Floating Solar Panels Market growth will be driven by increasing focus towards clean fuel electricity generation sources coupled with scarcity of land. Regulators across the globe are setting up numerous target pertaining to clean energy capacity addition to curb the environmental pollution level. In 2015, the U.S. federal government had introduced executive order 13693 with the aim to achieve 30% of the total electricity demand from renewable energy sources by 2025. 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.
Tracking floating solar panels market size is predicted to exceed USD 250 million by 2024. Technological advancement coupled with declining solar component cost will positively influence the business growth. 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.
Stationary and Tracking are the major floating solar panel products. Stationary floating solar panels accounted for 90% of the overall floating solar panel market share in 2015, and is expected to witness lucrative gains over the coming years. The growth can be attributed to the high popularity of these products across emerging economies, owing to its cost-effectiveness. Tracking floating solar panel industry revenue is expected to hit USD 250 million by 2024, primarily driven by its durability and proficiency.
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Floating solar panels are the best alternative to land intensive PV systems owing to their water conservation ability, high power generation capacity, and requirement of less time for deployment as compared to land intensive solar panel systems. This, in turn, will positively impact the business landscape. Strict legislations pertaining to release of carbon impurities in the environment will contribute significantly towards floating solar panels market development. In 2016, Chinese government had introduced a scheme to reduce carbon emission in the atmosphere to 18% by 2020.
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.
U.S. floating solar panels market volume share is predicted to grow over 67 % by 2024. Federal government initiatives to encourage the deployment of clean energy technologies will further complement the industry outlook. 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.
UK floating solar panel industry is slated to witness a high surge over the coming seven years, driven by implementation of strict legislations to restrict carbon emissions. 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.