Floating Solar PV Market Trends

Floating Solar PV Market Trends

The incorporation of new floating platforms made of durable materials such as HDPE which are resistant to weathering, UV radiation, corrosion, and algal blooms will boost business growth. For citation, in 2024, Canopy Power and Ocean Sun installed a new floating photovoltaic system in the Maldives to be completed by 2025.
 

The anticipated synergy enhancement between the floating Solar PV systems and Hydropower Plants is anticipated to improve industry figures as an economically viable renewable energy option. An example of this would be the signing of the memorandum of understanding by Ocean Sun with NHPC limited on May 2024 where the construction of a 2MW demonstration project to be built in an NHPC reservoir is slated for 2024.
 

Key advantages comprising the ability to leverage existing infrastructure, such as grid connections and substations will drive the floating solar PV market scenario. In addition, hydropower plants can often control the solar components because their maintenance teams are able to manage the maintenance of the floating solar and hydropower plants, which reduces the operating costs because less resources or staff are needed. Moreover, many floating solar systems are built using easily expandable modular platforms, thus serving both small and large scale projects which helps to accelerate the business situation and meet the growing energy demand.