Solar energy is among the top options for combating climate change, and it's here to stay. We have seen a steady increase in the spread of PV solar systems put on roofs and solar farms to boost the generation of clean energy throughout the years. Similar to photovoltaics, floating photovoltaics is another name for floating solar. It describes any solar farm that floats above a body of water. Affixed to buoyant constructions, solar panels keep them floating on the water's surface. Due to their tendency to be calmer than seas, such floating solar panels are primarily seen on dams and lakes.

An environmentally beneficial way to generate power is with floating solar. It mixes marine techniques with renewable energy sources. Through underwater wires, this movable object transmits power to a broadcast tower. Solar modules, vertical and horizontal frames, anti-rust material, inspection footrest, buoyancy body, and module mount assembly are all included in a floating solar panel plant.

Some of the important aspects increasing the demand for floating solar panels include growing worries about the use of fossil fuels for producing electricity, as well as the constant rise in energy consumption. Furthermore, rising business investments in RD, which have resulted in reduced solar panel costs, as well as government support in the form of various programs, are moving the sector forward.

Globally, the rising population and decreasing land are major concerns. Furthermore, the deployment of technology including ground-based solar power plants, that need vast expanses to create big amounts of energy, is reducing the quantity of land accessible. As a result, to address this issue, numerous countries have recently implemented floating solar panels to minimize the need for land purchases. The global floating solar panels market is on the path to hitting $2,301.8 million by 2026.

In addition to reducing the costs linked with land acquisition, floating solar panels have a cheap leasing price, which is propelling the worldwide demand for floating solar panels. Furthermore, governments all around the world are funding this technology since floating solar panels do not require any land, which saves money. In India, for example, the state of Uttar Pradesh stated in 2019 that it had authorized a floating solar power plant with a capacity of 150 MW that will be finished in the following 21 months.

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The demand for floating solar panels is being attributed to the rising acceptance of renewable energy throughout the world to minimize reliance on traditional fossil fuels. Furthermore, various nations have launched or are about to launch initiatives and schemes, as well as impose a slew of environmental rules, to encourage the use of sustainable power.

Several nations, including the U.S., Japan, France, the U.K., Australia, Brazil, and India, have begun to create floating solar power facilities. For example, India announced plans to build 10 GW of floating solar potential in 2018, and numerous other nations are following suit, indicating that floating solar power will play a large role in the global energy mix throughout the projection period.

Hence, the strict environmental guidelines, requirement for land for alternative purposes, and growing low-cost energy requirement, propelling the demand for floating solar panels.