Floating Solar Farms: Future of Solar Energy Production

The surging global population and the lack of availability of land for solar power plants are the two major factors responsible for the burgeoning requirement for floating solar panels across the world. Furthermore, the adoption of various technologies like ground-based solar power plants that require large areas of land for generating a huge amount of power is causing a drastic reduction in the availability of land. This is propelling the deployment of floating solar panels in many countries.

In many countries such as the U.K., the U.S., India, Australia, Brazil, France, and Japan, several initiatives are being launched for developing floating solar panels. For example, India announced in 2018 that it would develop 10 GW (Gigawatts) of floating solar capacity in the coming years. Due to these factors, the popularity of floating solar panels is rising, which is, in turn, driving the growth of the global floating solar panels market.

The value of the market is predicted to grow from $685.2 million in 2019 to $2,301.8 million by 2026. Depending on type, the floating solar panels market is divided into solar tracking and stationary panels. Between the two, the stationary category will demonstrate higher growth in the market in the forthcoming years. This will be because of the lower operational costs of these panels and the very low probability of these panels getting damaged because of current waves.

Globally, the floating solar panels market will exhibit huge expansion in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the growing adoption of floating solar panels in the developing nations such as Vietnam, Indonesia, China, and India and the soaring investments being by plant manufacturers in the development of floating solar panels in this region.

One of the major trends currently being witnessed in the floating solar panels market is the huge investments being made by manufacturing firms for making the technology highly efficient. Additionally, several governments around the world are making huge investments in this technology, on account of the fact that floating solar panels do not require any land for operation and are therefore, more affordable than the conventionally used ground-based solar panels. Hence, it is quite clear that the demand for floating solar panels will skyrocket all over the world in the coming years, mainly because of the lack of availability of large land areas for power generation and the implementation of favorable government regulations regarding the usage of renewable energy in many countries. Source: https://www.psmarketresearch.com/market-analysis/floating-solar-panels-market

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