London, Feb. 16, 2023 (GLOBE NEWSWIRE) -- Gaining the limelight as a cost-efficient energy generation alternative to conventional photovoltaic systems that demand huge lands, the floating solar panels have been recently developing as a lucrative area of interest. Escalating popularity of floating solar farms that allow water conservation through reduced water evaporation and improved power generation is primarily propelling revenue to global floating solar panels. A growing end user perception about safety of floating solar systems over traditional energy generation systems is expected to play an instrumental role in building up the floating solar panels market. A new upcoming study of Fairfield Market Research intends to provide valued insight into how the worldwide market for floating solar panels has been shaping up and what would the growth trajectory look like in near term.
The critically growing global need to scale up the overall solar generating capacity, especially targeting the electricity required in high population developing countries, is creating a strong base for the establishment of the market. While long-term interests majorly involve a combination of floating solar and hydropower plants, the goal is projected to play a vital role in creating tailwinds for market growth. The floating solar panels market is nascent yet and faces significant challenges in form of expensive deployment costs, highlight the preliminary findings of Fairfield Market Research.
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Insights into Segmental Analysis
By type, stational solar panels witness the highest preference based on their non-complex installation. Moreover, given the exorbitant costs associated with the upkeeping of an entire solar-tracking floating plant, the stationary panels present an economically viable alternative. To add to these advantages, these panels are manufactured from high-strength plastic materials that equip them with an innate endurance. On the other hand, solar trackers are likely to pick up in terms of demand. The report attributes growing market attractiveness of the solar tracking category to their greater productivity over stational panels.
Insights into Regional Analysis
The world today has more than 350 floating solar panels across nearly 35 different countries and six of the world's 10 largest floating solar panel projects are located in China, and India. South Korea also reportedly houses two floating solar projects. While these floating solar farms are currently at the various stages of their development, they strongly indicate the positioning of the Asian subcontinent in the global floating solar panel space. With a lion’s share of over 73% in total market revenue, Asia Pacific currently spearheads the global landscape of floating solar panels.
On one side, the US, Canada, Germany, and France remain the frontiers on account of their highly supportive regulatory structure. On the other hand, the Southeast Asian markets have been speeding up with exceptionally fast floating solar panel installations, especially India, China, Thailand, South Korea, Vietnam, and Taiwan. The initial report findings mark the fact that the greater availability of sufficient land drives the floating solar panels market across developed regional markets, whereas the land deficit will act as a booster to ground-mounted photovoltaic cells across the developing regional pockets. “Lesser land availability will continue to make developing Asian nations the most potential-holding markets. The consistent drop in solar panel prices will complement,” says the analyst.
Key Market Players
A few of the industry leaders include Conergy, Canadian Solar, First Solar, JinkoSolar, Hanwha Q Cells, Kyocera, Panasonic, Samsung, SunPower, Suntech, and Sharp.
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Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Type-Wise Analysis
- Technology-Wise Analysis
- Region-Wise Analysis
- Country-Wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
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