Floating Solar Panels Market Size, Share, Growth, Development and Demand Forecast Report | Top Key Players Sharp Corporation, Ciel Et Terre International, Swimsol GmbH, Kyocera Corporation, Ocean Sun AS, Quant Solar

As stated by P&S Intelligence, the global floating solar panels market is expected to generate a revenue of $2,301.8 million in 2026, rising from $685.2 million in 2019. The major factors leading to the growth of the market are rising government initiatives, concerns regarding the utilization of fossil fuels for generating power, surging energy demand, and strict environmental regulations. Furthermore, since there is no need for acquisitioning large land areas for the installation of these solar panels, their demand is rising rapidly.

The floating solar panels market is bifurcated into solar tracking and stationary, between which, the stationary bifurcation accounted for the larger market share in 2019. These solar panels are more cost-effective as compared to their counterparts and further have lesser effect of water currents. Additionally, restricting cost for stationary floating solar panels is also lower than that of solar tracking floating solar panels. Due to these advantages, the bifurcation is predicted to dominate the market during the forecast period as well.

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When technology is taken into consideration, the market is categorized into offshore and onshore, between which, the onshore category accounted for the largest revenue share of the market in 2019. The category is further projected to retain its position during the forecast period, owing to the fact that high tides and forceful water currents in deep water can cause damage to solar panels and their floating structure. The maintenance and construction cost for onshore technology is further higher than the offshore technology.

Geographically, the Asia-Pacific (APAC) region occupied the largest share of the floating solar panels market in 2019, due to government initiatives that are focusing upon promoting the use of solar panels. The region is further predicted to dominate the market during the forecast period, owing to the need for land for alternative purposes and increasing demand for lost-cost energy in APAC. The availability of land in a lot of Asian countries is less, owing to which, the adoption of floating solar panels is growing.

The fact that there is no need for land acquisition of large land areas is a major driving factor for the floating solar panels market. As the population across the globe is increasing, the availability of land is decreasing. Deployment of ground-based solar power plants needs large land areas for generating large amount of power. Hence, in order to deal with this challenge, the adoption of floating solar panels has been increasing in a number of industries.

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Other than this, the rising government initiatives and strict environmental regulations are also predicted to result in the growth of the floating solar panels market. Renewable energy is being adopted widely all across the globe for decreasing the dependency on traditional fossil fuels. Various countries are working on initiating schemes and projects and are implementing environmental regulations for promoting the usage of renewable energy, which is leading to the increasing deployment of floating solar panels.

Therefore, the market is growing due to the strict environmental regulation, government initiatives, and no requirement for land acquisition for deploying float solar panels.

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Solar Micro Inverters Market Report: https://www.psmarketresearch.com/market-analysis/solar-micro-inverters-market

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