Floating Solar Panels Market is Projected to Clock a Value of US$ 5,861.36 Mn By 2027
The global floating solar panels market was valued at US$ 240.65 Mn in 2018 and is anticipated to expand at a CAGR of 43.02% from 2019 to 2027 In terms of type, stationary floating solar panels constituted more than 90% share of the global floating solar panels market in 2018 In terms of capacity, above 5 MW constituted more than 50% share of the global floating solar panels market in 2018 Based on region and country, Asia Pacific dominated the global floating solar panels market in 2018. China, Japan, South Korea, and India jointly constituted more than 80% share of the global market in 2018 Yingli Solar and KYOCERA Corporation are the dominant players offering solar panels for offshore floating solar power plants
- High Demand for Renewable-based Electricity Generation to Drive Installation of Floating Solar Panels
Floating solar plants are emerging as alternatives to conventional ground mounted photovoltaic systems. Majority of the countries are shifting to offshore-based solar power generation owing to shortage of land area. Increase in awareness about floating solar and solar power generation is projected to propel the demand for floating solar panels during the forecast period.
The information Presented in this Review is Based on Press-Release by TMR
Floating solar plants offer various benefits such as increase in energy generation due to the cooling effect of panels, conservation of water through reduction of evaporation, and lower installation time than conventional land-mounted panels Demand for floating solar plants has increased owing to the potential synergies; some developers claim that such systems are 50% more efficient than land-based solar plants Floating solar plants and panels provide a highly viable solution over land-based solar power plants. These panels eliminate the requirement of expensive land areas, especially farmlands, which are near any substation, for harvesting solar power. Floating solar panels significantly lowers the price of solar power generation and also frees the land for other purposes. The requirement of land for solar installation is driving the prices of even arid wastelands to more than 10 to 20 times in most of the countries.
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