigawatt (GW) project in South Korea and several others, are expected to be completed in the near future.
Additionally, Singapore, which has an area of over 700 km2 and a population of over 5.70 million, is busy working on the deployment of new floating solar panels. Singapore is building one of the world’s largest floating solar panel farms in July 2021, occupying an area the size of 45 football pitches and producing enough electricity to power five of the country’s five water treatment plants. ‘island.
Similarly, a 120 MW floating solar photovoltaic (FSPV) power plant has been built by Jinko18 in Poyang Lake which spans 2000 acres of water and generates 137.70 GWh of electricity. Currently, China has 73% of the installed FSPV capacity in the world, making it the leading country in this industry.
Additionally, regulations aimed at reducing GHG emissions will drive the market during the forecast period. China announced in its 13th Five-Year Plan in 2016 that it plans to reduce its emissions by 18% by 2020. During the forecast period, the aforementioned factors will propel the growth of the floating solar panel market.
Disturbance of aquatic life
The surface of a solar panel is designed to be waterproof, but 24/7 exposure to water can negatively impact the panels. If the panel breaks, the water will cause more damage. However, this potential drawback is insufficient to prevent the installation of floating solar panels. Since the panels could block the sun from illuminating all of the water, they could disturb aquatic life. Due to their structure, solar panels have the potential to disrupt aquatic life by preventing sunlight from reaching the entire surface of the water.
Due to trade restrictions, travel restrictions and border closures, the energy consumption of transport and manufacturing has fallen sharply, reducing reliance on renewable energy. The renewable energy industry, including solar, is subject to the risks of shutdowns related to the pandemic. Yet, with the revival of the nations economy, the construction of floating solar panels has resumed, showing steady improvement.
Main topics covered:
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1. Market factors
4.2. Market constraints
4.3. Analysis of the five forces of carriers
4.4. Industry Value Chain Analysis
5. FLOATING SOLAR PANEL MARKET, BY DELIVERY TYPE
5.2. Fixed floating solar panels
5.3. Floating Solar Panel Tracking
6. FLOATING SOLAR PANEL MARKET, BY DEPLOYMENT
7. FLOATING SOLAR PANEL MARKET, BY GEOGRAPHY
7.2. North America
7.2.1. United States
7.3. South America
7.5. Middle East and Africa
7.5.3. South Africa
7.6. Asia Pacific
7.6.3. South Korea
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Key Players and Strategic Analysis
8.2. Emerging players and market profitability
8.3. Mergers, acquisitions, agreements and collaborations
8.4. Supplier Competitiveness Matrix
9. COMPANY PROFILES
- Kyocera TCL
- Trina Solar
- Solaris Synergy
- Vari Ponton Pvt Ltd
- Akuo Group
- Heaven & Earth International
For more information about this report visit https://www.researchandmarkets.com/r/hhwbhc
Global floating solar panel market
CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager [email protected] For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900