Floating Solar On A Growth Path To 2027, Says TMR

Israel Launches Floating Solar Project of 31 MW Capacity

Transparency market Research, a market intelligence firm, has predicted a strong 43 percent CAGR growth for floating solar between 2019 and 2027.

According to the firm, no large land requirement, decrease in evaporation, and massive power generation are some of the important benefits that will influence the growth of the floating solar panels market.

Floating photovoltaic (FPV), better known as floating solar panels is a type of solar array that floats on water bodies. These panels are specially designed for their capability to float on water. These panels are most likely to be located on a basin or a lake. The panels are also installed on man-made reservoirs. The installation of solar panels on an ocean is a tedious affair because of the constantly moving waves. In India, we have seen them used over canals too, to generate energy and cut back on evaporation as water travels long distances over these pathways.

Like the rest of the solar sector, TMR also expects innovations and technological advancements to ensure that the growth momentum doesn’t slow in floating solar. The rising adoption of floating solar panels in developing countries like India and China will further boost growth. The cooling effect of water bodies helps the solar panels to perform well as their output is decreased under high temperatures. These advantages will propel the growth opportunities across the floating solar panels market during the forecast period.

Huge Investments from Large Conglomerates and Governments of Numerous Countries to Add Extra Stars of Growth to the Floating Solar Panels Market

Clean energy initiatives are attracting extensive investments from various firms and businesses. Governments of various countries are also investing heftily in such initiatives. The floating solar panels market, being a part of the clean energy products observes multiple investments. For instance, Amazon recently announced a large investment in renewable energy in Brazil. It will be Amazon’s largest single-site renewable project to date. It will comprise a floating solar park and other clean energy-generating equipment.

In another instance, the Cochin International Airport in Kerala, India approved the installation of one of the biggest floating solar plants. It has a capacity of generating 452 kWh power. The state of Goa in India will also see the installation of a 1 GW solar power plant. Such developments invite tremendous growth opportunities for the floating solar panels market. Overall tendering action has been quite high too, with multiple projects in process.