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The benefits of installing FPV panel plants over standard plants are expected to propel the market for FPV panels forward. The primary drivers driving the market expansion of FPV panels are still a shift in preference for renewable energy sources like solar and wind for power generation, an increase in financing for renewable energy resources, plus numerous government programs to support solar energy.
Market Overview
Floating solar panels market share is expected to reach USD 2201.8 million by 2027. The market is likely to register a CAGR of approximately 24.53 % during the forecast period.
Solar panels erected on a structure floating on a water body, such as a lake or a reservoir, are called floating solar panels or floating photovoltaic (FPV). FPVs float on water, and an inbuilt solar tracker, tracks the sun’s motion to position the solar panel, thus increasing the amount of time the FPV system is exposed to sunlight. Furthermore, floatovoltaics have low maintenance management expenses and do not require expensive land areas, lowering the cost of solar power generation and freeing up land.
Water-based PV systems have various advantages, including reduced algae growth as well as evaporation. Floatovoltaics also lower the operating temperature of PV and lower the price of solar energy generation. Water bodies are easier to get permission for than land because the government often holds them. Furthermore, FPVs produce shade, which aids algae blooming and reduces water evaporation. While power generation on individual sites is not comparable to ground mounts, FPVs are appropriate for cities with restricted roofs or land spaces.
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Market Segmentation
By Product
The worldwide floating solar panels market may be classified into two types based on the product: stationary floating solar panels plus tracking floating solar panels. The stationary panels are permanently installed in a certain area of the water body, wherein they float and collect solar energy. Technological innovations are used in tracking floating solar panels to guarantee that the panels spin following the sun’s rays. Due to its cost-effectiveness, the stationary floating solar panel segment is anticipated to lead the market during the anticipated period.
By Location
The worldwide floating solar panels market may be divided into two categories: onshore and offshore. The onshore market sector was the driving force behind the market performance, and this is expected to do so again over the anticipated period. The onshore business segment’s improved performance can be attributed to a lower risk of damage from strong water currents, high tides, and lower construction and maintenance expenses.
Regional Classification
The global floating solar panels market may be divided into several groups based on geographical region, including Europe, North America, Asia Pacific, and the rest of the world. As non-renewable sources deplete at an unprecedented rate, the appeal of various regional segments has grown significantly. The proactive position played by different national governments might be a crucial factor influencing market segment success during the anticipated term.
The Asia Pacific market division is projected to lead the global market landscape depending on the in-depth market outlook. The implementation of several efforts by governments to encourage the use of solar panels is the primary cause of the region’s strong performance. Furthermore, the prevalence of rigorous environmental legislation and regulations and the surge in access to low energy help to increase the performance of the geographical area.
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