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Solar photovoltaic (FPV) panels are used widely as an eco-friendly and renewal energy based power generation technology around the world. Floating type solar photovoltaic panels have numerous advantages compare to conventional solar panels, including convenient, and energy efficiency. According to the Korea Water Resources Corporation (K-Water) floating type solar photovoltaic panels have a higher power generation efficiency owing to its lower temperature underneath the panels compare to overland installed solar panels. According to the agency, on an average efficiency of floating type solar panels are 11% higher compare to ground installed solar panels.
A new market opportunity lies in the expansion of floating panel type solar power system in densely populated areas in countries such as the United States, China, India, Japan and others where there is shortage of land that can be used for the installation of solar panels, or land costs prohibit the development of solar plants. In addition the demand and supply gap of electricity in these regions are also high in comparison to the developed countries which interns expected to boost the market of fossil fuel free power generation technology.
The benefit that water gets from the installation of solar panel above the water surface is also contributing to the widespread acceptance of the floating solar panels. Due to the presence of the silicon plate above the water the temperature of water remains constant. The constant temperature also facilitates the growth of algae and other essential microorganism in the water.
The floating solar panel can also be used in the industrial ponds such as water treatment plant of the industries and municipalities. In addition, the floating solar panels can also be installed on the water reservoir above a hydroelectric plants.