MARKET OVERVIEW - GLOBAL FLOATING SOLAR MARKET
Floating Solar is also referred to as floating photovoltaic (FPV) or photovoltaics which is a solar panel body that floats on top of a body of water. It is a good alternative to the traditional land-based solar panel. It is basically installed on the lake, reservoirs, or basin because the waters are generally calmer than the ocean It has several advantages as well as disadvantages. It is a new concept in the solar power field. The first patent is being registered in 2008. The rate of floating solar is relatively high in China, Japan, and the U.K and even getting popular in the United States in the coming years. The growing awareness regarding cleaner energy resources will drive market growth.
The need for renewable energy sources over traditional sources due to the deprivation of fossil fuel drive the market growth. The advantages such as easy system installation and adaptability to any electrical configuration, least requirement of heavyweight equipment in the installation of floating solar panels will drive the market growth. Even in developing countries, the installation of such programs is favored by the government will propel market growth. In addition, it is cost friendly approach to land-based solar power installations. These are some of the factors that will drive the market growth over the forecast period.
The opportunities are coming with floating solar photovoltaic installations such as scaling up solar generating capacity, especially in countries with high population density and competing uses for available land. It also offers advantages such as higher energy yield, reduced evaporation, improved water quality, and others. Due to floating solar panel installation demand for arid wastelands has risen to a certain extent. In addition, it also benefits the temperature-related issue associated with traditional solar-based installation. These factors will provide lucrative opportunities for market expansion over the forecast period.
The Floating Solar market has been facing a lack of financial capital to perform research and development operations. The cost of floating solar is much higher than traditional floating solar will hinder market growth. This factor is expected to lower the market growth in the coming period.
MARKET GROWTH CHALLENGES
The major challenge in the market is the higher cost of installations. The high installation cost of floating solar is due to the special floaters that have to be installed which prevent the panels from moving owing to the wind. In addition, tracking technology for floating solar is still in its infancy. The market is threatened by high investment costs. Thus, this factor is a big challenge for the growth of the floating solar market over the forecast span.
CUMULATIVE GROWTH ANALYSIS
The report provides an in-depth analysis of the global Floating Solar market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. the growing need for renewable energy sources for the environment will drive the market growth and is expected to witness growth at a specific CAGR from 2021-2028.
FLOATING SOLAR MARKET SEGMENTAL OVERVIEW
The global Floating Solar market is segmented based on type, capacity and geography.
FLOATING SOLAR MARKET BY TYPE
Based on type, the Floating Solar market is divided into
- Stationary Floating Solar Panels
- Tracking Floating Solar Panels
The stationary floating solar panels have gained major traction in the coming period. The growth of stationary floating solar panels is attributed to the easy and low cost of installation as compared to tracking Floating Solar Panels. The stationary floating solar panel can easily mount on a body of water, such as a reservoir or other water body. It also prevents the evaporation of water and offers temperature benefits. Thus these factors are expected to drive the growth for stationary floating solar panels.
FLOATING SOLAR MARKET BY CAPACITY
By capacity, the global Floating Solar market is segmented into
- Below 5MW
- 5MW – 50MW
- Above 50MW
By capacity, 5MW – 50MW dominated the market. The capacity for 5MW – 50MW is largely used for the floating solar market. This capacity is ideal for floating solar installation. Thus this segment is expected to drive the market demand in the forecast period.
FLOATING SOLAR MARKET BY GEOGRAPHY
The Global Floating Solar market is studied for the following region:
- North America
- Rest of the World (RoW)
Asia Pacific has dominated the market in 2021. In Asia Pacific, Japan is the major market in the coming period. Japan is leading due to the less availability of land tied to the limited amount of fossil fuels. The Government has actively invested in solar panel investments. In addition, the increasing awareness about renewable energy along with technological advancement will lead to market growth. For example, in 2018 KYOCERA Corporation of Japan started its operation at Japan’s largest 13.7 MW floating solar panel plant. The market is exponentially growing in developed countries like France, Germany, the U.S., and Canada due to the supportive regulations. The lack of space for installation will boost the region’s growth.
COVID-19 IMPACT ANALYSIS ON THE GLOBAL FLOATING SOLAR MARKET
Axiom MRC provides a 360-degree analysis of micro and macro-economic factors in regard to the Floating Solar market. The report studied an exclusive COVID-19 impact analysis. In addition, the report also studied a complete analysis of changes in the global Floating Solar market, expenditure, and economic and international policies on the supply and demand side. The report also studies the impact of pandemics on global economies, international trade, business investments, GDP, and marketing strategies of key players present in the market. The floating solar market has seen a negative impact on the growth of the market. The product demand is affected by the lockdowns imposed in the majority of countries. The lockdown and restriction will impact the manufacturing of solar panel production which impacts business. After the post-Covid market is foreseen to gain positive growth due to low installation costs and other benefits associated with floating solar. The need for renewable energy sources over traditional sources will make a positive influence on the market.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of the Floating Solar market is majorly focused on expanding the global growth of Floating Solar with new product innovation, business expansion, and the increasing presence of a range of manufacturers operating in Floating Solar has led to the growing demand for the market. Besides, the market offers a range of products in different applications to fulfill the requirements of consumers, which is further contributing to healthy growth in the market.
The key players studied in the market are
- Ciel & Terre International (France)
- Hanwha Group (South Korea)
- JA SOLAR Technology Co. Ltd. (China)
- KYOCERA Corp (Japan)
- LONGi Solar (China)
- Trina Solar (China)
- Vikram Solar Ltd (India)
- Wuxi Suntech Power Co., Ltd (China)
- Yellow Tropus Pvt. Ltd (India)
- Yingli Solar (China)
- Sharp Corporation (Japan)
- Sulzer Ltd (Switzerland)
- Itochu Corporation (Japan)
- Pristine Sun Corp (United States)
July 2022: The Indian subsidiary of French floating solar pioneer Ciel & Terre International, Ciel & Terre India has completed the installation of floats, anchoring, and mooring system and the installation of 73.4 MVP floating solar plant at thermal power corporation Kerala.
October 2021: Kyocera Corp, a Japanese company, has announced it has completed restoration works on a 13.7-MW floating solar park in Chiba prefecture. The Chiba Yamakura Water Mega Solar Power Plant was damaged by the Boso Peninsula Typhoon in 2019.