The global Floating Solar Panels market is likely to grow at a significant growth rate, at an increasing Compound Annual Growth Rate (CAGR) of 9%.
What are Floating Solar Panels?
Floating solar or floating photovoltaics (FPV), also known as Floatovolatics, is solar panels mounted on a construction that floats on a waterway, normally a repository or a lake.
The market for this renewable energy technology has developed quickly since 2016. The initial 20 plants with limits of two or three dozen kWp were worked somewhere in the range of 2007 and 2013. Installed power arrived at 3 GW in 2020, with 10 GW anticipated by 2025.
Market segment by Type, covers
Solar-tracking floating solar panels
Stationary floating solar panels
Market segment by Application can be divided into
Off-shore Floating Solar Panels
On-shore Floating Solar Panels
The key market players for global Floating Solar Panels market are listed below:
Japan Mega Solar Power
Market segment by Region, regional analysis covers
North America (United States, Canada and Mexico)
Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
South America (Brazil, Argentina, Colombia, and Rest of South America)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
The floating solar panels market is ascending due to moving tendency of individuals towards power age from renewable sources like breeze and solar. The high interests in renewable energy, expanding energy interest, and rising government drives to advance sunlight-based energy are additionally affecting the development of the floating solar panels in the forecast period of 2021- 2018. The cost- effective nature as well as the decline in the technology costs are also expected to prosper the interest of the floating solar panels market, and likewise is projected to develop generously during the time period. Moreover, the high land obtaining cost and high limit use factor are likewise expected to push the development of floating solar panel market.
The central point which effectively drives the interest of floating solar panels market is the quick expansion in disposable salaries as well as increasing networks of solar installers. Similarly, the developing ecological worries and quickly expanding interest in clean energy will additionally offer different development openings for the growth of floating solar panel market.
The global Floating Solar Panels market size was $1,015 million in 2019, and is likely to grow at a significant growth rate, at an increasing Compound Annual Growth Rate (CAGR) of 9%.
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