Photovoltaic solar panels installed on floating structures in lakes, reservoirs, quarry lakes, irrigation canals, or sea areas are referred to as floating solar panels, or floatovoltaics. Tracked systems and stationary structures are the two primary categories of floating solar panel systems. Fixed structures are immobile, floating on the water's surface, but tracked systems can move by constantly orienting themselves to face the sun in order to maximize solar power output. When compared to conventional land-based installations, floating solar panels offer a number of advantages. They do not occupy precious land, which could be put to better use for other profitable purposes. Installed on direct land surfaces, which are more likely to heat up quickly, the panels perform and are more efficient because of the water's ability to keep them cooler. As the solar panels block direct sunlight, floating solar farms also aid in lowering evaporation from the waterbody.
According to SPER market research, ‘Floating Solar Market Size- By Type, By Technology, By Location, By Capacity- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Floating Solar Market is predicted to reach 70.33 billion by 2033 with a CAGR of 30.02%.
As fossil fuels run out, there is a growing need for sustainable energy sources, which is propelling the global floating solar panel market. The need for sustainable energy solutions is rising as people become more aware of environmental issues. Because floating solar panels don't need to be on land, they have an advantage over standard solar panels in that they may be installed in water bodies like lakes, ponds, and reservoirs. They are the perfect option for nations where there is a shortage of land available for the production of solar energy due to this property. Furthermore, because installing solar photovoltaic cells on bodies of water slows the growth of algae and lowers evaporation, maintaining water cleanliness, the demand for floating solar panels is anticipated to rise dramatically in famine-prone countries over the course of the projection period.
The greater installation and maintenance expenses of floating solar panels in comparison to standard solar panels are one possible barrier to the global market for these panels. Although floating solar panels have several benefits, including less water evaporation and land conservation, their particular design necessitates expert installation and upkeep. Furthermore, maintenance expenses may rise due to the challenging environmental factors found in bodies of water, such as wind and waves. These elements may result in floating solar panels being less economical than standard solar panels, especially in areas with cheap electricity prices.
Request For Free Sample Report @ https://www.sperresearch.com/report-store/floating-solar-market.aspx?sample=1
Impact of COVID-19 on Global Floating Solar Market
The COVID-19 pandemic severely affected product demand, which had a knock-on effect on the floating solar panel industry due to the lockdowns that were put in place in numerous countries. Since the outbreak in December 2019, lockdowns around the country have halted production of solar panels and their components. The market for floating solar panels was impacted by curfew-like rules that prevented businesses—apart from those providing necessities—from operating in various countries.
Floating Solar Market Key Players:
Geographically, North America dominated the market because of the adoption of advantageous government policies and the rising need for renewable energy sources. Utility-scale projects are anticipated to dominate the US market due to the nation's rising electricity consumption and supportive laws encouraging the use of solar energy. Significant participants in the market also include Ciel & Terre International, Hanwha Group, JA SOLAR Technology Co. Ltd, KYOCERA Corporation, Sharp Corporation, and other well-known companies.
Floating Solar Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Type: Based on the Type, Global Floating Solar Market is segmented as; Solar-Tracking Floating Solar Panels, Stationary Floating Solar Panels.
By Technology: Based on the Technology, Global Floating Solar Market is segmented as; Concentrated Solar Power, Photovoltaic.
By Location: Based on the Location, Global Floating Solar Market is segmented as; Offshore, Onshore.
By Capacity: Based on the Capacity, Global Floating Solar Market is segmented as; Below 5MW, 5MW - 50MW, Above 50MW.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
For More Information, refer to below link:-
Floating Solar Market Future Outlook
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant — U.S.A.
SPER Market Research
+1-347-460-2899
It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the onshore floating solar market include Ciel and Terre International, Swimsol, Yellow Tropus Pvt.
Ltd., Adtech Systems Limited, Sungrow, EDP S.A. (China Three Gorges Corporation), Ocean Sun AS, KYOCERA Corporation, and Waaree Energies Ltd..
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Onshore Floating Solar Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/onshore-floating-solar-market/download-sampleMarket DynamicsThe rapid depletion of fossil fuel, increasing popularity of solar panels, and rising demand for uninterrupted power supply from industries and the rapidly growing population are the key driving factors for global onshore floating solar panel market growth.
Manufacturers in Asia are planning to set up renewable energy plants and integrate them with power grids in order to achieve universal electrification, which will, in turn, increase the demand for solar panels.
Furthermore, the growing interest in the commercial sector and the tax rebate given by the government on floating solar panels will expand the solar panel market.
