GoodWe- Reshaping Smart Energy

Floating Solar Panels Market to Reach 4.8 Thousand MW by 2026: GIA

0
358

Reading Time: 2 minutes

Growatt

Global Floating Solar Panels market is projected to register significant growth over the near-to-long term. The market, estimated at 1.6 Thousand MW in 2021 is projected to reach 4.8 Thousand MW by 2026, registering a compounded annual growth rate (CAGR) of 33.7% over the analysis period, said Global Industry Analysts (GIA).

A new market study published by GIA the premier market research company, released its report titled “Floating Solar Panels – Global Market Trajectory & Analytics”. The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

Asia-Pacific represents the largest regional market for Floating Solar Panels, accounting for an estimated 62.2% share of the global total in 2020.

The market, estimated at 771.6 MW in 2021 is projected to reach 2.7 Thousand MW by 2026. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 59.4% over the analysis period.

Also Read  Tender & Policy Buzz India: Govt Invites EOI For Setting Up a Manufacturing Zone On Pilot Basis for Power, Renewable Energy Sector; GERC Specifies Renewable Purchase Obligation For FY 2023 To 2025 and More

The market is expected to progress steadily to evolve as a major regional market for Floating Solar Panels, supported by various factors conducive to healthy growth.

Shifting preference towards renewable energy resources such as solar and wind for power generation, rise in investments for renewable resources of energy, and various government initiatives to encourage solar energy are the prime factors driving the FPV panels’ market growth.

Generally, 1 MW of FPV plant covers water bodies of nearly 7 to 10 hectares, conserves water of 15 MI, and generates electricity of 1500 MWh. However, the FPV panels’ overall cost is much high compared to the stationary solar panels, which is estimated to be the key factor hindering the FPV panels’ market growth.

Additionally, increased demand for energy, rising solar installers’ networks, and decreased prices of FPV technology are estimated to augment the growth of the FPV panels’ market.

Demand for FPV panels will also be supported by the fact that FPV panels’ installation doesn’t require colossal land areas and the FPV projects are cost-efficient. FPV panel projects are possible to set up on unused water bodies, which are anticipated to be the prime driving factor for the FPV panels’ market growth. Countries like India, China, Germany, the USA, and Japan emerged as solar powerhouses, and the growing solar energy-based electricity production, in turn, boosted the market growth of FPV panels.

Also Read  SPIC's 25.3 MW Floating Solar Plant in Tamil Nadu Goes on Stream

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.