Floating PV Systems Dominate Floating Solar Panels Industry

A collection of photovoltaic solar panels set on a structure that floats on a body of water, typically a lake or reservoir, is referred to as a floating solar power plant or floating solar farm. The construction of floating solar farms uses floating solar panels.

The usage of floating solar panels has been expanding because they offer a cost-effective, novel, and reliable renewable alternative for utilizing the vacant water surfaces of reservoirs to manufacture renewable solar power.

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The floating solar panels market is predicted to reach USD 40,662 million by 2030, according to P&S Intelligence. The industry is fueled by the increase in government programs to use renewable resources, strict environmental laws, and the removal of the need to purchase huge tracts of land due to the placement of PV plants on bodies of water.

In 2022, stationary panels had a bigger market share, of around 82%. Installing these panels on a lake, dam reservoir, or other body of water is not too difficult. These panels also slow down water evaporation by providing shade over the body of water.

Additionally, because the former type of panels is constructed of inexpensive, very durable plastic, establishing a fixed floating PV plant is more affordable than installing a solar-tracking floating plant.

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However, in the years to come, the solar-tracking category to advance at a higher CAGR. These variations generate more power than their stationary counterparts as a result of the long direct contact with the sun's beams.

This increase might be between 10% and 25%, based on where the monitoring system is situated. Single-axis and dual-axis solar trackers are two variations that might both be the perfect match for a certain project.

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