The depletion of fossil fuel and its related reserves have created the need for utilization of renewable sources of energy as well as electricity generation. In fact, solar power is one of the fastest growing renewable energy sources as well as technology due to the ease of installation and the availability of sunlight across the globe. There are several advantages which are related to such installation of floating solar power plants consisting of floating panels when compared to conventional plants and they are expected to drive growth.
For example, Asia‘s superpower China is reducing emissions and fulfilling renewable energy targets through such devices and innovations. It has built one of the world’s largest floating solar power plants in the world, set up in Huainan city, Eastern China. The 40-MW solar plant is placed on a used reservoir and is close to the city. One of the biggest floating solar power plants has been connected with a power grid. Since it is offshore, the floating solar energy plant does not use space and also uses lesser energy than traditional solar farms because seawater acts as a natural coolant. China is the most populated country. It faces air pollution and water pollution. It is estimated pollution kills 1.1 million annually in China. A major contributor in China is emission from automobiles, power plants, and factories. China and India are becoming what industry experts call green superpowers. Solar power is becoming key component of the Chinese sustainable development strategy. Similar projects are coming up across the nation. The same holds true for India, which has built several floating power plants.
Such adoption of floating solar power plants and panels is high in Japan (a country densely populated with low availability of land for installation of traditional solar power plants). Also, lack of natural resources has been acting in conjunction with high dependence of Japan on renewable power for meeting its energy requirements and this is expected to propel market growth. The solar energy technology will foresee growth over the next few years due to such increase in demand, primarily in the Asia Pacific region. Rising installations in China as well as Japan when coupled with such projects in India should in all likelihood fuel growth over the period.
Therefore, the demand for floating solar plants and panels in countries, which are vulnerable to drought, should be expected to witness a significant growth since the installation of the systems on water bodies decreases evaporation rate as well as slows down the rate of algal growth. This, in turn, maintains water purity.