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 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. For instance, Singapore is collaborating actively with private firms to effectively utilize its waterbodies for development of new floating solar panel products, addressing the requirement of over 6 million population base. The country had launched the world’s largest floating solar PV cell test-bed on October 25th, 2016.
Global Floating Solar Panels Market, By Capacity, 2013 – 2024 (MW)
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 connected via off grid and on grid systems. On grid floating solar panel 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.
Off grid floating solar panel industry is expected to witness a noteworthy expansion over the coming seven years. Implementation of distributed power generating systems across the emerging economies will influence the business.
Below are the geographical trends influencing global floating solar panel market over 2016-2024:
- U.S. floating solar panel industry 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 panel market growth over the coming seven years, having attained a revenue of USD 14 million in 2015.
- Brazil floating solar panel market is anticipated to observe a substantial growth over the coming timeframe, driven by high investments in PV systems installations across the nation’s large water bodies.
- 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.
- Substantial reduction in solar panel costs will escalate China floating solar panel industry size over the period of 2016-2024.
Market players are heavily investing in product development and R&D to obtain a competitive edge in terms of cost and reliability. Key industry participants include Kyocera Corporation, Solaris Synergy Limited, Pristine Sun LLC, SPI Energy Company Limited, Yingli Solar, Sunengy Private Limited, Novaton AG, Vikram Solar Private Limited, and Ciel & Terre International.
Author Name : Dhananjay Punekar