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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Prominent Players:
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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Segmental Analysis:
By Product
- Stationary floating solar panels
- Tracking floating solar
panels
By Location:
- Onshore
- Offshore
By Region:
- North America
- Europe
- Asia Pacific
- Rest of the World
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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