Why Is Asia-Pacific Largest Floating Solar Panels Market?

The major reasons the world is now adopting floating solar panels are that they do away with the need to acquire large tracts of land and the government policies and initiatives that support their usage. Owing to these factors, the floating solar panels market, which generated revenue of $685.2 million in 2019, is predicted to advance to $2,301.8 million by 2026. Such photovoltaic (PV) panels are fixed on top of a buoyant structure, which floats on water.


On the basis of type, the industry is bifurcated into solar-tracking and stationary panels, of which the stationary bifurcation held the larger share in 2019. This is because these variants are not affected much by water currents, and they are also cheaper than solar-tracking panels. Moreover, if a panel is damaged, it is easier and more cost-effective to restructure a stationary variant. This is the reason the stationary bifurcation will keep generating the higher revenue during the forecast period (2020–2026).

The bifurcations within the location segment of the floating solar panels market are offshore and onshore. During the historical period (2014–2019), the market was dominated by the onshore bifurcation, on account of the significant damage caused to such structures in deep waters by high tides and strong currents. In addition, it is more expensive to maintain and repair floating solar plants deployed in deep water, compared to those in shallow water. This is why the deployment of such PV panels is preferred on rivers, lakes, and ponds.

Asia-Pacific is the largest floating solar panels market presently, and it is expected to continue being so till 2026. Due to the strong government support for renewable energy, APAC is already the largest producer of solar power in the world. In addition, the strict emission-control regulations, huge demand for land for various purposes, and rising requirement for cheap electricity are driving the installation of PV panels in regional waterbodies. In most of the APAC countries, there is extremely less land to spare, on account of the booming population and expanding cities here.

Therefore, with advancements in renewable energy technologies and population explosion, the installation of floating solar panels will keep increasing.

Read more: https://www.psmarketresearch.com/market-analysis/floating-solar-panels-market


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