First Floating Solar PV Power Plant Installed by Iberdrola in 2023, Boost the Extension of Floating Solar Industry

In 2023, the popular global energy leader, the loading wind-power producer, and one of the largest electricity companies Iberdrola launched the first-ever floating solar photovoltaic power plant in Brazil. The project is part of a broad set of initiatives underway to develop renewable energy and preserve the ecosystem of Brazil’s island of Fernando de Noronha in the Atlantic. This installation involves 940 panels with an output of 630 Kilowatts, the floating plant is expected to generate around 1,240 Megawatt hours of green energy per year, which is enough to cover more than half the energy needs of the island’s water and sewage distribution network. The prime goal of this approach is to reduce carbon dioxide emissions by more than 1,660 tonnes per year. These emerging initiatives facilitate the adoption and exponential growth of the floating solar industry.

Advantages and Disadvantages of Floating Solar:

Advantages:

• Comprises of innovative space utilization which results in Space Efficiency
• The symbiotic relationship between water and solar panels in floating PV systems leads to enhanced solar efficiency
• Water bodies possess inherent reflective properties that contribute to the albedo effect
• Floating solar panels contribute to water conservation by reducing evaporation from the water bodies they occupy
• The financial requisites of floating solar installations can be less demanding compared to their land-based counterparts
• This lower impact of floating solar installations on aquatic life compared to other over-water or in-water structures.
• Frequent nations actively promote floating solar by offering incentives for renewable energy production.

Disadvantages “

• Increased the Initial Investment
• The consistent durability is yet not proven
• This technology isn’t universally applicable, there is limited application

Top Ten Major Floating Photovoltaic Plants Across the Globe:

These are the 10 largest floating photovoltaic plants in the world:

• Huainan City, 20 MW, China
• Umenoki, 7.5 MW, Japan
• Queen Elisabeth II Reservoir, 6.3, United Kingdom
• Otae Reservoir, 3 MW, South Korea
• Jipyeong Reservoir, 3MW, South Korea
• Godley Reservoir floating Solar PV, 3 MW, United Kingdom
• Kato-Shi, 2.8 MW, Japan,
• Tsuga IKE, 2.4 MW, Japan
• Hara Ike, 2.4 MW, Japan
• Sakasama Ike, 2.3 MW, Japan

Detailed Global Floating Solar Market Analysis, Reveals Further Growth

The report description published by Markntel Advisors provides an in-depth study of market dynamics. The report comprises “Global Floating Solar Market Research Report: Floating Solar Industry Bifurcations – By Type (Pure, Metallic, Membrane), By Waterbody (Inland [Lakes/Ponds/Rivers, Dams/Reservoirs, Water Treatment Plants], Marine), By Component (Service [Construction, Consultancy, Maintenance], Equipment), By Capacity (Upto 10 MW, 10.1 MW to 50 MW, 50.1 MW to 100 MW, >100 MW) and others Forecast (2024-2030)”, According to the report, the Global Floating Solar Market size in terms of installed capacity is valued at around 5.9 GW in 2023. Along with this, the market is estimated to grow at a CAGR of around 34.2% during the forecast period, i.e., 2024-30. The market growth is also driven by the surging energy needs emerging from various sectors across the globe.

Leading Segmentation Analysis Based On Waterbody, Capacity, and Region

The floating Solar market is segmented into five segments based on type, waterbody, capacity, component, and region.

• Based on Waterbody the market is segmented into Inland [Lakes/Ponds/Rivers, Dams/Reservoirs, Water Treatment Plants], and Marine in 2024, the Marine or offshore floating solar power plant segment is expected to dominate the Global Floating Solar Market.
• Based on Capacity the market is segmented into Upto 10 MW, 10.1 MW to 50 MW, 50.1 MW to 100 MW, and >100 MW, in 2024, 10.1 MW to 50 MW segments are expected to dominate the Global Floating Solar Market.

·        Based on Region, the market is segmented into North America, South America, The Middle East & Africa, Asia-Pacific, and Europe, in 2024, Asia-Pacific is expected to dominate the Floating Solar Market

What’s New in the Growing Market

The rising inclination of floating solar panels toward hydro-thermal power plants facilitates the integration of energy efficiency of the systems. The integration of floating solar panels in existing hydropower plants results in the maximization of the existing infrastructure and cutting the capital cost of additional equipment and machines required to set up an entirely new plant. The countries with limited land availability, here the hydro plants play a crucial role by providing plenty of surface areas for the further installation of floating solar panels.

Summary

The article comprises global market players in the Floating Solar industry, along with industry product information. This Article entails details regarding the prominent factors behind the surging demand for futuristic growth and new opportunities that facilitate market development. Market players such as Iberdrola, Ciel & Terre International, RWE, Tractebel, Pristine Sun LLC, Enel Spa, SolarDuck, BayWa r.e., Ocean Sun AS, Quant Solar, ABL Group, NRG Energia srl, Sterling and Wilson Renewable Energy Limited, Sungrow, Scotra Co. Ltd., EnBW, and Others, including other leading companies, facilitate revolutionizing the global market and promoting a secure future for the Floating Solar Industry.lar Industry.