NEW YORK, Dec. 03, 2018 (GLOBE NEWSWIRE) -- The global cumulative installed capacity of floating solar plants was 675.389 MW in 2017, and is expected to reach 4127.567 MW by 2024, while actuating at an estimated CAGR of 30.7% from 2018 to 2024. The growth is primarily attributed to the difficulty faced in land acquisitions and increased efficiency of solar panels due to the cooling effect of water. Moreover, rising investments in R&D by key players, along with various government initiatives to promote the adoption of floating solar technology are expected to augment the market demand over the forecast period.
The floating solar energy system consists of panels that are installed on water bodies, such as irrigation ponds, reservoirs, lakes, canals, and ocean. The floating solar energy system comprises of FRP floating system, module mounting structure, PV/CSP modules, inverters (DC to AC), mooring system to adjust fluctuations in water level, and other cables and equipment. Solar panels installed on water bodies are naturally cooled, resulting in improved efficiency and reduced stress on the system. The floating energy systems also reduce the rate of evaporation of fresh water bodies, resulting in the conservation of water. Solar systems installed on reservoirs, irrigation canals, and lakes result in reduction in formation of algae, thus reducing water contamination.
Key findings from the report:
- The global floating solar energy market is expected to witness a CAGR of 30.7% to reach 4127.567 MW cumulative installed capacity by 2024.
- By product type, stationary segment accounted for the largest segment of the global floating solar energy market in 2017, and the trend is likely to continue over the forecast period
- Based on application, commercial segment held the largest share of the global floating solar energy market in 2017
- Based on capacity, the small-scale segment is expected to experience the fastest CAGR over the forecast period
- Based on location, the onshore segment held the largest share of the global floating solar energy market in 2017
- Based on technology, the photovoltaic segment held the largest share of the global floating solar energy market in 2017 and the trend is likely to continue from 2018 to 2024
- Asia Pacific held the largest share of the market in 2017, and is expected to hold the same position by the year 2024
- In Europe, Netherlands is likely to actuate at the fastest CAGR during 2018-2024
- In Asia Pacific, China held the major share of the market from 2016 to 2017
- Some of the key companies operating in the market include Ciel & Terre International; Novaton; Infratech Industries, Inc.; DNV GL; Solar Power Incorporated; Pristine Sun; Yingli Green Energy Holding Company Limited; Trina Solar; Sharp Corporation; and KYOCERA Corporation, among others
By capacity, small-scale segment expected to witness fastest growth during 2018-2024
The small-scale segment experienced a significant rate from 2014 to 2017, and is expected to register the fastest CAGR over the forecast period. The advent of floating solar technology has led to the installation of pilot projects below 100kW capacity. Governments of devloping nations are presenting expression of interest (EOI) to get an estimate of incorporating floating solar technology in their utility grid infrastructure. Small-scale plants are often installed in the first stage of developing a large or medium scale floating solar power plant to test the generation capacity of the plant within the parameters of the climate conditions of the selected area. Additionally, small-scale floating solar plants are also installed by businesses.
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Floating solar energy market – Regional insight
The Asia-Pacific region held the largest share of the floating solar energy market, and is expected to continue its dominance over the forecast period. The growth in the region is primarily due to the high energy demand, and government initiatives to promote floating solar energy systems. The European floating solar energy market is expected to grow at a rapid rate during 2018-2024. The growth in the region is mainly attributed to the technological advancements in the development of floating solar power technology.
The report segments floating solar energy market on the basis of product type, location, technology, application, capacity, and region.
By Product Type
- Stationary
- Solar Tracking
By Location
- On-Shore
- Off-Shore
By Technology
- Photovoltaic
- Concentrated Solar Power (CSP) & Concentrator Photovoltaics (CPV)
By Application
- Residential
- Commercial
- Industrial
By Capacity
- Small-scale (<100kW)
- Medium-scale (100kW-10MW)
- Large-scale (>10MW)
By Region
- North America
- Europe
- Asia-Pacific (APAC)
- Rest of the World (RoW)
° Middle East & Africa (MEA)
° South America
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