Floating Solar Panel Market to Register an Exceptional CAGR Through FY2028F Across the Globe
The increasing use of solar energy is expected to boost
the global floating
solar panel market during the forecast period.
According to the TechSci
Research report, " Floating Solar Panel
Market – Global Industry Size, Share, Trends, Competition, Opportunity and
Forecast, 2018-2028," the market is anticipated
to expand in the coming years.
The increase in
environmental awareness is indeed expected to be a significant factor driving
the global floating solar panel market during the forecast period. Environmental
awareness is inclusive of various factors that include:
- Renewable
Energy Source: Floating solar panels utilize sunlight to
generate electricity, making them a renewable energy source. As people become
more aware of the need to reduce reliance on fossil fuels and transition toward
cleaner energy sources, floating solar panels offer a viable solution. They do
not produce greenhouse gas emissions, air pollution, or water pollution, making
them an environmentally friendly option for electricity generation.
- Efficient
Land Use: One of the advantages of floating solar panels is
that they can be installed on water bodies, such as lakes, reservoirs, and
ponds, which are often unused or underutilized spaces. This helps to optimize
land use, especially in densely populated areas where land availability may be
limited. Floating solar panels can also reduce the evaporation of water from
the surface of the water body, which can be beneficial in water-scarce regions.
- Low
Environmental Impact: Floating solar panels have a relatively low
environmental impact compared to traditional solar panels installed on land.
They do not require land excavation, deforestation, or habitat destruction,
which are associated with ground-mounted solar panels. Additionally, floating
solar panels can provide shading to the water surface, which can reduce the
growth of algae and help maintain water quality.
- Economic
Benefits: The increasing awareness of the environmental
benefits of floating solar panels has led to various incentives and subsidies
offered by governments and organizations to promote their installation. This
has created a favorable economic environment for the growth of the floating
solar panel market. Moreover, the decreasing costs of solar panel production
and technological advancements in floating solar panel systems have made them
more cost-effective, further driving their uptake.
- Climate
Change Mitigation: Floating solar panels can contribute to
mitigating climate change by reducing greenhouse gas emissions and decreasing
reliance on fossil fuels for electricity generation. As awareness about the
urgent need to address climate change increases, floating solar panels are
likely to gain more attention as a viable solution to reduce carbon emissions
and combat climate change.
In conclusion, the
increase in environmental awareness is expected to be a significant driving
force for the growth of the global floating solar panel market during the
forecast period as they offer a renewable, efficient, and environmentally
friendly solution for electricity generation.
Floating solar panels require
specialized design, engineering, and installation expertise, as well as regular
maintenance and monitoring. Technical and operational challenges, such as
floating platform stability, corrosion, and degradation of panel performance
over time, can pose challenges in the market's trajectory.
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Pages and an in-depth TOC on the "Global Floating Solar Panel Market"
The Global
floating solar panel market is
segmented based on capacity, type, connectivity, region, and competitive
landscape. In terms of capacity, the market is categorized into up to 1MW,
1MW-5MW, and above 5MW. Of these, the above 5MW segment occupied the largest
share in the market and is expected to lead the market during the forecast
period as well, thanks to growing utility-scale investments towards the
development of large-scale photovoltaic projects.
North America has seen
significant growth in the floating solar panel market in recent years. Floating
solar panels, also known as floating photovoltaic (FPV) systems, are solar
panels that are installed on water bodies, such as lakes, reservoirs, and
ponds, instead of traditional ground-mounted or rooftop solar installations.
They offer several advantages, including higher efficiency due to the cooling
effect of water, reduced evaporation of water from reservoirs, and optimized
land use as they utilize otherwise unused water surfaces.
Major
market players operating in the Global Floating Solar Panel Market are:
- Ciel & Terre
International
- Kyocera Corporation
- JA Solar Co., Ltd.
- Trina Solar Limited
- Sharp Corporation
- Yingli Solar
- SPG Solar
- Vikram Solar
- Solaris Synergy
- Novaton AG
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"The global
floating solar panel market is expected to thrive as there has been a rapid increase
in the demand for energy across the world. The market has experienced
substantial growth due to the increasing demand for renewable energy, coupled
with the need for clean energy solutions, to address the rising power demand
and increased environmental concerns," said Mr. Karan Chechi, Research
Director at TechSci Research, a research-based global management consulting
firm.
“Floating Solar
Panel Market – Global
Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By
Capacity (Up to 1MW, 1MW-5MW, Above 5MW), By Type (Stationary, Solar Tracking), By
Connectivity (On Grid, Off Grid), By Region, By Competition" evaluated the future growth
potential of Global Floating Solar Panel Market and provides statistics &
information on market size, structure, and future market growth. The report
intends to provide cutting-edge market intelligence and help decision-makers
take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Floating Solar Panel Market.
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