Global Onshore Floating Solar Market is booming owing to rising need for renewable energy

Onshore Floating Solar

Floating solar panels that generate electricity without occupancy of land are in great demand. Onshore floating solar is presently applied in small water bodies and allows to generate electricity for both small and large projects. However, the application of such technology on high-wave and offshore water bodies promises sustainable and cost-effective solutions to generate electricity for larger applications. Increasing need to generate electricity from natural sources driving attention of many governments around the world.

Demand for global onshore floating solar market is mainly driven by its key advantages such as no land occupancy and less maintenance. The foremost benefit of floating solar energy plants is that they do acquire any land, except the minimal surfaces required to set up grid connections and electric cabinet. Second major advantage that is driving the growth of the market include easy installation and decommissioning. Further, growing inclination towards use of renewable resources and increase in government initiatives are adding up to the market growth. On the other hand, high capital cost involved in the plant setup is the major restrain for the market, as low-income countries cannot invest in such projects effectively. Secondly, uncertainty about predicting environmental impact and lack of a robust track record are the major challenges in the way of market expansion.

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Global onshore floating solar market is categorized into type, component, applications, and region. Major types of onshore floating solar are stationery and tracking. Based on component the, global market for onshore floating solar is bifurcated into lightning protection system, PV modules, inverter and anchoring system. Key applications of onshore floating solar include quarry & mining, water treatment, hydroelectric dam, and irrigation.

Asia Pacific to hold the largest share in the global onshore floating solar market over the estimated period. Presence of large coastal area, vast river bodies, and artificial dams are mainly accelerating the growth of the market. China is projected to be the major revenue contributor whereas India is expected to increase its investments in the market at significant rate over the forecast period. Market in North America and Europe is chiefly expanding due to rising awareness for renewable energies. For instance, in Sept 2020, Statkraft, European renewable energy generator collaborated with Norwegian supplier Ocean Sun to initiate commercial operations at the first unit of its floating solar project in Albania. The Middle East & Africa are also expected to grow at a faster rate during the forecast period.

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Ciel and Terre International, Yellow Tropus Pvt. Ltd., Swimsol, Adtech Systems Limited, EDP S.A., Ocean Sun AS, Sungrow, Waaree Energies Ltd., and KYOCERA Corporation are the major players operating in the global onshore floating solar market.