Owing to Increased focus on clean fuel power generating energy sources, along with a lack of land area, the Global Floating panel market will grow rapidly. The Cost-effectiveness of the floating solar panels market and price reductions in technology are t

The global Floating panel market will grow at a CAGR of over 28.9% during 2021–2027. The floating panels market is growing in popularity as people's attitudes regarding electricity generation from renewable sources such as wind and solar change. In the forecast period, increased investments in renewable energy, rising energy consumption, and expanding government actions to encourage solar energy will significantly impact the expansion of the floating panel market. The cost-effectiveness of the floating solar panels market and price reductions in technology are expected to fuel demand for the industry, which is expected to increase significantly during the forecast period. Furthermore, in the forecast period, high land purchase costs and a high capacity utilization factor are expected to drive the expansion of the floating solar panels market. However, the lack of resistance to corrosion in seawater, the high installation and maintenance cost and, which limit the usage of floating panels, are projected to hamper market expansion in the forecast future, while the cheap availability of substitutes could threaten the floating panel market growth.

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Type Overview in the Floating Panel Market

The floating panel market is segmented into tracking floating solar panels and stationary floating solar panels by type. The stationary panels are permanently installed in a certain area of the water body, where they float and collect solar energy. Innovative technologies are used in tracking floating solar panels to ensure that the panels spin by the sun's rays. Due to its cost-effectiveness, the stationary floating solar panel segment is expected to dominate the market during the anticipated period. However, due to its moving elements, tracking solar panels require more maintenance than fixed floating solar panels farms, which is expected to slow segment growth in the coming years. Furthermore, the adoption of tracking solar technology in floating solar farms is likely to impact demand due to higher operational productivity positively.

Location Overview in the Global Floating Panel Market

By Location, the Floating panel market is segmented into onshore and offshore. In the past, the onshore market segment has been the driving force behind the floating panel market performance, and it is expected to do so again over the forecast period. The onshore market segment's improved performance can be attributed to a lower risk of damage from strong water currents, high tides, and lower construction and maintenance expenses. Additionally, Factors like the rising demand for a continuous power supply meet the needs of industries and the general public. This aspect significantly impacts onshore solar suppliers' ability to build many solar power plants to generate electricity. As a result, it contributes to the onshore floating solar market's total growth. Nonetheless, Asian developers are excited about the prospect of building renewable energy plants that are incorporated into existing power systems to achieve universal electrification. As a result, onshore floating solar systems are projected to gain traction in the future, providing good possibilities for companies in the onshore floating market.

Technology Overview in the Global Floating Panel Market

By technology, the floating panel market is divided into Photovoltaic, Concentrated Solar Power. The Photovoltaics category has most of the floating panel market share in the technology segment, which can be attributed to the technology's appropriateness for use in floating solar plants. Furthermore, because CSP technology for floating solar power plants is still in its early stages, it has a far lower acceptance rate. Additionally, unpredictable fossil fuel prices, the need to decouple dependence on fossil fuel imports from areas of political instability, environmental concerns about greenhouse gas emissions associated with fossil fuel use, government incentives, and other support programs that make solar power more cost-competitive are the most important factors that stimulate the growth of the floating panel market.

Region Overview in the Global Floating Panel Market
By Region, the global Floating panel market is segmented into North America, Europe, Asia Pacific, South America, and the Middle East. Asia-Pacific region is the largest market for floating solar panels, and it is predicted to remain so through 2027. Asia-Pacific region is already the world's greatest producer of solar electricity because of significant government backing for renewable energy. Furthermore, severe emission-control restrictions, a large need for land for various uses, and a growing desire for inexpensive electricity drive the installation of PV panels in regional water bodies. There is very little space to spare because of the rising population and expanding cities in most Asia-Pacific countries.
Additionally, due to regulations that promote solar energy for electricity generation, the market for floating panels is expected to rise in developed countries such as France, Germany, the United States, and Canada. Furthermore, factors like the ability to float solar technology to reduce evaporation and land availability are projected to raise product demand. The installation of floating solar farms lessens the evaporation rate, which helps reduce the risk of drought in high-temperature areas such as the United Regions' central states.

Global Floating Panel Market: Competitive Landscape

Trina Solar, Yellow Tropus Pvt. Ltd., KYOCERA Corporation, Wuxi Suntech Power Co., Ltd., Yingli Solar, Vikram Solar Limited, GCL-SI, Talesun; Sharp Corporation, Pristine Sun Corp., Ciel & Terre International, LONGi Solar, JA SOLAR Technology Co. Ltd., Hanwha Group and others are the key players of the floating panel market.

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