Reducing Land Availability Fueling Popularity of Floating Solar Panels
With the surge in pollution levels, the demand for renewable and clean energy is rising sharply across the world. Moreover, the lack of availability of large land areas, on account of the soaring population levels across the globe, is massively boosting the popularity of advanced power generating technologies that are not only eco-friendly but also don’t require large land areas for power production. This is one of the major factors fueling the popularity of floating solar panels across the world.
In countries such as the U.S., India, the U.K., Australia, Brazil, Japan, and France, the governments are rapidly launching initiatives for developing floating solar power plants. For example, India announced in 2018 that it aims to develop floating solar power plants having 10 GW capacity. Due to these factors, the popularity of floating solar panels is surging sharply around the world, which is, in turn, propelling the advancement of the global floating solar panels market.
According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $685.2 million in 2019 to $2,301.8 million by 2026. Solar tracking and stationary are the two most widely used types of floating solar panels all over the world. Between these, the demand for stationary floating solar panels was found to be higher during the last few years and this trend will continue in the upcoming years as well.
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This will be because of the fact that the chances of plant destruction are very high in deep waters such as oceans, because of higher tides and stronger waves, than in ponds and lakes. Globally, the demand for floating solar panels will shoot up in Asia-Pacific (APAC) in the coming years. This will be because of the soaring investments being made by various companies for the development of floating solar power plants in the regional countries.
Hence, it can be safely said that the demand for floating solar panels will boom in the coming years, primarily because of the declining availability of large land areas for power production and the growing popularity of eco-friendly and renewable energy sources all over the world.