Increasing demand for power and growing focus on renewable energy coupled with favorable government regulations to drive global floating solar panels market through 2024
According to a report published by TechSci Research on “Global Floating Solar Panels Market By Type, By Capacity, By Connectivity, By Region, Competition, Forecast & Opportunities, 2024”, the global floating solar panels market is anticipated to grow at a CAGR of around 39% during the forecast period on account of growing focus towards clean fuel electricity generation sources coupled with scarcity of land. Moreover, regulators across the globe are setting up numerous targets pertaining to renewable energy capacity addition to curb the environmental pollution level, which is further boosting the demand for floating solar panels globally.
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On the basis of type, the global floating solar panels market has been categorized into stationary and solar tracking, of which, stationary category is expected to account for a significant portion of the global floating solar panels market during the forecast period. Stationary floating solar panels are in demand in the developing and emerging economies owing to the low cost of installation as compared to their counterpart. However, the solar tracking floating panels are expected to grow at a faster rate throughout the forecast period owing to their increased efficiency with tracking technology.
In terms of region, the global floating solar panels market is categorized into Asia-Pacific, Europe, North America, South America and Middle East & Africa. Among the regions, Asia-Pacific is expected to account for a significant portion of the global floating solar panels market until 2024. The major factor driving the Asia-Pacific floating solar panels market is growing investment in floating solar panels coupled with favorable regulatory support of solar panels in countries like Japan, China and South Korea.
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“The global floating solar panels market is anticipated to witness a favorable growth landscape over the course of next five years. Growing energy crisis and high rate of carbon footprints in the atmosphere are boosting the need for sustainable power generation across the globe, thereby resulting in the adoption of solar panels, which in turn, is boosting the growth of floating solar panels market.” said, Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.
“Global Floating Solar Panels Market By Type, By Capacity, By Connectivity, By Region, Competition, Forecast & Opportunities, 2024” has evaluated the future growth potential of the global floating solar panels market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the global floating solar panels market.
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