Floating Solar Panels Market Synopsis
Market Research Future (MRFR) in its latest report reveals that the Floating Solar Panels Market is set to expand rapidly in the forthcoming years. Floating solar panels are witnessing a strong commercial interest. Solar energy is an alternative solution to rapidly depleting fossil fuel. Floating solar panel also referred to as floating photovoltaic (FPV) is a well-organized array of solar panel on water body on a lake or artificial basin.
The land base alternative in case of floating solar panel reduces that cost and maintenance efforts that makes it economical and beneficial renewable energy solution. The rapid depletion in fossil fuel today is creating an extensive market for alternative renewable energy resources in which the contribution of floating solar panel seems outstanding in future.
Market Drivers and Restraints:
The land-based solar power plants require large land area and frequent maintenance for solar cell fabrication, which makes it a costly process. Application of floating solar panels that are installed over a water body reduces the utilization of land area and also aids in reducing the rate of evaporation from the water bodies. Increasing demand for renewable alternatives for energy harvesting owing to the rapid depletion of renewable energy sources is majorly driving the growth of the global floating solar panels market. The floating solar panels provide higher efficiency in functioning as the temperature of the panels is maintained by the cooling effect exerted by the water underneath the system. The low maintenance and cost-effectiveness of the floating solar panels are leading to the increased adoption of these systems over conventional solar energy plants, which in turn is propelling the growth of the global floating solar panels market. Increasing investments by governments in various regions for research in order to develop new and advanced techniques for harvesting energy from renewable sources and initiation of new projects for developing floating solar panels over multiple water bodies are some other factors that are fueling the growth of the global floating solar panels market. However, complexities related to the offshore installation of floating solar panels are likely to restrain the expansion of the global floating solar panels market.
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Market Segmentation
Segmentation of the global floating solar panel market is based on product, location and region.
Based on the product, the floating solar panel market is segmented into the stationary floating solar panel and tracking floating solar panel.
Based on location, the floating solar panel market is segmented into onshore and offshore. The tax relaxation offered by the government is driving the growth of the onshore floating solar panel segment.
The offshore floating solar panel is responsible for renewable decentralized distribution of energy. This, in turn, is creating sustainable development in power generating systems. Hence an advantage to global floating solar panel market growth.
Based on region Market Research Future studied the floating solar panel market in North America, Europe, Asia Pacific and rest of the world (ROW). Increased demand for floating solar panel is observed in countries prone to drought and countries with massive water bodies.
The 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.
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