Solar Floating Market Insight 2022

Influence of COVID-19 on Solar Floating Market

It has witnessed a negative impact on the floating solar market during the COVID-19 outbreak a few months ago. Fortunately, the demand for floating solar products is recovering after some countries ease the lockdowns and take some initiatives and measures to restore their economic conditions.

Key Driver that boost the Solar Floating Market

1. As a sophisticated technology, floating solar is developed to overcome hassles with traditional solar systems, such as land scarcity, panel overheating, etc. It is prone to gain more power generation compared to ground or roof solar.

2. The continuous increase in usage of renewable energy, especially solar, and various companies investing in renewable energy are estimated some key drivers to boosting the floating solar markets.

3. The Russia-Ukraine war accelerated the progress of energy transformation in European countries, which further boosted the solar floating markets.

4. With the enactment of stringent government regulations to reduce carbon emissions, the incentive schemes are promoted to speed the installation of floating solar.

5. Rapid decline of fossil fuel reserves

Floating System Products Types

1. The plastic pontoon is the mainstream solar floating system in the market. It has many key benefits, just name a few:

1) plastic-based pontoon is durable

2) It has strong corrosion resistance

3) It is easy to install

4) Economical

5) High flexibility

2. In terms of the floating solution, it can be bifurcated into a cable floating solution and an anchoring floating solution. The anchoring can be onshore, near the shore, and/or beneath the plant.

3. According to the location, there are inshore solar floating and offshore solar floating. The inshore floating is possible to expand in the near future.

Outlook of Solar Pontoon Market

The floating solar has risen in recent years with the land resources becoming limited, particularly in countries that are prone to drought and countries comprising massive water bodies. And the demand for solar floating is estimated to increase in the near future due to the increased acceptance of floating solar and the key drivers we mentioned in this article. Furthermore, it can benefit the water body in many ways, such as reducing evaporation, helping lower algae, and having no impact on the water quality, etc.

The last but not least, the initiatives undertaken by several governments across the world to promote the adoption of renewable energy have had a favorable impact on the expansion of the floating solar panels market, which makes it more likely to gain a larger market share.