Market Description
- Floating solar panel based plant or farm is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels.
- It is a new method of utilizing water surface available on dams, reservoirs, and other water bodies for the generation of solar energy
- The impetus to develop floating solar panels/plants over land-based plants is leading to an increase in prices of undeveloped land with solar potential
- According to the IEA, a minimum 80 GW of solar capacity was installed worldwide in 2018, a rise of about 48% compared to that in 2019. Companies are constantly conducting research and development activities to increase the overall efficiency of solar panels and systems.
- Floating solar panels/plants help conserve water through reduction of evaporation, and increase power generation due to the cooling effect of solar panels
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Advantages of Floating Solar Panels over Land-based Solar System to Drive Market
- Floating solar panels eliminate the requirement of expensive land areas, especially farmlands, which are near any substation, for harvesting solar power
- This significantly lowers the price of solar power generation and also frees the land for other purposes
- The requirement of land for solar installation has driven the prices of even arid wastelands to more than 10 to 20 times in most of the countries
- These high prices of land reflect in the total cost of generation of solar power. However, floating solar panels are installed on water surfaces; hence, they require surface of water bodies that are not used for any other purposes.
- Installation of floating solar panels does not involve civil work or any removal of plantation as required in land-based solar installations
- Floating solar panel/plants generally generate more electricity than ground-mounted and rooftop systems due to the cooling effect of the water
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- Increase in awareness about floating solar panels and solar power generation is projected to drive the floating solar panels market during the forecast period
- Rise in investments in the renewable energy sector is also expected to boost the market
- Thus, growth in land issues and availability of water bodies is projected to augment the floating solar market in the near future
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High Installation Cost of Floating Solar Panels/plants to Restrain Market
- Installation of a floating solar panels/system requires special floaters that are anchored at the bottom of the reservoir to prevent the movement of the panels due to the wind
- The tracking technology is in the nascent stage. The overall cost of technology is higher than the stationary type, which affects the project cost.
- High installation cost associated with the floating solar panel/system is a major restraint of the global floating solar panels market
- High investment cost also jeopardizes the profitability of the system and raises issues about project investment
- Companies such as Ciel & Terre provide the option of financing the projects for their customers. They also offer the entire package of project development services to clients along with EPC and operation & maintenance services.
- Governments of various countries such as Brazil, India, and Singapore have evinced interest in this technology. These countries provide financial incentives to the owners of floating solar panel projects.
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