Growing Demand for Solar Photovoltaic Systems for Renewable and Clean Energy and Widespread Applications of Floatovoltaics Systems Are Increasing the Demand for Floatovoltaics Which in Turn is Boosting the Market Growth During the Forecast Period 2022-2027

The Floatovoltaics Market size is forecast to reach US$3.5 billion by 2027, growing at a CAGR of 12.5% from 2022 to 2027. An increase in demand for clean energy is driving the search for new solutions and possibilities related to Floatovoltaics power plants. In November 2019, Sunseap announced its plans to build floatovoltaics systems on seawater located in the Johor Strait. However, the high cost associated with the Engineering, Procurement and Construction of these floating solar arrays in comparison to ground-mounted solar panels, hinders the Floatovoltaics Market growth.

Moreover, the rapid depletion of fossil fuel reserves has necessitated the use of renewable energy sources for power generation. Solar energy, as one of the fastest-growing renewable energy sources due to the ease of system installation, drives the Floatovoltaics industry growth. In January 2020, Masdar and PLN have formed a partnership to build Indonesia's first Floatovoltaics solar power plant, marking an important step forward in Indonesia's approach to renewable energy generation. These factors will drive the Floatovoltaics Industry in the forecast period.

North America generated approximately 23% of the global revenues in the Floatovoltaics industry in 2021. Demand for floatovoltaics panels will also be supported by the fact that installing these floating solar arrays does not necessitate vast amounts of land. Floating solar panel projects can be built on unused water bodies, which are expected to be the primary driving factor for Floatovoltaics market growth. In 2021, the U.S. had around 95,209MW of solar capacity and which is expected to grow over the forecast period, thereby boosting the Floatovoltaics Industry Outlook in the North American region.

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Floatovoltaics Market Growth Drivers:

Growing demand for solar photovoltaic systems for renewable and clean energy will drive the Floatovoltaics Industry forward during the forecast period

For the next five years, the solar photovoltaic system is expected to account for the most annual renewable capacity additions, far outpacing wind and hydro. In 2020, according to the IEA, solar PV generation increased by 23%, reaching 821 TWh, the second-highest absolute generation growth of any renewable technology after wind. This eventually will boost the adoption of floating photovoltaic systems. In 2021, approximately 183 GW of PV systems were installed and commissioned globally, bringing the total installed capacity to approximately 940 GW of PV by the end of the year. These factors cumulatively affect the Floatovoltaics Industry Outlook over the forecast period.

The Major Players in this Market Include

Major players in Floatovoltaics Market include Boehringer Ingelheim, Sembcorp Solar, NJR Clean Energy Ventures, Kyocera Corporation, Trina Solar, Ciel and Terre International among others. In July 2022, Indi’s largest floating Solar Power Project became fully operational Ramagundam, Telangana. NTPC declared Commercial Operation of the final part capacity of 20MW out of 100MW and with this, the total commercial operation of floating solar capacity in India’s southern region rose to 217 MW.