How will U.S. emerge to be a viable growth avenue for floating solar panels market?

Skyrocketing pollution levels across the globe, coupled with rising environmental concerns and shifting preference towards non-conventional renewable energy resources are inducing expansion of floating solar panels market.

Governments of various nations are drafting strict regulations to reduce GHG emissions and encouraging the adoption of solar energy, thereby augmenting the market outlook. For instance, the German government is aiming reduce their GHG emission by 95% as compared to 1990 level by 2025. Moreover, the government of Hong Kong assigned Black & Veatch the contract of carrying out feasibility study across seventeen seized reservoirs for establishment of floating solar plants.

Floating solar panels enable effective usage of water resources and offer the benefit of regulating panel temperature with ease. While PV deployment on land becomes a challenge due to lack of availability of land, floating solar panels comes out to be effective alternative. This factor, coupled with numerous advancements in solar technology are positively impacting the market trends. Global Market Insights, Inc., prophesizes floating solar panels market to generate a revenue of US $920 million by 2024.

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How would product segment influence the growth market trends?

With new developments in the field of solar power, the efficiency of products are increasing, while the costs of solar components are declining. The average price of solar panel dropped by 20% in 2016 as compared to 2015 levels. Reduction in prices in fact, is a major factors responsible for the rising demand of tracking products. Floating solar panels market from tracking segment is estimated to account for over US $250 million by the year 2024.

Governments around the globe are offering tax benefits and benefits which is promoting the establishment of large-scale utility plants, thereby impelling floating solar panels market outlook. For instance, Sungrow announced its project of establishing aquaculture floating PV power plant with a capacity of 40 MW connected grid in China. Apparently, on-grid floating solar panels industry is presumed to register a growth rate of 45% through 2024.

Why may United States be significant for the expansion of floating solar panels market share?

In order to improve carbon capture across the nation, the United States government is laying stringent directives and taking initiatives for renewable integration. Inflowing investments for development of energy optimization, and expansion of micro-grid network will contribute towards the regional market growth.

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While US floating solar panels industry is projected to expand more than 67% by 2024, Brazil market will also witness accelerated growth in the upcoming years, on account of increasing demand for electrification and diminishing LCOE for solar installations. The availability of vast riverbeds across the country which can used optimally, in consort with surging technological investments will further improve floating solar panels market share across the region.

What factors are bolstering Asia Pacific floating solar panels industry outlook?

Rising demand for electricity, in tandem with constant focus of government towards integration of sustainable resources is propelling the growth of China floating solar panel market, which is estimated to accumulate US $140 million by the year 2024. It is reported that China Energy Agency is set to invest US $361 billion for renewable technology by 2020.

Moreover, Japan floating solar panels industry may snowball to 400 MW by 2024, pertaining to growing investments towards developing efficient and cost-effective technology. Initiatives taken by federal agencies to promote the large scale PV projects across the nation will further amplify the market growth across Asia Pacific region.

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