Floating Solar Panels Market size is set to grow at a healthy CAGR up to 2024, China to show steady growth

China Floating Solar Panels Market is anticipated to exceed USD 140 million by 2024. Government measures towards sustainable resource integration coupled with increasing demand for electrification will complement the industry growth. China Energy Agency has declared an investment of USD 361 billion towards renewable technology by 2020.

U.S. Floating solar panels market value is projected to surpass USD 250 million by 2024, due to the beneficial government regulations promoting the use of renewable energy sources as well as clean energy technologies.Limited land availability along with scarcity of natural resources will boost the demand for PV systems deployment, thereby stimulating Japan floating solar panels market growth over the coming seven years, having attained a revenue of USD 14 million in 2015.

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Floating solar panels are connected via off grid and on grid systems. On grid floating solar panels 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 favorably impact the business growth.

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.

Stationary and Tracking are the major floating solar panel products. Stationary floating solar panels accounted for 90% of the overall floating solar panels 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 ffloating solar panels market revenue is expected to hit USD 250 million by 2024, primarily driven by its durability and proficiency.

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Strict government measures for reducing carbon emissions along with promotion of renewable energy use is expected to push floating solar panel market size 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 Panels Market 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.

Key industry player in floating solar panels market includes Solaris Synergy, SPI Energy, KYOCERA, Yingli Solar, Ciel & Terre International, Novaton AG, Pristine Sun, Sunenergy and Vikram Solar.

Chapter 5. Smart Luggage Market, By Application

5.1. Global smart luggage market share by application, 2016 & 2024

5.2. Real-time tracking

5.2.1.   Market estimates and forecast, 2013 – 2024

5.2.2.   Market estimates and forecast, by region, 2013 – 2024

5.3. Proximity alerts

5.3.1.   Market estimates and forecast, 2013 – 2024

5.3.2.   Market estimates and forecast, by region, 2013 – 2024

5.4. Remote locking

5.4.1.   Market estimates and forecast, 2013 – 2024

5.4.2.   Market estimates and forecast, by region, 2013 – 2024

5.5. Digital scaling

5.5.1.   Market estimates and forecast, 2013 – 2024

5.5.2.   Market estimates and forecast, by region, 2013 – 2024

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