-- Global Floating Solar Panels Market is expected to grow at over 42% CAGR to surpass USD 920 million by 2024. On-grid floating solar panels Market is anticipated to witness high growth over the forecast period. 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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Based on the product trends, floating solar panels industry is segmented into tracking and stationary products. Tracking floating solar panels market size, estimated at USD 4 million in 2015, 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 market, 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.
The world is experiencing a severe scarcity of land space owing to rapid industrialization and urbanization. Floating solar panels market is expected to rise significantly subject to this very factor – the non-availability of land for installing PV systems. The governments of various countries have been focusing on maintaining a clean, green environment by encouraging the adoption of renewable energy resources, which will further leverage the floating solar panels industry expansion. Taking a step towards the extension of its current renewable energy generating capacity, India, in March 2017, has installed its biggest floating solar power plant in Kerala, which is forecast to produce nearly 100 KWP power.
Floating solar panels are connected through on grid systems and off grid systems. On grid floating solar panels industry is expected to grow at an annual rate of more than 45% during the period of 2016 to 2024. Various financial benefits such as tax concessions and feed -in- tariffs offered by the government will help in enlarging the industry size. Off grid floating solar panels market is expected to observe a notable development subject to the growing popularity of decentralized power generating systems in the emerging countries.
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Japan floating solar panels market, which collected a revenue of USD 14 million in 2015, is expected to experience a noticeable surge over the next few years. Low availability of natural resources and lack of land space for solar panel installation are a couple of factors that will propel the regional demand. In 2016, Mitsubishi Research Institute, Kyocera Corporation, and Tokyo Century Corporation collaborated to build a 14.5 MW solar power plant in Japan. This plant is expected to generate nearly 16,060 MW of power per year, fulfilling the energy requirements of nearly 4,930 homes in the country.
For Europe, UK floating solar panels market was valued over 1 MW in 2015. In 2016, of UK Government introduced its floating solar project across Queen Elizabeth II reservoir. The project incorporates over 23,000 solar panels worth USD 7.8 million investment to electrify local water treatment plants and residential establishments.
Major Point From Table Of Content:
Chapter 3 Floating Solar Panels Industry Insights
3.1 Floating Solar Panels Market segmentation
3.2 Floating Solar Panels Market size & forecast, 2013 - 2024
3.3 Floating Solar Panels Market ecosystem analysis
3.4 Innovation & sustainability
3.5 Regulatory landscape
3.5.1 Japan
3.5.2 Europe
3.5.3 China
3.5.4 U.S.
3.5.5 India
3.5.6 Brazil
3.5.6 Australia
3.6 Price trend analysis
3.7 Industry impact forces
3.7.1 Growth drivers
3.7.1.1 Increasing adoption of clean energy sources
3.7.1.2 High land acquisition cost
3.7.1.3 High capacity utilization factor
3.7.2 Industry pitfalls & challenges
3.7.2.1 High initial installation cost
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 Competitive landscape, 2015
3.10.1 Strategy dashboard
3.11 PESTEL analysis
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