The flexibility to scale from low to high capacity, adaptability to any electrical configuration, ease of disassembly and assembly, and the lack of heavy equipment required in the manufacturing process are just a few benefits that will undoubtedly expand the company's potential. The rapid depletion of fossil fuel reserves has made the adoption of renewable energy sources essential. Solar energy, one of the renewable energy sources with the fastest pace of expansion because of its easy system installation, causes the market to grow even more. The growth will most likely be fueled by the advantages of adding floating solar panels.
According to Markntel Advisors, “Global Floating Solar Market Size- By Type, By Technology, By Location, By Capacity- Regional Outlook, Competitive Strategies and Segment Forecast to 2028” state that the Floating Solar Market is predicted to grow at a CAGR of around 38.21% during the forecast period 2023-2028.
The increasing prominence of floating solar power projects can be attributed to their inherent benefits over on-land installations, which need huge continuous swaths of land that are neither forested or used for farming. Additionally, because the water they float on has a cooling impact, floating solar panels lessen temperature-related losses.
Covid-19 Impact On Floating Solar Market:
The coronavirus outbreak is causing major changes in the floating solar business. While the Seychelles government has postponed building a floating solar PV (photovoltaic) power plant, Andhra Pradesh in India has the potential to become home to one of the world's largest floating solar power plants. Stakeholders in the market are working harder to find the ideal balance between making strategic investments and researching possible expansion locations for their companies.
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Floating Solar Market Key Players:
The Key Players of Floating Solar Market are Renault Group, Chevrolet, Tesla, BMW AG, Nissan Motor Corporation, Hyundai Motor Company, Porsche Middle East & Africa, Ford Motor Company, Ashok Leyland, Toyota Motor Corporation, Volvo Bus Company, One Moto, Others.
Floating Solar Market Segmentation:
The MarkNtel Advisors report on the Floating Solar Market Analysis, identifies, and highlights the key trends and drivers that are affecting each segment. The report has further segmented the market into the following categories:
Based on Type: Based on Type, Floating Solar Market is Segmented as: Stationary, Solar Tracking.
Based on the Capacity: Based on the Capacity, Floating Solar Market is Segmented as: 0.1-1 MW, 1-5 MW, ≥ 5 MV
Based on Region: The study also include data for North America, South America, Europe, Middle East & Africa, Asia-Pacific.
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