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Floating Solar Panels Market in United States to observe 67% CAGR up to 2024

Author : Ronak Bora | Published Date : 2019-03-19 

Floating Solar Panels Market in U.S. 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. Federal government initiatives to encourage the deployment of clean energy technologies will further complement the industry outlook. For Europe, UK floating solar panels market share was valued over 1.12 MW in 2015. Synchronization of Queen Elizabeth II project over Walton-on-Thames has significantly driven the industry growth across the region.

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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 floating solar panel industry revenue is expected to hit USD 250 million by 2024, primarily driven by its durability and proficiency.

Measurers to reduce greenhouse gas emissions have seen a sincere effort from policy makers towards the adoption of sustainable energy. Government of China under its 13th five-year plan has set up a target to reduce the existing GHG emission level to 18% by 2020. Regulators of UK has also established numerous frameworks under the country’s climate change act 2008. The country is targeting to curb the GHG emission level to 80% by 2050 from 1990 level.

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.

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On grid floating solar panels market volume could witness a significant growth of over 45% from 2016 to 2024. Development of large utility scale projects coupled with numerous financial incentives and tax benefits offered by the regulators will influence the global business size.

Brazil floating solar panels 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. Substantial reduction in solar panel costs will escalate China floating solar panel industry size over the period of 2016-2024.

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

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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