Market research company, Global Industry Analysts Inc. (GIA), has published a new market study on floating solar panels or floating photovoltaics (FPV), which are also known as floatovoltaics, which shows that the market is set to reach 4,8GW by 2026, from the current 1,6GW as of 2021.
The report titled “Floating Solar Panels – Global Market Trajectory & Analytics” shows that demand for FPV panels will also be driven by the fact that FPV panels’ installation doesn’t require colossal land areas and the FPV projects are cost-efficient.
FPVs float on water and an embedded solar tracker follows the sun’s movement and places the solar panel to increase the time of exposure to sunlight and enhance the complete efficiency of the FPV system. Moreover, floatovoltaics allow low maintenance and management costs and remove the requirement for costly land areas, which considerably decreases the cost of generating solar power and frees up the land.
Markets with the most potential for floating solar
FPV panel projects are possible to set up on unused water bodies, which are anticipated to be the prime driving factor for the FPV panels’ market growth. Countries like India, China, Germany, the USA, and Japan emerged as solar powerhouses, and the growing solar energy-based electricity production, in turn, boosted the market growth of FPV panels. The US has over 24,000 water bodies that are man made which are anticipated to be useful in FPV development, as man-Made water bodies are easy to manage and have infrastructure and roads in place.