Transparency Market Research, New York: Technologies related to renewable energy generation are creating ripples across the globe. Various countries around the world are adopting renewable energy methods for preserving valuable non-renewable resources. The floating solar panels market will grow at a rapid rate on these factors. In addition, the various benefits provided by floating solar panels will serve as a cherry on the cake.
The analysts at Transparency Market Research (TMR) foresee the global floating solar panels market to expand at a strong CAGR of 43.02 percent during 2019-2027. The global floating solar panels market was valued at US$ 240.65 mn in 2018.
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The emergence of innovations in the floating solar panels market is bringing tremendous growth prospects for the floating solar panels market. Novel concepts like photovoltaic-hydropower hybrid plants are adding feathers of growth in the cap of the floating solar panels market. The exploration of untapped regions like Azerbaijan and Russia for growth prospects is also proving to be a boon for the floating solar panels market.
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Zero dependence on large swathes of land for installing solar panels will serve as an expansive growth generator for the floating solar panels market. The cooling effect caused by water bodies on solar panels enables them to perform better on water bodies as compared on land, thus bringing massive growth opportunities for the floating solar panels market.
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India is prominently bringing extensive growth opportunities for the floating solar panels market. The government initiatives regarding the utilization of renewable energy resources are assisting India to become an epicenter of growth. The formation of the International Solar Alliance (ISA) comprising the countries lying partially or completely between the Tropic of Cancer and Tropic of Capricorn has added extra muscle to the growth of the floating solar panels market.
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The first floating solar panels project in India was launched at Kolkata, a city in India in 2014. After the success of the project, various floating solar panels projects are underway across the country. Madhya Pradesh, a state in India is planning a 1GW floating solar plant on the Indira Sagar Dam and is pegged to be the world’s largest floating solar plant after completion. Such initiatives are developing a strong bond of growth with the floating solar panels market.
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