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 withi...