The Floating photovoltaics (FPV) energy system is a new generation energy system that has been making massive moves in recent times. Its application is getting widely known and used globally, due to its potential and possibilities. For instance, the FPV system is usually installed on water bodies and as such, doesn't compete with land use. It can also help to prevent water evaporation and regulation of water temperature.
The upsurge in demand for FPV and other renewable energy sources can also be attributed to the global focus on clean and sustainable energy so as to mitigate global warming and climate change. Countries are setting up policies supporting the clean energy transition target.
Overview of Global FPV Market
As the FPV energy system is getting recognized worldwide, its market keeps expanding and booming.
The Global Floating PV market has been forecasted to immersively progress over the coming years. According to reports, in 2021, the FPV market has been estimated to reach 4.8 Thousand MW by 2026 with a compounded annual growth rate (CAGR) of 16.89% over the considered period.
According to another report by Precedence research, the Global Floating PV Market capacity will progressively generate more than $10.09 Billion by 2030 as up to $2.55 billion in revenue was made in only 2021.
The Asia-Pacific region has the highest Floating PV regional market with over 62.2% DPV market share in 2020 worldwide. The market generated about 771.6MW in 2021 and is expected to get to 2,700 MW by 2026. China, which is a country in this area has the fastest-growing market with a CAGR of 59.4% by 2026. The market is not slowing down anytime soon as it continuously expands due to high demand.
Other countries around the world are also making massive waves in the FPV market such as the USA, India, Japan, Germany, The Netherlands, and others. Notably, The Netherlands is considered the epicenter of inland FPVs in Europe as it encourages its FPV users and developers with supportive policies and incentives.
The North American region is growing gradually at a safe rate and is considered the fastest rising region for FPV in the world.
Some of the Key FPV Industry Competitors
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Ciel & Terre international
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GCL-SI
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Hanwha Group.
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JA SOLAR Technology Co.,Ltd.
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JinkoSolar Holding Co., Ltd.
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KYOCERA Corporation
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LONGi Solar
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Ocean Sun AS
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QuantSolar
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SUNGROW
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Swimsol GmbH
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Tata Power Solar Systems Ltd.
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Topper Floating Solar PV Mounting Manufacturer Co. Ltd.
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Trina Solar
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Vikram Solar Limited
Challenges faced by FPV Market
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Projects are capital intensive: Just like most big projects, FPV projects are quite cost-consuming and hence need public funds and investments. FPV installation costs are even higher than on ground-mounted ones although as the FPV system keeps developing, many cost-effective tools and techniques will be adopted and modeled.
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FPV system deployment requires routine monitoring and maintenance activities to avoid unnecessary expenditures.
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FPV energy systems are yet to be applied in so many countries. Little or no awareness is being created about the system which can affect its acceptance rate and hence can be a barrier to Market Size expansion.
In conclusion, the global FPV market will continue to expand due to its benefits and possibilities as well as the quest for a clean energy transition. However, public awareness is very ideal for FPV as this could help attract more investments and developments in the FPV industry.
