Floating Solar Panels Market Size, Share, Growth Drivers and Forecast to 2026
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.
The floating solar panels market is bifurcated into solar tracking and stationary, between which, the stationary bifurcation accounted for the larger market share in 2019. These solar panels are more cost-effective as compared to their counterparts and further have lesser effect of water currents. Additionally, restricting cost for stationary floating solar panels is also lower than that of solar tracking floating solar panels. Due to these advantages, the bifurcation is predicted to dominate the market during the forecast period as well.
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When technology is taken into consideration, the market is categorized into offshore and onshore, between which, the onshore category accounted for the largest revenue share of the market in 2019. The category is further projected to retain its position during the forecast period, owing to the fact that high tides and forceful water currents in deep water can cause damage to solar panels and their floating structure. The maintenance and construction cost for onshore technology is further higher than the offshore technology.
The fact that there is no need for land acquisition of large land areas is a major driving factor for the floating solar panels market. As the population across the globe is increasing, the availability of land is decreasing. Deployment of ground-based solar power plants needs large land areas for generating large amount of power. Hence, in order to deal with this challenge, the adoption of floating solar panels has been increasing in a number of industries.
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Other than this, the rising government initiatives and strict environmental regulations are also predicted to result in the growth of the floating solar panels market. Renewable energy is being adopted widely all across the globe for decreasing the dependency on traditional fossil fuels. Various countries are working on initiating schemes and projects and are implementing environmental regulations for promoting the usage of renewable energy, which is leading to the increasing deployment of floating solar panels.
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