Market Research Future (MRFR) has published a detailed report asserting that the global floating solar panels market is marked to expand at a noteworthy growth rate in the forthcoming years. The market is poised to garner fabulous traction over the next couple of years owing to solar panels’ mobility and flexibility according to the sun’s position. Solar energy is an alternative solution to rapidly depleting fossil fuel. Floating solar panel also referred to as floating photovoltaic (FPV) is a well-organised array of solar panel on water body on a lake or artificial basin.
Floating solar panels can provide a reliable electricity supply without requiring a large site and compatibility with the water types. It is a mobile asset that can be relocated or traded, and most importantly, it provides a secure power supply in the event of earthquakes or floods. Additional factors substantiating the market growth are augmenting demand for uninterrupted power supply and rising population, world economy, urbanization, and industrialization.
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Installation of floating solar panels is a constraint in floating solar panels market expansion to some extent. No floating solar panel installation can be done on the sea as it reduces the maximum amount of power generation. Implementation of new technologies in installing a floating solar panel is demanding thrice the investment to land-based solar panels. This continues to undermine the market potential of floating solar panels to some extent.
The floating solar panels installation is creating scope for the reservoir owner to earn rents and business tax from plant operator. The floating solar panel has highly efficient silicon solar panels. This efficiency is maintained by the cooling effect of evaporating water on the silicon panels. The floating solar panels can be adjusted according to the position of the sun. The environmental benefit of floating solar panels is that it inhibits algae growth in water. These factors reduce the management and maintenance cost of floating solar panels and are the key drivers of the floating solar panels market.
Investment in research and development by enterprises and tracking technology in a floating solar panel is leveraging the floating solar panels market.
Global Floating Solar Panels Market Segmentation
The Floating Solar Panels Market report segments the market into three key dynamics to widen the scope of understanding,
By Product: Stationary floating solar panels and Tracking floating solar panels
By Location: Onshore and Offshore.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Prominent Companies:
GEITS, Wuxi Suntech Power Co., Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation, Japan Mega Solar Power Co., Suntech Power Holdings Co., Ltd., Solaris Synergy, Trina Solar Limited, and Sharp Corporation are the key companies operating in the floating solar panel market.
Regional Analysis:
Geographically, the global floating solar panels market has been segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world.
Limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources such as fossil fuels are inducing high demand for floating solar panels in the Asia Pacific region, leading to the significant growth of the floating solar panels market in this region. High penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the increasing energy demand is fueling the growth of the floating solar panels market in the North America region. Government emphasis on shifting towards renewable energy sources for energy generation and rising environmental awareness are propelling the growth of the floating solar panels market in the Europe region
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