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The floating solar panels industry is driven by the growing applications of the product in the water treatment sector. Water treatment projects require a significant amount of energy. Thus, the water treatment plants can utilise floating solar panels to get direct electricity. The market is anticipated to be bolstered by the ability of the product to reduce the energy costs associated with water treatment plants. In addition, the growing demand for hydroelectricity, which is a substantial source of energy, is expected to support the market. The mixture of hydro and solar provides a great opportunity to increase its capacity to meet the energy demand during peak hours.
In October 2020, JA Solar Technology Co., Ltd., one of the leading industry players, announced to supply photovoltaic (PV) modules for the first floating solar plants in Spain and Malaysia. With the help of solar panels, the plant in Spain has been equipped with mono-facial and bifacial modules, which have been installed on different floating systems on the Sierra Brava reservoir. In Malaysia, JA Solar Technology Co., Ltd. has supplied double-glass modules for a 10 MW floating photovoltaic (PV) project in Selangor State. Such developments are expected to aid the market growth in the forecast period. In addition, the capacity expansion by the leading solar energy industry players, such as JinkoSolar Holding Co., Ltd. (NYSE: JKS) and others, is expected to support the growth of the industry.
In terms of region, North America is likely to account for a significant share in the market, owing to the rapid expansion of various end use industries utilising floating solar panels such as quarry and mining, oil and gas, and others. The market in the region is anticipated to be augmented by the stringent government regulations to prevent the depletion of non-renewable resources and reduce carbon emissions.
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The major players in the global floating solar panels market are Floating Solar UK, Akuo Industries, Yellow Tropus Pvt. Ltd, JA Solar Technology Co., Ltd., and Hanwha Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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