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.
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 floating solar panels market 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.
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One of the major trends currently being witnessed in the floating solar panels market is the huge investments being made by manufacturing firms for making the technology highly efficient. Additionally, several governments around the world are making huge investments in this technology, on account of the fact that floating solar panels do not require any land for operation and are therefore, more affordable than the conventionally used ground-based solar panels.
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.
