The global floating solar panels market attained a value of $685.2 million in 2019 and is predicted to generate a revenue of $2,301.8 million by 2026. The rising concerns being raised in several countries over the utilization of fossil fuels for producing power and the rapidly increasing demand for energy are the main factors driving the progress of the market. Additionally, the soaring investments being made by various organizations in research and development (R&D) are fueling the market growth.
The surging population and the reducing availability of land are the other major factors propelling the advancement of the floating solar panels market. Furthermore, the usage of ground-based solar power plants that require large land areas for generating huge amounts of power is causing a sharp reduction in the availability of land for other purposes. This is boosting the demand for floating solar panels as these panels don’t need land for functioning.
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Furthermore, various countries such as India, Brazil, Australia, France, the U.K., the U.S., and Japan are rapidly implementing initiatives for developing floating solar panels. For example, India announced in 2018 that it intends to develop 10 GW capacity floating solar panels in the coming years. This initiative would massively boost the expansion of the market in the country in the future. Depending on type, the floating solar panels market is divided into solar and stationary tracking panels.
Globally, the floating solar panels market would demonstrate the highest growth in the Asia-Pacific (APAC) region in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This would be a result of the huge potential of the industry in various developing nations such as China, Indonesia, Vietnam, and India. In these countries, many plant development organizations are predicted to make huge investments in the future years.
Thus, it is quite clear that the market would boom all over the world in the coming years, mainly because of the rising popularity of solar energy and the reducing availability of large land areas in several countries.
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