Global Floating Solar Panels Market to Set Phenomenal Growth from 2020 to 2025

Global FloatingSolar Panels Market is expected to grow considerably in the years to come owing to the increasing emphasis on clean fuel electricity production sources along with limited availability of land for setting up photovoltaic systems. Floating solar panels is an array of solar panels that float on water body like a lake or artificial basin. This technology is the major reason for the growth of renewable energy. They require least land consumption for grid connections and electric cabinet. They can be easily managed with forthright decommissioning and construction. Since no fixed structures are required for the foundation, their installation is completely reversible.

The major driving factor to solar technology is declining panel price to reduce per unit generation cost. This is expected to positively affect simulation and analysis software market. Furthermore, increasing research and development from the leading players, government initiatives for the adoption of floating solar panels and regulations for controlling greenhouse gas emissions are fueling the growth of simulation and analysis software market. However, significant installation and maintenance cost are obstructing the growth of simulation and analysis software market.

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Moreover, limited service providers and scarcity of empty lands is expected to bring wide opportunities in simulation and analysis software market. Increasing conversion efficacy of solar photovoltaic systems. Floating solar panel market is categorized on the basis of product type, technology, location, capacity, application and geography. On the basis of product type, the market is divided into stationary floating solar panels and tracking floating solar panels. Stationary floating solar panels segment is expected to lead floating solar panels industry owing to its efficiency and increasing adoption across several emerging economies.

Based on technology, floating solar panels market is divided into concentrated solar power (CSP), photovoltaic, and concentrator photovoltaics (CPV). Photovoltaic segment is predicted to register high growth owing to several benefits like scalability, one-time installation, no-pollution operation or green-house gas emissions and easy fixation.

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In terms of location, floating solar panel industry is bifurcated as off-shore floating solar panels and on-shore floating solar panels. On shore floating solar panels segment leads floating solar panel market due to increasing applications. Based on capacity, the industry is divided into large-scale, medium-scale and small-scale. Small scale segment is expected to lead owing to the growing investments for the progress of small scale projects.

On the basis of application, floating solar panels industry is divided into industrial, residential and commercial. Commercial application segment is projected to hold larger market share of floating solar panels owing to the extensive use. Geographically, floating solar panels market is segmented as North America, Europe, Asia Pacific and RoW. Asia Pacific is predicted to dominate the market of floating solar panel due to increasing government initiatives and growing energy demand. The key players in floating solar panels industry are Novaton, Infratech Industries, Inc., Ciel & Terre International, Solar Power Incorporated, Trina Solar, Sharp Corporation, DNV GL, Pristine Sun, KYOCERA Corporation, Yingli Green Energy Holding Company Limited, and others.