Floating solar photovoltaics (FSPVs) are a game-changer in the renewable energy sector, according to the most recent analysis by Frost & Sullivan, Technological Advancements in Floating Solar Technologies. The conventional land-based solar power business is challenged by the rising prices of land acquisition brought on by the growing population. FSPVs, in this instance, do not require land and float on bodies of water, including reservoirs, hydroelectric dams, and artificial lakes. As a result, floating solar technology manufacturers have made significant investments in research and development (R&D) work to improve floating support materials, cutting-edge designs, mooring and anchoring technologies, and sophisticated sun-tracking systems.
"Floating solar will increase in value as land scarcity-related issues become more prominent," said Paritosh Doshi, Energy & Environment Sr. Research Analyst at Frost & Sullivan. "Additionally, floating solar power plants significantly reduce evaporation on bodies of water, which will drive the adoption of floating solar during the next decade as a technology that achieves sustainable energy production while conserving water."
Doshi added: "Floating solar involves expensive infrastructure comprising floating support and mooring and anchoring systems for transporting the electricity that plants generate to onshore areas. This pushes companies to minimize such costs by collaborating with hydropower plant operators, as it will allow floating solar plants to utilize the transmission infrastructure used by hydropower plants."
To tap into the growth prospects of floating solar technologies, market participants should:
• Collaborate with hydropower generators to deploy FSPVs on reservoirs that produce hydropower, which provides several advantages for hydropower and the FSPV projects.
• Concentrate on the regions with high solar irradiance, as FSPV plants will achieve a higher return on investment in these regions than in other regions.
• Develop hybrid ocean energy technologies that integrate floating solar, wind energy, and wave energy systems to offer better economics and more consistent power generation.
Technological Advancements in Floating Solar Technologies is the latest addition to Frost & Sullivan's Energy & Environment research and analyses available through the Frost & Sullivan Leadership Council, which helps organizations identify a continuous flow of growth opportunities to succeed in an unpredictable future.