Government efforts to curb the release of harmful gases into the atmosphere are expected to propel the global floating solar panels market to $2,301.8 million by 2026, from $685.2 million in 2019, according to the market research study published by P&S Intelligence. In countries around the world, stringent environmental regulations are in place and tax rebates and other financial incentives are being offered to promote clean energy. Though solar energy is one of the best alternatives to creating electricity from fossil fuels, the requirement for large areas for the installation of photovoltaic (PV) panels discourages many from adopting it.
This is proving beneficial for the floating solar panels market, as such PV plants are installed on waterbodies, including lakes, ponds, dam reservoirs, and seas. This leaves the land free for other purposes, such as agriculture or construction, which is why governments are now rapidly installing PV panels on water. For instance, the Indian government in 2018 announced intentions to create 10 Gigawatts (GW) of electricity from floating PV panels.