Global Floating Solar Panels Market Overview:
Floating solar panels/ floating photovoltaic (FPV) refers to a solar energy generation system floating on the top of water bodies such as oceans, lakes, or ponds. These systems are more commonly installed on a lake, basin, or man-made water bodies as reservoirs, as these waters are generally calmer than the oceans. Floating solar is a relatively new technology that since its patented inception in 2008 has predominately been installed across the globe, especially in countries such as Japan, China, and the UK.
When it comes to large-scale solar projects, rooftop solar panel systems, ground mounts, or solar canopies are the most sought after options. However, land scarcity is inevitable when the dramatically-increasing population is spreading on whatsoever the little space available on the Earth, where about 70 percent of the surface is already covered with water. Here floating solar panels come to aid, providing a newer alternative that
Floating solar panels systems do not require valuable land space for installations, which is one of their biggest advantages. Resultantly, their installations are multiplying, and its market demonstrates a huge growth potential. According to Market Research Future (MRFR), the Floating Solar Panels Market is set to witness significant growth during the forecast period (2017-2023). The market is poised to garner fabulous traction over the next couple of years owing to solar panels
Floating solar panels can provide a reliable electricity supply without requiring a large site and compatibility with the water types. It is a mobile asset that can be relocated or traded, and most importantly, it provides a secure power supply in the event of earthquakes or floods. Additional factors substantiating the market growth are augmenting demand for uninterrupted power supply and rising population, world economy, urbanization, and industrialization.
Conversely, high installation cost and lack of natural resources such as solar energy or water bodies are two of the major factors obstructing the growth of the market. Also, the complexity in the designing of the systems is impeding the growth of the floating solar panels market.
Nevertheless, increasing government initiatives promoting the uptake of renewable energy would support the growth of the market. Besides, rising installations of these panels in hydroelectric plants are likely to drive the growth of the market in the upcoming years.
Global Floating Solar Panels Market – Segmentation
The report segments the market into three key dynamics to widen the scope of understanding,
By Product: Stationary floating solar panels and Tracking floating solar panels
By Location: Onshore and Offshore.
By Regions: Asia Pacific, North America, Europe, and the Rest-of-the-World.
Global Floating Solar Panels Market – Geographical Analysis
The Asia Pacific region dominates the floating solar panels market, heading with the ample availability of water bodies, including large oceans and rivers. Skyrocketing demand for the energy, rapid depletion of non-renewable energy sources such as fossil fuels and scarcity of land are driving the demand for floating solar panels in the region.
Furthermore, government initiatives to promote utilization of renewable energy, rapid growth in the utility sector, and the presence of flourishing solar panel manufacturing units are some of the other factors impacting the growth of the regional market.
The floating solar panels market in North America is another lucrative market globally. Large advances in technology related to harvesting energy from renewable resources to meet the increasing energy demand are fueling the growth of the floating solar panels market in the region.
The Europe floating solar panels market is predominantly driven by the government emphasis on renewable energy sources for energy generation and rising environmental awareness.
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Major Players:
Players leading the global floating solar panels market include Wuxi Suntech Power Co., Ltd., GEITS, Yingli Solar, Ciel & Terre, SPG Solar, Kyocera Corporation, Suntech Power Holdings Co., Ltd., Japan Mega Solar Power Co., Solaris Synergy, Sharp Corporation, and Trina Solar Limited, among others.
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