How is Need for Clean Energy Driving Floating Solar Panels Market?

The installation rate of solar panels across the globe has risen considerably in the past few years, primarily because of the surging need for alternative ways of generating energy. Solar panels or photovoltaic (PV) modules are an efficient way of generating power, which this why they have the capability to cater to the growing need for energy around the world. PV modules are basically installed upon free land or roof tops. One of the major drawbacks of solar panels is that they occupy a large amount of land, and various countries do not have enough free land for installing solar panel systems on a large-scale basis.

Now, due to technological advancements, the development of floating solar panels has become possible, which can effectively address the problem of acquiring a large area for installing PV panels. This is why, as per P&S Intelligence, the global floating solar panels market is predicted to register considerable growth in the coming years. Floating PV panels are installed on water surfaces, such as reservoirs, ponds, sea, rivers, and lakes. Stationary and solar-tracking are the two variants of floating solar panels. Between these two, the larger demand in the past was created for stationary floating solar panels.

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Floating solar panels can be installed on the shore as well as off the shore. Around the world, the Asia-Pacific (APAC) region created the largest demand for floating solar panels in the past, and the situation is predicted to remain the same in the coming years. The installation of floating solar panels in the region is growing because of the increasing initiatives by governments for promoting the utilization of these devices. In addition to this, the surging demand for energy and stringent environmental regulations in the region are resulting in the increasing need for floating PV panels.

The untapped market and the unavailability of large land masses in the densely populated countries of Asia can be leveraged by the firms manufacturing or installing floating solar panels. In present times, countries including India, Japan, the U.S., Australia, and Brazil have initiated several projects for installing floating solar power generation plants. In addition to this, the cost required for installing these systems is is quite high than ground-based solar panels, which is further resulting in the rise in the investments from companies and government agencies.

Apart from occupying less land, floating solar panels have better efficiency than conventional ground-mounted solar plants. The efficiency of ground-mounted solar panels is hampered because of ground heat, and solar panels have an enhanced efficiency under low temperature. Floating solar panels, however, are mounted on water, which aids in lowering their temperature. Because of the increased efficiency of these solar panels, manufacturers are increasingly investing in the domain, which is resulting in the growth of the floating solar panels market.