Floating Photo voltaic Panels Market Income to Attain $2,301.eight Mn by 2026 Says P&S Intelligence
NEW YORK, February 23, 2021 / PRNewswire / – Government efforts to curb the release of noxious gases into the atmosphere should fuel the global floating solar panel market $ 2,301.8 million until 2026 from $ 685.2 million in 2019 according to the market research study published by P&S Intelligence. Countries around the world have strict environmental regulations, and tax breaks and other financial incentives are offered to promote clean energy. While solar power is one of the best alternatives to generating electricity from fossil fuels, the requirement for large areas to install photovoltaic modules is preventing many from taking advantage of it.
This is proving beneficial for the floating solar panel market as such PV systems are installed on bodies of water such as lakes, ponds, reservoirs and seas. This leaves the land free for other purposes such as agriculture or construction, which is why governments are now quickly installing PV modules on the water. For example, in 2018 the Indian government announced its intention to generate 10 gigawatts (GW) of electricity from floating PV modules.
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The coronavirus pandemic has slowed growth in the floating solar panel market as nationwide lockdowns have resulted in the closure of factories around the world that manufacture PV modules and other components required in a solar array. As a result, many of the projects that should be commissioned in 2020 will now face significant delays.
In the years to come, onshore location-based bifurcation will dominate the floating solar panel market, as lakes, ponds, and reservoirs have lower tides and weaker currents than oceans, resulting in less damage to the PV modules and floating structure in onshore waters . In addition, the maintenance of floating offshore solar modules is difficult and expensive, which is why onshore waters are preferred for the installation of PV modules.
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PV bifurcation has so far achieved the higher sales in the floating solar panel market, broken down by technology. This is attributed to the proven ability of this technology to produce significant amounts of clean energy. In addition, CSP (Concentrated Solar Power) technology is not so well developed for power generation, which leads to greater use of PV technology for this purpose.
In the coming years, Asia Pacific (APAC) is expected to continue to be the largest floating solar panel market as government initiatives to support the technology increase. In addition, the environmental regulations in the region are quite strict, and the demand for cheap electricity is also increasing. Another factor that makes APAC the largest contributor to industry is its limited land area due to its high population density and rate of urbanization, which hinders the installation of terrestrial solar panels.
In order to make the most of the opportunities in the rapidly growing market for floating solar modules, companies that offer PV modules and other components and services are either expanding their offerings or entering into partnerships.
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For example, in August 2019, a Memorandum of Understanding (MoU) was signed between Pestech International Bhd and Sungrow Power Supply Co. Ltd., a Chinese company, to develop floating solar systems to meet the increasing energy demand in China South East Asia.
Formerly in May 2019JA Solar Technology Co. Ltd. had used its highly efficient half-cell mono PERC solar modules with mono technology in a floating PV system with an output of 450 kilowatts (kW) South Korea. The Korean Standards Association (KS) had JA Solar Technology Co. Ltd. the production certificate for their 395 W half-cell mono PERC module was made available in April.
The major companies operating in the global floating solar panel market are JA Solar Technology Co. Ltd., Ciel et Terre International, Ocean Sun AS, JinkoSolar Holding Co. Ltd., Sungrow Power Supply Co. Ltd., Quant solar, Sharp Corporation, manufacturer of Topper Floating Solar PV-Montage Co. Ltd., Swimsol GmbH, Tata Power Solar Systems Ltd. and Trina Solar Limited.
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SOURCE P&S Intelligence