Market Research Future (MRFR) in its latest report reveals that the global 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-organised array of solar panel on water body on a lake or artificial basin.
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.
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Some prominent players present in the global floating solar panels market include GEITS, Yingli Solar, SPG Solar, Suntech Power Holdings Co. Ltd., Ciel & Terre, Wuxi Suntech Power Co. Ltd., Kyocera Corporation, Trina Solar Limited, Japan Mega Solar Power Co., Solaris Synergy, and Sharp Corporation.
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.
Initiatives taken by various governments around the world to adopt clean technology and promote the use of sustainable energy has made a positive impact on the market. In addition, installation of the panels in hydroelectric plants has led to the expansion of renewable energy generation business. Attributable to the rapid depletion of fossil fuels and other non-renewable sources of energy, the research has witnessed propulsion for the development of new techniques for the harvesting of energy from renewable sources. Photovoltaic systems are used vastly for the harvesting solar energy with the help of solar panels which are installed on large land areas. New technological advancements have enabled the development of floating solar panels which are installed on a structure which floats on a water body and does not occupy land area.
Several factors are observed to have a positive impact on the growth of the global floating solar panels market. The land-based solar power plants require a large area of land and also need frequent maintenance for solar cell fabrication, which makes it a costly affair. Further, application of floating solar panels which are installed on a water body are expected to reduce the utilization of land area.
Global Floating Solar Panels Market – Segmentation
The 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.
The floating solar panels market is segmented into the regions of North America, South America, Asia Pacific, Europe, and the Middle East & Africa.
The limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources are expected to propel the demand and adoption of floating solar panels in Asia Pacific. This is one of the most primary reasons behind the substantial growth of the regional floating solar panels market. Further, high penetration of advanced technologies which is used in harvesting energy from renewable sources to meet the rising demand for energy from the developing countries residing in the APAC is expected to drive the regional floating solar panels market to a great extent.
North America is also likely to witness significant ascension in the floating solar panels market. This can be owed to ever-increasing demand for energy from developed countries. Fast penetration of urbanization and industrialization has led a rising dependency on the continuous flow of energy, hence, driving the global floating solar panels market. Governments are also noted to shift emphasis towards renewable energy sources for energy generation, along with growing environmental awareness are fostering market growth.
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