Floating Solar Panels Market Size & Share to Surpass USD 6.5 billion by 2031, Recording a 15.9% CAGR

Floating Solar Panels are also known as Floating Photovoltaic (FPV). Floating Solar Panel technology has been gaining traction as a favorable and cost-effective alternative to land-based photovoltaic systems. Floating Solar Panels consist of panels, such as irrigation ponds, reservoirs, dams, canals, and oceans, mounted on water bodies. Floating solar panels include floating structures, frames for PV modules, mooring lines & anchors, combiner boxes, photovoltaic panels, and central inverters.

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Floating solar panels generally consist of panels that are installed on water bodies such as oceans, lakes, irrigation ponds, canals, and reservoirs. These panels are installed on water bodies which helps to sustain the temperature of the silicon panels by keeping the effectiveness. These systems have a variety of benefits over traditional power generation systems such as secure and noiseless power generation.

Today, more than 40% of the global population lives within 100 km of the coast. In light of an increasingly connected and digitalized world, cloud servers near where people live to facilitate the short travel distance of data, hence, submerged data centers, already a reality off the coast of Scotland since June 2018, powered by FPV systems could be the norm in the future.

Advantages of Floating solar PV:

No loss of valuable land space

Higher solar panel performance

Environmental benefits

Increased energy yield

Reduced water evaporation

Improved water quality

Hydro-FPV-Hybrid has a lower CAPEX

Technology:

Photovoltaic

Concentrated Solar Power (CSP)

Concentrator Photovoltaics (CPV)