Major Companies in Floating Solar Panel Market Struggle to Fulfil the Extraordinary Demand Intensified by COVID-19

The traditional solar panels used in solar energy generation require large areas of land for their installation. This creates a major challenge in countries not having adequate land available for their installation. In such cases, floating panels, owing to their negligible land requirement advantages, are preferred over the conventional ones, thereby fueling the progress of the floating solar panels market.

Moreover, these panels allow better land optimization for infrastructure development and agricultural uses, which further inflates their demand.

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Based on location, the floating solar panels market is bifurcated into on-shore and off-shoreinstallation. Of these, on-shore variants had the larger share in the market, in terms of both revenue and installed capacity, in the past. While the on-shore variants are installed on the shores of lakes, ponds, dams, rivers, and reservoirs, the off-shore ones include thoseinstalled on a platform in seawater. The on-shore variants are expected to witness tremendous growth in their demand in the coming years.

Over the next few years, the world is expected to witness significant growth in the demand for renewable energy. The sun is the most abundantly available natural resource and also the cheapest to exploit, to product electricity. As a result, the global floating solar panels market is predicted to advance rapidly in the coming years.

Floating solar panels refer to the photovoltaic (PV) panels stationed in various water bodies, such as lakes, ponds, oceans, and canals, as opposed to land.

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The floating solar panels market is divided into stationary and solar-tracking panels, on the basis of product type. Between the two categories, the stationary one had the larger market share, in terms of both revenue and volume, in the historical period.

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