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 RD 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.
