Floating solar panels market from tracking segment is estimated to account for over US $250 million by the year 2024. With new developments in the field of solar power, the efficiency of products are increasing, while the costs of solar components are declining. The average price of solar panel dropped by 20% in 2016 as compared to 2015 levels. Reduction in prices in fact, is a major factors responsible for the rising demand of tracking products.
Skyrocketing pollution levels across the globe, coupled with rising environmental concerns and shifting preference towards non-conventional renewable energy resources are inducing expansion of floating solar panels market.
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- Increasing adoption of clean energy sources
- High land acquisition cost
- High capacity utilization factor
Floating solar panels enable effective usage of water resources and offer the benefit of regulating panel temperature with ease. While PV deployment on land becomes a challenge due to lack of availability of land, floating solar panels comes out to be effective alternative. This factor, coupled with numerous advancements in solar technology are positively impacting the market trends. Global Market Insights, Inc., prophesizes floating solar panels market to generate a revenue of US $920 million by 2024.
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, fueling 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 market, 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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Major corporations across the globe have been striving to develop highly efficient and economical products to encourage increased adoption of these panels. The remarkable efforts by key participants such as Pristine Sun, Ciel & Terre, Solaris Synergy, Novaton AG, SPI Energy, Sunengy Pty, Yingli Solar, Vikram Solar, and Kyocera Corporation will lead global floating solar panels market to grow at a remarkable compound annual growth rate over the next few years.
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