Floating Solar Panels Market Size | Industry Report, 2024

Floating Solar Panels Market size is estimated to expand over 50% CAGR. Scarcity of land, increasing demand for clean fuel and stringent government policies will drive the global floating solar panels market.

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These ‘Floatovoltaics” employ water surface for panel installation and can be used upon reservoirs, ponds, lake and other stationary water sources. Panels are adjusted according to the position of sun which helps to enhance the efficiency and maximize the output.

They also help to decrease algae growth in stable water and aid in reducing water evaporation through water bodies. As floating solar panels are placed above water it helps by its cooling effect and to maintain steady temperature of silicon panels, to continue output level. As temperature is less it helps in increasing work competence of photovoltaic cells in solar floating solar panel.

PV panels are well designed in curved mirrored film which concentrate sunlight on thin line, which requires less amount of silicon and which reduces panel size, thus decreasing in cost is evaluated in solar panels. Production cost of floating solar panels is usually less, due to less amount of steel utilization and in manufacturing of panels which have comparably reduced conventional panels cost. These floating solar panels can be mount in industrial water basins for water treatment, and above industrial ponds floating solar panels are also fixed, to provide electricity to water treatment plant of the pond.

Stringent governmental policies on carbon footprints, no land requirement for installation of floating solar panels, significant reduction in solar panel price and increasing demand for clean fuel energy is anticipated to drive the floating solar panels market during the forecast period. Incentives such as subsidies and tax benefits along rent benefits to reservoir owners to further compliment the floating solar panels market growth. Floating solar panels are major and easy practised on dam reservoir for hydroelectric power generation due to transportation development and electricity generation.

High installation and maintenance cost will holds back floating solar market growth in forecast period. These panels cannot be placed in sea seeing that the waves would stop them from maintaining angular position with wind and sun which will have an effect on electricity generation. Global floating solar panels market size has been broadly segmented on products (solar tracking panels and stationary floating panels), applications (offshore and onshore) for key regional markets.

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