Renewable energy generation has become one of the most important aspects in terms of clean energy. Technologies associated with renewable energy are gaining considerable traction across the globe. Numerous countries are embracing renewable energy systems for the preservation of exhausting non-renewable resources. Based on all these factors, the floating solar panels market will experience promising growth across the assessment period. In addition, the plethora of benefits offered by floating solar panels will serve as positive growth indicators.
Floating photovoltaic (FPV), better known as floating solar panels is a type of solar array that floats on water bodies. These panels are specially designed for their capability to float on water. These panels are most likely to be located on a basin or a lake. The panels are also installed on man-made reservoirs. The installation of solar panels on an ocean is a tedious affair because of the constantly moving waves.
The experts at Transparency Market Research (TMR), after a detailed and scrutinized analysis, expect the global floating solar panels market to record a CAGR of 43.02 percent between 2019 and 2027.
Innovations and technological advancements are inviting promising growth opportunities for the floating solar panels market. The rising adoption of floating solar panels in developing countries like India and China will further boost growth. The cooling effect of water bodies helps the solar panels to perform well as their output is decreased under high temperatures. These advantages will propel the growth opportunities across the floating solar panels market during the forecast period.
Key Findings of the Report
Huge Investments from Large Conglomerates and Governments of Numerous Countries to Add Extra Stars of Growth to the Floating Solar Panels Market
Clean energy initiatives are attracting extensive investments from various firms and businesses. Governments of various countries are also investing heftily in such initiatives. The floating solar panels market, being a part of the clean energy products observes multiple investments. For instance, Amazon recently announced a large investment in renewable energy in Brazil. It will be Amazon’s largest single-site renewable project to date. It will comprise a floating solar park and other clean energy-generating equipment.
In another instance, the Cochin International Airport in Kerala, India approved the installation of one of the biggest floating solar plants. It has a capacity of generating 453 kWh power. The state of Goa in India will also see the installation of a 1 GW solar power plant. Such developments invite tremendous growth opportunities for the floating solar panels market.
Research and Development Activities to Boost Growth Prospects of Floating Solar Panels Market
The ongoing research and development activities across the solar panels industry are leading to the discovery of novel insights. This aspect will invite exponential growth opportunities for the floating solar panels market. Various initiatives related to the development of solar energy across numerous countries will accelerate the growth of the floating solar panels market.
Cost-Effectiveness to Play a Mammoth Role in Increasing the Growth Rate of the Floating Solar Panels Market
The reduction in costs of the floating solar panels equipment such as floaters due to factors such as a decrease in material cost, enhancement in the manufacturing process, and declined floater thickness will bring profitable growth opportunities for the floating solar panels market.