Floating Solar Panels Market 2023 Increased Utilization of Energy from Renewable Sources to Propel the Growth given Forecast timeframe | MRFR

Floating Solar Panels Market Report Overview:

MRFR’s report offers an unbiased commentary on the global floating solar panels market highlighting the current market status, ongoing industry trends, and key developments. It also analyzes the micro and macroeconomic factors that are poised to influence the market prospects. The scope of the report covers different products such as stationary floating solar panels and tracking floating solar panels. It also studies the market on the basis of location, which includes offshore and onshore. The regional analysis of the market covers Europe, Asia Pacific, North America, and the Rest of the World.

Report Coverage:

The report encompasses an in-depth analysis of the market foresight, historical data, key market divergences, and market factor analysis which covers Porter’s five forces analysis and supply chain of the market. A market share analysis of the key players and a detailed study of the value of the market by region as well as segmentation is also included in the report. Furthermore, it presents a country-level analysis of each market segment.

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Market Overview:

With rapid depletion of fossil fuels and other non-renewable energy sources, research has increased to develop new techniques for harvesting energy from renewable sources. Photovoltaic systems are being vastly utilized for harvesting solar energy with the help of solar panels that are installed on large land areas. Recent technological advancement has led to the development of floating solar panels that are installed on the structure that floats on a water body, which does not occupy much of the land area. Market Research Future (MRFR) has published a detailed report asserting that the global floating solar panels market is marked to expand at a noteworthy growth rate in the forthcoming years.

Market Drivers and Restraints:

The land-based solar power plants require large land area and frequent maintenance for solar cell fabrication, which makes it a costly process. Application of floating solar panels that are installed over a water body reduces the utilization of land area and also aids in reducing the rate of evaporation from the water bodies. Increasing demand for renewable alternatives for energy harvesting owing to the rapid depletion of renewable energy sources is majorly driving the growth of the global floating solar panels market. The floating solar panels provide higher efficiency in functioning as the temperature of the panels is maintained by the cooling effect exerted by the water underneath the system.

The low maintenance and cost-effectiveness of the floating solar panels are leading to the increased adoption of these systems over conventional solar energy plants, which in turn is propelling the growth of the global floating solar panels market. Increasing investments by governments in various regions for research in order to develop new and advanced techniques for harvesting energy from renewable sources and initiation of new projects for developing floating solar panels over multiple water bodies are some other factors that are fueling the growth of the global floating solar panels market. However, complexities related to the offshore installation of floating solar panels are likely to restrain the expansion of the global floating solar panels market.

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Market Segmentation:

The global floating solar panels market has been segmented on the basis of product and location. Based on product, the floating solar panels market has been segmented into stationary floating solar panels and tracking floating solar panels. The stationary solar panels segment is expanding significantly in the global floating solar panels market owing to the high adoption of these panels as a result of their cost-effectiveness as compared to other types of floating solar panels. Based on location, the floating solar panels market has been segmented into onshore and offshore.

Regional Analysis:

Geographically, the global floating solar panels market has been segmented into four major regions such as Asia Pacific, North America, Europe and the rest of the world. Limited availability of land for building solar power plants and rapid depletion of non-renewable energy sources such as fossil fuels are inducing high demand for floating solar panels in the Asia Pacific region, leading to the significant growth of the floating solar panels market in this region. High penetration of advanced technology that is being utilized for harvesting energy from renewable resources in order to meet the increasing energy demand is fueling the growth of the floating solar panels market in the North America region. Government emphasis on shifting towards renewable energy sources for energy generation and rising environmental awareness are propelling the growth of the floating solar panels market in the Europe region

Key players:

The leading players operating in the global floating solar panels market are GEITS, Yingli Solar, SPG Solar, Suntech Power Holdings Co. Ltd., Ciel & Terre, Wuxi Suntech Power Co. Ltd., Kyocera Corporation, Trina Solar Limited, Japan Mega Solar Power Co., Solaris Synergy, and Sharp Corporation.

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About Market Research Future:

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