Floating Solar Panels Market Revenue to Reach $2,301.8 Mn by 2026 Says P&S Intelligence
NEW YORK, Feb. 23, 2021 /PRNewswire/ -- Government efforts to curb the release of harmful gases into the atmosphere are expected to propel the global floating solar panels market to $2,301.8 million by 2026, from $685.2 million in 2019, according to the market research study published by P&S Intelligence. In countries around the world, stringent environmental regulations are in place and tax rebates and other financial incentives are being offered to promote clean energy. Though solar energy is one of the best alternatives to creating electricity from fossil fuels, the requirement for large areas for the installation of photovoltaic (PV) panels discourages many from adopting it.
This is proving beneficial for the floating solar panels market, as such PV plants are installed on waterbodies, including lakes, ponds, dam reservoirs, and seas. This leaves the land free for other purposes, such as agriculture or construction, which is why governments are now rapidly installing PV panels on water. For instance, the Indian government in 2018 announced intentions to create 10 Gigawatts (GW) of electricity from floating PV panels.
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The coronavirus pandemic has put a dent in the growth of the floating solar panels market, as the countrywide lockdowns around the world have led to the closure of factories manufacturing PV panels and other components required in a solar plant. Therefore, many of the projects which were due to be commissioned in 2020 will now face definite delays.
In the coming years, the onshore bifurcation, based on location, will dominate the floating solar panels market, because lakes, ponds, and dam reservoirs witness lower tides and weaker currents than oceans, which leads to less damage to the PV panels and floating structure in onshore waterbodies. Moreover, the maintenance of offshore floating solar panels is difficult and cost-intensive, which is why onshore waterbodies are preferred for PV panel installation.
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