In addition to government subsidies and tax benefits, rent garnered from floatovoltaics also benefits those who own landlocked waterways, such as reservoirs and lakes.
Grand View Research
The global floating solar panel market by region.
Not everything, however, is sunny for the emerging market. High installation and maintenance costs could put a damper on growth. In addition, floating panels cannot easily be placed in seas or oceans since waves could affect their positioning, which would affect electricity generation.
Key players in the industry include Kyocera Corp., Trina Solar, Sharp Corp., and Yingli Solar. Ciel & Terre is expected to be the largest installer of floating panels across the globe; it accounts for more than half of the overall floating panels installations.
"The rapid depletion of fossil fuel reserves has created a need for the utilization of renewable sources of electricity generation. Solar power is one of the fastest growing renewable energy technology owing to the ease in system installation as well as abundant sunlight across the globe," the Grand View Research report said. "Advantages related to the installation of floating panels as compared to conventional plants are expected to drive growth."
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