Floating Solar Panels Market Research Report By Key Players Analysis Till 2030
Floating Solar Panels Market Overview:
Floating Solar Panels Market size is expected to reach USD 2201.8 million by 2027. During this
period, the market is likely to register a CAGR of approximately 24.53 %.
During
the projected period, the global market will benefit from an increased emphasis
on clean fuel power generating energy sources as well as an inadequate supply
of land. Regulatory bodies all over the world are establishing several clean
energy-related goals that will aid in reducing pollution. Due to the increasing
demand for reliable renewable energy sources for energy production, it is
anticipated that the technical component of floating solar technology would
experience a significant increase throughout the predicted time.
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Market Segmentation
By Product
The
market for floating solar panels may be further segmented into tracking and stationary
floating solar panels depending on the product. The stationary panels are set
in one area of the water body, floating there while soaking up solar energy.
Innovative techniques are used to track floating solar panels, making sure that
they spin following the sun's rays. Because of its affordability, the
stationary floating solar panel segment is forecast to control the market
throughout the anticipated period.
By Location
Depending
on geography, the floating solar panel market may be divided into onshore and
offshore segments. The onshore industry sector has historically driven
market performance, and this is anticipated that it will continue to do so
during the anticipated timeframe. Low building and maintenance costs, as well
as a reduced risk of damage from strong water currents as well as high tides,
are the primary factors contributing to the onshore industry segment's improved
performance.
Regional Classification
The
international demand for floating solar panels may be divided into several divisions
based on geographic regions, including North America, Asia Pacific,
Europe, and the rest of the world. The appeal of various regional segments
has significantly increased since non-renewable energy sources are becoming scarcer
than ever. The proactive approach taken by different national governments may
be a key factor affecting how the market segments develop during the
anticipated timeframe. Depending on the comprehensive market projection, the
Asia Pacific industry segment is projected to dominate the overall market
environment. The implementation of several efforts by governments to encourage
the usage of solar panels is the primary factor behind the region's impressive
performance.
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Industry News
Because
of their capacity to track the sun and hence increase the operating system
output, tracking solar panels are indeed very competitive. Tracking solar
technology is anticipated to gain popularity in floating solar farms because of
its higher operating productivity, which would positively affect demand.
However, tracking solar panels need more maintenance than permanent
floating solar panel farms because of their moving components, which is
anticipated to impede the segment's development in the years to come. In
2021, tracking floating solar panels accounted for a sizeable portion of global
income.
Stationery
panels are favored over solar tracking panels despite the latter's higher cost;
solar tracking technology is more effective than its equivalent. Nevertheless,
manufacturers' increasing R&D spending is anticipated to reduce maintenance
costs, which is anticipated to spur market expansion over the ensuing nine
years. Due to its greatly improved performance, solar tracking technology is
predicted to increase more quickly than its counterpart in advanced economies.
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