Floating Solar Panels Market in On-grid segment to grow at 45% CAGR up to 2024

Floating Solar Panels Market in On-grid segment is projected to grow extensively over the predicted years. Various financial benefits such as tax concessions and feed -in- tariffs offered by the government will help in enlarging the industry. Off grid floating solar panel market is expected to observe a notable development subject to the growing popularity of decentralized power generating systems in the emerging countries. Rising focus towards large scale utility projects along with government funded incentives and tax benefits will stimulate the industry growth.

Limited availability of land for PV system deployment along with advancing solar technology will embellish the floating solar panels market share. Effective utilization of water resources coupled with ease of regulating panel temperature will further foster the industry outlook. In 2017, Hong Kong government appointed Black & Veatch to conduct a feasibility study for floating solar establishments across seventeen impounded reservoirs. Economic benefits including rent and business tax from plant operators to local reservoir owners along with Feed in tariff schemes will further complement the business landscape

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Tracking floating solar panels market share is anticipated to reach over USD 250 million by 2024. Increasing product efficiencies along with declining solar component costs will upsurge the market share. In 2016, global average panel price dipped by over 20% from 2015 levels.

Based on the product trends, floating solar panels industry is segmented into tracking and stationary products. Tracking floating solar panel market, 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.

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.

Floating solar panels market in the UK is forecast to observe a robust development by 2024, driven by implementation of strict rules restricting greenhouse gas emissions in the atmosphere. In 2016, the nation constructed Europe’s biggest PV power plant with a total power generation capacity of more than 6 MW. Brazil floating solar panels industry is predicted to generate more than 100 MW of electricity by 2024, owing to high government spending on large PV systems installations. In 2016, Brazil launched the initial phase of its 10MW floating solar panel farm.

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, which was  estimated at 60 MW in 2015, is projected to surpass 2.5 GW by 2024.

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