Floating Solar Panels Market 2021 Growing Trends and Industry Survey Report Forecast- 2027 marketresearchfuture.com

The floating solar panels market size value is expected to reach USD 2201.8 million by 2027. During this period, the market is likely to register a CAGR of approximately 24.53 %.
Growth Drivers and Key Restraints
Traditional solar panels are generally installed on roof tops or free land. But these have a downside, as they occupy a massive amount of land. A number of countries are observing depletion of free land where solar panel systems can be installed on a large-scale basis. This issue has been addressed in the form of the Floating Solar Panels Market technology, which makes use of water surface. These can be installed on lakes, ponds, rivers, sea and reservoirs, which leads to their high demand and the expansion of the floating solar panels industry.
Floating solar panels market growth is largely dependent on the increasing preference for clean energy among various countries. Subsidies as well as tax benefits provided by governments, to boost the installation rate of floating solar panels and the surge in rent benefits being given to the owners of reservoirs can induce major market growth in the upcoming period.
The demand in the near future can be hampered by the high cost of installation, slowing down the growth rate of the floating solar panels market. But the depleting number of open land along with the rising use of water resources like ponds, reservoirs, rivers and canals etc. for installing floating solar panels can be favorable for the global market.
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