The new report by Expert Market Research titled, ‘Global Floating Solar Panels Market Size, Share, Price, Trends, Growth, Report and Forecast 2022-2027’, gives an in-depth analysis of the global floating solar panels market, assessing the market based on its segments like product types and regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
• Forecast CAGR (2022-2027): 29%
The floating solar panels industry is being driven by the growing demand for the product from the oil and gas, automotive, quarry and mining sectors, among others, to meet the high energy demands while bolstering the efficiency and speed of day-to-day operations. As floating solar panels offer economical and efficient solutions by providing efficient energy amounts for carrying out mechanical operations, their demand in quarry and mining plants is growing. Hence, the thriving quarry and mining sector in emerging economies owing to the rising demand for valuable minerals is likely to propel the demand for floating solar panels and fuel the industry growth in the forecast period.
Industry Definition and Major Segments
Floating solar panels, variously known as floating photovoltaic (FPV) panels, refers to solar panels that are typically mounted on water surfaces such as basins, reservoirs, or lakes. They are extremely durable and offer high efficiency of electricity production. They also posit various environmental benefits and reduce evaporation from water bodies, due to which they are extensively deployed in areas that are susceptible to drought and extreme environments.
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The major product types of floating solar panels are:
• Tracking Floating Solar Panels
• Stationary Floating Solar Panels
The regional markets for floating solar panels include:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Market Trends
The increasing shift towards green energy resources and the introduction of various stringent government regulations aimed towards the protection of non-renewable resources are expected to propel the growth of the floating solar panels industry. Operational advancements in the irrigation, quarry and mining, automotive, oil and gas, and water treatment industry are likely to boost the demand for the product, as these advancements in the operations require a substantial amount of energy. Moreover, the growing trend of mixing hydro and solar to increase the capacity of the dams is likely to aid the market growth of floating solar panels. The implementation of favourable policies by various governments to promote the use of renewable energy resources is expected to provide further impetus to the market growth in the forecast period.
Key Market Players
The major players in the market are Floating Solar UK, Akuo Industries, Yellow Tropus Pvt. Ltd, JA Solar Technology Co., Ltd., and Hanwha Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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