Floating Solar Panels Market Synopsis
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. Floating solar panels are witnessing a strong commercial interest. Solar energy is an alternative solution to rapidly depleting fossil fuel. Floating solar panel also referred to as floating photovoltaic (FPV) is a well-organised array of solar panel on water body on a lake or artificial basin.
The land base alternative in case of floating solar panel reduces that cost and maintenance efforts that makes it economical and beneficial renewable energy solution. The rapid depletion in fossil fuel today is creating an extensive market for alternative renewable energy resources in which the contribution of floating solar panel seems outstanding in future.
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Initiatives taken by various governments around the world to adopt clean technology and promote the use of sustainable energy has made a positive impact on the market. In addition, installation of the panels in hydroelectric plants has led to the expansion of renewable energy generation business.
Installation of floating solar panels is a constraint in floating solar panels market expansion to some extent. No floating solar panel installation can be done on the sea as it reduces the maximum amount of power generation. Implementation of new technologies in installing a floating solar panel is demanding thrice the investment to land-based solar panels. This continues to undermine the market potential of floating solar panels to some extent.
The floating solar panels installation is creating scope for the reservoir owner to earn rents and business tax from plant operator. The floating solar panel has highly efficient silicon solar panels. This efficiency is maintained by the cooling effect of evaporating water on the silicon panels. The floating solar panels can be adjusted according to the position of the sun. The environmental benefit of floating solar panels is that it inhibits algae growth in water. These factors reduce the management and maintenance cost of floating solar panels and are the key drivers of the floating solar panels market.
Investment in research and development by enterprises and tracking technology in a floating solar panel is leveraging the floating solar panels market.
The Prominent Companies
GEITS, Wuxi Suntech Power Co., Ltd., Yingli Solar, SPG Solar, Ciel & Terre, Kyocera Corporation, Japan Mega Solar Power Co., Suntech Power Holdings Co., Ltd., Solaris Synergy, Trina Solar Limited, and Sharp Corporation are the key companies operating in the floating solar panel market.
Floating Solar Panels Market Segmentation
Segmentation of the global floating solar panel market is based on product, location and region.
Based on the product, the floating solar panel market is segmented into the stationary floating solar panel and tracking floating solar panel.
Based on location, the floating solar panel market is segmented into onshore and offshore. The tax relaxation offered by the government is driving the growth of the onshore floating solar panel segment.
The offshore floating solar panel is responsible for renewable decentralized distribution of energy. This, in turn, is creating sustainable development in power generating systems. Hence an advantage to global floating solar panel market growth.
Based on region Market Research Future studied the floating solar panel market in North America, Europe, Asia Pacific and rest of the world (ROW). Increased demand for floating solar panel is observed in countries prone to drought and countries with massive water bodies.
Industry Update
April 10, An agreement has been signed between The Power, Energy and Business Development Ministry and Canadian Commercial Corporation at the Presidential Secretariat to set up a 100-megawatt floating solar power plant in the Maduru Oya reservoir, Sri Lanka.
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