The latest report on Floating Solar Panels Market by Infinium Global Research gives complete coverage of the Floating Solar Panels Market by product (stationary floating solar panels, and tracking floating solar panels), deployment (onshore, and offshore) in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Floating Solar Panels such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Growing Demand for Renewable Alternatives for Energy Harvesting
Solar power installations continue to grow worldwide. The industry facing several new challenges related to land insufficiency and appropriate roof availability for photovoltaics (PV) installations on commercial and large-scale facilities. The development of floating solar power plants is one of the best and innovative alternatives that are being considered as a valuable option for utility-scale and large commercial projects.
Floating Solar panels are photovoltaics arrays similar to ground-mounting type installations. The technology is exclusively prevalent in Japan, where they hold 56 of the 70 largest floating PV systems. The technology is generally suitable for areas that are land-constrained and where there’s a major conflict between solar infringing on farmland. The cost of acquiring and developing land is becoming a huge part of the cost of a large-scale solar project. Many islands are adopting floating solar PV systems due to the high cost of land.
Growing demand for renewable alternatives for energy harvesting due to the rapid reduction of renewable energy sources is majorly driving the growth of the global floating solar panels market. Floating solar panels eliminate the requirement of expensive land areas, especially farmlands near any substation, for harvesting solar power.
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Floating Solar Panels can also be Installed in Hydroelectric Plants that will Help to Drive the Industry
It has a number of economic benefits compared to relying on traditional solar panels. Floating solar panels can also be installed in hydroelectric plants that will help to drive the market in the future. However, high installation cost remains an impediment to market proliferation. Moreover, the increasing demand for renewable energy owing to the exhaustion of natural resources such as crude oil, coal, and natural gas is expected to provide growth opportunities to the market players
Geographically, Asia-pacific dominates the floating solar panels market due to limited availability of land for building solar power plants and rapid exhaustion of non-renewable energy sources such as fossil fuels. The development of smart cities in Asia-Pacific will drive the demand for floating solar panels that is an abundant and clean source of energy. North America is the second largest market for floating solar panels market due to the high penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the growing energy demand.
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Reasons to Buy this Report:
- Comprehensive analysis of global as well as regional markets of the Floating Solar Panels.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.