The surging global population and the lack of availability of land for solar power plants are the two major factors responsible for the burgeoning requirement for floating solar panels across the world. Furthermore, the adoption of various technologies like ground-based solar power plants that require large areas of land for generating a huge amount of power is causing a drastic reduction in the availability of land. This is propelling the deployment of floating solar panels in many countries.
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Additionally, floating solar panels have very low lease prices, which further boosts their popularity all over the world. Besides these factors, the increasing implementation of various initiatives and strict regulations by the governments of several countries for reducing the reliance on fossil fuels for power generation is also fueling the demand for floating solar panels across the world. Moreover, the growing preference for renewable energy sources over fossil fuels is massively boosting the sales of floating solar panels.
The value of the market is predicted to grow from $685.2 million in 2019 to $2,301.8 million by 2026. Depending on type, the market for floating solar panels is divided into solar tracking and stationary panels. Between the two, the stationary category will demonstrate higher growth in the market in the forthcoming years. This will be because of the lower operational costs of these panels and the very low probability of these panels getting damaged because of current waves.
Globally, the floating solar panels market will exhibit huge expansion in the Asia-Pacific (APAC) region in the upcoming years, as per the estimates of P&S Intelligence, a market research company based in India. This will be because of the growing adoption of floating solar panels in the developing nations such as Vietnam, Indonesia, China, and India and the soaring investments being by plant manufacturers in the development of floating solar panels in this region.
Hence, it is quite clear that the demand for floating solar panels will skyrocket all over the world in the coming years, mainly because of the lack of availability of large land areas for power generation and the implementation of favorable government regulations regarding the usage of renewable energy in many countries.
Read More: https://www.psmarketresearch.com/market-analysis/floating-solar-panels-market
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