Global Floating Solar Panels Market Estimated to Reach US$ 5,861.36 Mn by 2027; Increase in Demand for Solar-powered Ene
Market Description Floating solar panel based plant or farm is an arrangement of photovoltaic solar panels on a structure that floats on a water body, which is generally a lake or reservoir. Solar panels used in the construction of floating solar farms are known as floating solar panels. It is a new method of utilizing water surface available on dams, reservoirs, and other water bodies for the generation of solar energy The impetus to develop floating solar panels/plants over land-based plants is leading to an increase in prices of undeveloped land with solar potential According to the IEA, a minimum 80 GW of solar capacity was installed worldwide in 2018, a rise of about 48% compared to that in 2019. Companies are constantly conducting research and development activities to increase the overall efficiency of solar panels and systems. Floating solar panels/plants help conserve water through reduction of evaporation, and increase power generation due to the cooling effect of solar panels Advantages of Floating Solar Panels over Land-based Solar System to Drive Market Floating solar panels eliminate the requirement of expensive land areas, especially farmlands, which are near any substation, for harvesting solar power This significantly lowers the price of solar power generation and also frees the land for other purposes The requirement of land for solar installation has driven the prices of even arid wastelands to more than 10 to 20 times in most of the countries These high prices of land reflect in the total cost of generation of solar power. However, floating solar panels are installed on water surfaces; hence, they require surface of water bodies that are not used for any other purposes. Installation of floating solar panels does not involve civil work or any removal of plantation as required in land-based solar installations Floating solar panel/plants generally generate more electricity than ground-mounted and rooftop systems due to the cooling effect of the water The overall maintenance of the plant is low compared to land-based system. This results in significant saving of operational costs in the long run. Increase in awareness about floating solar panels and solar power generation is projected to drive the floating solar panels market during the forecast period Rise in investments in the renewable energy sector is also expected to boost the market Thus, growth in land issues and availability of water bodies is projected to augment the floating solar market in the near future
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