Floating Solar Panels Market in tracking product segment is anticipated to grow considerably over the next few years. High investments by component developers with a view to reduce the overall costs will stimulate the revenue. Favorable product features such as longevity and proficiency will further drive the business space. Stationary floating solar panels industry, which contributed more than 90% of the overall industry demand in 2015, is slated to witness an elevated growth in the years ahead. The product’s cost-effectiveness along with its high demand across developing regions will lead to an elevated business growth graph. Based on the product trends, floating solar panel market is segmented into tracking and stationary products.
Availability of limited land space for the deployment of new PV systems will significantly drive the floating solar panels market share across the globe. Numerous countries have allowed the reservoir owner to collect rent and business tax from the plant operators. Feed in tariff schemes by several other countries will further enhance the industry landscape.Tracking floating solar panels industry is predicted to exceed USD 250 million by 2024. Technological advancement coupled with declining solar component cost will positively influence the business growth.
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Floating Solar Panels Market in China to reach USD 140 million by 2024 owing to the considerable reduction in the price of solar panels. To further boost the business, the Chinese government has raised funds for developing large PV systems. Increasing investments towards the deployment of large scale PV projects will enhance the country’s business landscape.
U.S. floating solar panels Market is set to grow over 67% by 2024. Federal and state government initiatives towards renewable integration and stringent norms pertaining to carbon capture will augment the industry growth. Rising investments towards development of energy optimized technology along with micro-grid network expansion will further stimulate the business outlook.
On-grid floating solar panels Market is anticipated to witness a grow over 45% by 2024. In 2017, Sungrow announced the establishment of its 40 MW grid connected aquaculture floating PV power project in China. Rising focus towards large scale utility projects along with government funded incentives and tax benefits will stimulate the industry growth.
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Strict government measures for reducing carbon emissions along with promotion of renewable energy use is expected to push floating solar panels market over the coming years. In addition to this, technological breakthroughs along with low solar component costs will further boost the industry trends significantly. As per Global Market Insights, Inc., “Floating Solar Panel Industry size, which was estimated at 60 MW in 2015, is projected to surpass 2.5 GW by 2024.” Low land availability for PV systems installations is anticipated to further stimulate the industry outlook over the coming timeframe. In this regards, the countries are focusing on maximum utilization of the waterbodies to address the rising energy needs.
Market players in floating solar panels market are heavily investing in product development and R&D to obtain a competitive edge in terms of cost and reliability. Key industry participants include Kyocera Corporation, Solaris Synergy Limited, Pristine Sun LLC, SPI Energy Company Limited, Yingli Solar, Sunengy Private Limited, Novaton AG, Vikram Solar Private Limited, and Ciel & Terre International.
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