Floating Solar Panels Market to Reach Expand CAGR of 43.02% by 2027


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
Request for Full Report Access @ 

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
  • The overall maintenance of the plant is low compared to land-based system. This results in significant saving of operational costs in the long run.
  • 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

Leave a Reply