Over the next few years, the world is expected to witness significant growth in the demand for renewable energy. The sun is the most abundantly available natural resource and also the cheapest to exploit, to product electricity. As a result, the global floating solar panels market is predicted to advance rapidly in the coming years. Floating solar panels refer to the photovoltaic (PV) panels stationed in various water bodies, such as lakes, ponds, oceans, and canals, as opposed to land.
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Key Questions Answered:
- What is the current and future scenario of the global floating solar panels market?
- What are the major factors driving the global floating solar panels market?
- Which major product type of floating solar panels is expected to dominate the market during the forecast period?
- Which region is expected to witness the fastest growth during the study period?
- What are the key strategies adopted by major players in the global floating solar panels market?
- What are the upcoming opportunities for the players in the global floating solar panels market?
- Who are the major players in the global floating solar panels market?
The traditional solar panels used in solar energy generation require large areas of land for their installation. This creates a major challenge in countries not having adequate land available for their installation. In such cases, floating panels, owing to their negligible land requirement advantages, are preferred over the conventional ones, thereby fueling the progress of the floating solar panels market. Moreover, these panels allow better land optimization for infrastructure development and agricultural uses, which further inflates their demand.
The high efficiency of floating PV panels, as compared to the ground-mounted ones, is another key factor propelling the surge in the floating solar panels market revenue. The quick heating of the ground increases the temperature of the PV panels, thereby reducing their efficiency. Moreover, the traditional devices, because they are often installed and operated in dusty environments, have low-power-generation disadvantages. Therefore, in order to enhance the performance of solar power plants, floating PV panels are being widely used by governments and utility firms across the world.
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Based on location, the floating solar panels market is bifurcated into on-shore and off-shore installation. Of these, on-shore variants had the larger share in the market, in terms of both revenue and installed capacity, in the past. While the on-shore variants are installed on the shores of lakes, ponds, dams, rivers, and reservoirs, the off-shore ones include thoseinstalled on a platform in seawater. The on-shore variants are expected to witness tremendous growth in their demand in the coming years.
The floating solar panels market is divided into stationary and solar-tracking panels, on the basis of product type. Between the two categories, the stationary one had the larger market share, in terms of both revenue and volume, in the historical period. This is primarily attributed to the rise in government initiatives and strict environmental regulations, which aresupporting the deployment of these solar panels. In the coming years, the demand for solar-tracking panels is expected to rise, due to their ability to follow the sun and, thus, absorb maximum sunlight.
The increasing government schemes and firm environmental regulations are the other key factors driving the growth of the floating solar panels market. The wide-scale use of conventional forms of energy has resulted in global warming and the depletion of fossil fuels. As a result, the governments of several countries are shifting their focus toward the generation of green energy. For instance, the Indian government is planning to setup a massive 50 MW floating solar power project in the water bodies of Kerala.
Globally, the Asia-Pacific (APAC) region dominated the floating solar panels market, both in terms of revenue and volume. The rise in the government regulations, promoting the usage of floating solar panels, and the numerous advantages offered by these panels are the primary reasons behind APAC’s market domination. For instance, in India, the lack of large areas of land for the installation of solar power panels and abundance of water bodies are shooting up the demand for floating solar panels.
Thus, due to the numerous advantages offered by floating PV panels, especially with regard to installation area and efficiency, the market is set to blossom in the coming years.