Floating Solar Market to Expand at CAGR of 30% During Forecast Period, Notes TMR Study

Floating Solar Market to Expand at CAGR of 30% During Forecast Period, Notes TMR Study

PR Newswire

ALBANY, N.Y., Jan. 13, 2022

Firms in the floating solar market are witnessing value-grab possibilities as people becoming more aware of the benefits of renewable energy. Companies are spending more on R&D to develop economically viable floating solar generating projects.

Floating solar has the potential to complement hydropower output. Combination of the two allows for the generation of electricity whilst utilizing the same infrastructure.

ALBANY, N.Y., Jan. 13, 2022 /PRNewswire/ -- According to TMR's report on the global floating solar market, the market is expected to reach valuation of US$ 27.7 Bn by the end of 2031. The global floating solar market is likely to benefit from rise in the consumption of solar energy globally. Besides, increasing investments in solar-based energy projects and growing awareness about sustainable energy are likely to boost the sales of floating solar in the near future.

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The drive to develop green energy in various countries, along with reducing solar technology prices and evolving practices, has drawn investors to the market. These investors are largely motivated by returns and sustainable investment principles as a result of government regulations supporting green energy.

India, with a population of 1.4 billion people and one of the fastest-growing economies, is likely to play a critical role in the global energy segment. Through different government programs, the Indian government has made significant progress in boosting residents' access to clean power in the recent years. For instance, the government introduced a production-linked incentive (PLI) plan of US$ 610.23 Mn in November 2020 for the building of high solar PV modules over a five-year period.

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Key Findings of Market Report

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Global Floating Solar Market: Growth Drivers

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Global Floating Solar Market: Key Players

Some of the key market players are

Global Floating Solar Market: Segmentation

Capacity

Type

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