Floating Solar Panels Market in on-grid connectivity segment is anticipated to witness a grow over 45% by 2024. In 2017, Sungrow announced the establishment of its 40 MW grid connected aquaculture floating PV power project in China. Rising focus towards large scale utility projects along with government funded incentives and tax benefits will stimulate the floating solar panels market 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.
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Based on the product trends, floating solar panels industry is segmented into tracking and stationary products. Tracking floating solar panels market size, 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 industry, 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.
Floating solar panels market for Japan is set to grow over 400 MW by 2024. Rising investments towards development of cost competitive and efficient technology. In 2016, Kyocera Corp announced the successful grid synchronization of its 14.5 MW floating solar power plant across the country. Government initiatives to encourage large scale utility PV projects will further complement the industry outlook.
U.S. Floating Solar Panels Market is set to grow over 67% by 2024. Federal and state government initiatives towards renewable integration and stringent norms pertaining to carbon capture will augment the industry growth. Rising investments towards development of energy optimized technology along with micro-grid network expansion will further stimulate the business outlook.
The world is experiencing a severe scarcity of land space owing to rapid industrialization and urbanization. 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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Glimpse of Table of Content (ToC)
Chapter 3 Floating Solar Panels Industry Insights
3.1 Industry segmentation
3.2 Industry size & forecast, 2013 – 2024
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.5 Regulatory landscape
3.6 Price trend analysis
3.7 Industry impact forces
3.7.1 Growth drivers
126.96.36.199 Increasing adoption of clean energy sources
188.8.131.52 High land acquisition cost
184.108.40.206 High capacity utilization factor
3.7.2 Industry pitfalls & challenges
220.127.116.11 High initial installation cost
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 Competitive landscape, 2015
3.10.1 Strategy dashboard
3.11 PESTEL analysis
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