Global Floating Solar Panels Market Booms: Affordable and Eco-Friendly Solution for Sustainable Energy

Jakarta, WISATA - Renewable energy technology is rapidly evolving, especially amid global awareness to reduce fossil fuel usage. One innovation that’s gaining popularity is floating solar panels, an effective solution for countries with limited land resources. BlueWeave Consulting, a leading strategic consulting and market research firm, projects that the global floating solar panel market size will grow at a compound annual growth rate (CAGR) of 26.8% from 2022 to 2028.

Benefits of Floating Solar Panels

Floating solar panels are considered more efficient and affordable compared to conventional land-based solar panels. One major advantage is the ability to utilize previously unused water surfaces, such as lakes or reservoirs, to generate solar power. This solution is especially suitable for countries with limited land, enabling solar power generation without sacrificing productive or agricultural land.

Favorable features of floating solar panels include adaptability to both low and high capacities, ease of assembly and disassembly, and minimal need for heavy equipment. Additionally, floating solar panels can help reduce the water temperature in surrounding areas, which reduces evaporation in lakes or reservoirs, thereby benefiting the ecosystem.

Growth Driven by Government Support and Clean Energy Demand

Many countries around the world have set clean energy goals to reduce carbon emissions, which is a major driver of growth for the global floating solar panel market. Amid rising electricity demand, consumers and governments are turning to renewable energy sources, including solar, to reduce dependence on diminishing fossil fuels.

For example, several European countries, such as the United Kingdom and the Netherlands, with significant solar capacity, have started investing in large-scale floating solar projects. Beyond providing a clean energy alternative, these investments are expected to create new job opportunities for skilled workers in the renewable energy sector.

Future Prospects

BlueWeave Consulting notes that the demand for capacities above 5MW is expected to dominate the global floating solar panel market. This technology continues to advance, with innovations such as floating solar panels equipped with sun-tracking capabilities that can improve electricity production efficiency. With these various advancements, floating solar panels have the potential to become a mainstay in the global transition to clean and renewable energy.