As per Market Research Future (MRFR)’s report, the global floating solar panels market is set to foresee significant growth in the upcoming years. Floating solar panels is a sophisticated technology developed for overcoming issues associated with conventional panels, such as high maintenance cost, land scarcity, etc. These panels are poised to gain traction over the next couple of years owing to its mobility and flexibility according to the sun’s position.
The demand for floating solar panel is excessively increasing in the countries that are prone to droughts and countries with massive water bodies. Furthermore, the initiatives undertaken by the governments across the world for promoting the shift towards renewable energy have a favorable impact on the expansion of the floating solar panels market. These panels can also be installed in hydroelectric plants which is likely to drive the growth of the market in the forthcoming years. However, high installation cost remains an impediment to the market proliferation.
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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
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.
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- Stationary floating solar panels
- Tracking floating solar panels
- North America
- Asia Pacific
- Rest of the World
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