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.
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This solar power generating plant will help to overcome the acute shortage of power supply. The installation of such huge floating solar power systems can be credited to the large presence of water reservoirs in the country. As per Global Market Insights, Inc., “Floating Solar Panels Market, estimated at 60 MW in 2015, is anticipated to surpass 2.5 GW by 2024.”
Floating solar panels are connected via off grid and on grid systems. On grid floating solar panel market share, which accounted for 75% of the overall revenue in 2015, is expected to grow notably over the coming timeframe. Rapid expansion of the utility projects along with tax concessions offered by government will favourably impact the business growth.
Off grid floating solar panels market is expected to witness a noteworthy expansion over the coming seven years. Implementation of distributed power generating systems across the emerging economies will influence the business.
The governments of various nations have been tirelessly working toward achieving extensive utilization of floating solar panels. In lieu of this fact, many of them have been providing supportive financial schemes such as feed-in tariffs, tax rebates, subsidies, and the like, which will augment on-grid floating solar panels market. Its counterpart, the off-grid connectivity segment, is anticipated to grow at a CAGR of 30% over 2016-2024, fuelling global floating solar panels industry.
APAC floating solar panels market will be propelled mainly by China, Japan, and India. Driven by the rising investments on the installation of PV systems, China floating solar panels industry will earn USD 140 million by 2024, with a CAGR estimation of 30% over 2016-2024. U.S. floating solar panels industry, on the other hand, is forecast to generate a revenue of USD 250 million by 2024, with a staggering CAGR of 67% over 2016-2024.
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Market players 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.
Some Points From Table Of Content: –
Chapter 4 Floating Solar Panels Market, By Product
4.1 Floating solar panels industry share by product, 2015 & 2024
4.2.1 Tracking market, 2013 – 2024
4.2.2 Tracking market volume, by region, 2013 – 2024
4.2.3 Tracking market revenue, by region, 2013 – 2024
4.3.1 Stationary market, 2013 – 2024
4.3.2 Stationary market volume, by region, 2013 – 2024
4.3.3 Stationary market revenue, by region, 2013 – 2024
Chapter 5 Floating Solar Panels Market, By Capacity
5.1 Floating solar panels market share by capacity, 2015 & 2024
5.2 0.1 – 1 MW
5.2.1 0.1 – 1 MW market, 2013 – 2024
5.2.2 0.1 – 1 MW market volume, by region, 2013 – 2024
5.2.3 0.1 – 1 MW market revenue, by region, 2013 – 2024
5.3 1 – 5 MW
5.4 ≥ 5 MW
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About Global Market Insights:
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.