The global floating solar panels market is projected to grow at astonishing CAGR during the forecast period (2018 to 2022), according to a report available on Radiant Insights; Inc. Growing requirement for renewable sources of power generation owing to scarcity of fossil fuels is anticipated to propel demand for floating solar panels. These panels are likely to offer high efficiency at reduced cost. In addition, these panels do not require any additional land for installation as they can be installed easily in water.
Growing adoption of renewable sources of energy such as sunlight to preserve non-renewable resources such as fossil fuels can influence market growth. Scarcity of land coupled with increasing use of water resources such as canals, ponds, rivers, and reservoirs is expected to fuel market growth. Favorable government initiatives such as tax benefits and subsidies on installation of solar panels on rent benefits to owners of reservoirs can boost growth of market during the forecast period (2018 to 2022).
The floating solar panels market can be segregated on the basis of product and region. Based on product, the market can be bifurcated into tracking floating solar panels and stationary floating solar panels. In 2015, stationary floating solar panels dominated the market and accounted for 90% market share. Low installation cost associated with stationary panels as compared to tracking panels is anticipated to propel product demand during the forecast period.
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For instance, Adtech Systems Limited recently built India’s largest floating solar plant on Banasura Sagar reservoir in Kerala. This 500kWp (kilowatt peak) solar plant is expected to be floating on 1.25 acres of water surface of the reservoir. Around 1938 floating solar panels are likely to be installed on 18 ferro cement floaters having hollow insides. Setup at cost of around 9.25 crore, this plant is expected to use high efficiency solar panels to convert output into 11kV considering safety and economic aspects.
Similarly, tracking floating solar panels segment is expected to witness significant growth during the forecast period. Rising investments of panel manufacturers and installers to develop stable, reliable and durable solar tracking technology offering low maintenance cost can boost its demand. Such panels can easily track sunlight to improve operational efficiency of the system. Growing penetration of tracking technology in floating solar panels attributed to high operational efficiency can boost market growth during the forecast
The report “Global Floating Solar Panels Market Research Report 2018” is available now at https://www.radiantinsights.com/research/global-floating-solar-panels-market-research-report-2018
Regional segmentation includes North America, Europe, and Asia Pacific. In Asia Pacific, the market is expected to witness significant growth attributed to decreasing panel cost coupled with growing awareness of technology in the region. Rising penetration of floating solar panels in Japan owing to less availability of land for installation and scarcity of fossil fuels can influence growth of market. In addition, favorable government initiatives to promote floating solar systems and meet rising demand for electricity with low harmful effects can fuel market growth in the region.
On the contrary, North American region is likely to contribute well in market share during the forecast period owing to regulations promoting use of solar energy to generate electricity. In addition, lack of land for installation of solar systems coupled with ability of floating solar panels to reduce impact of evaporation can stimulate its demand in the region. Decrease in evaporation rate of water can further reduce possibility of drought attributed to high temperatures.
Some of the leading companies offering floating panels are Canadian Solar, Suntech Power, Trina Solar, Kyocera Corporation, and Yingli Solar.
Read more related reports by Radiant Insights:
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• Organic Electronics Market- https://www.radiantinsights.com/research/global-organic-electronics-sales-market-report-2018
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