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Floating Solar Panels Market in China to surpass USD 140 million by 2024

Author : Ronak Bora | Published Date : 2019-03-15 

Floating solar panels market in China is forecast to register significant gains of 30% over the coming timeframe, owing to the considerable reduction in the price of solar panels. Increasing investments towards the deployment of large scale PV projects will enhance the country’s business landscape. Japan floating solar panels market is anticipated to exceed over 400 MW by 2024. Accessibility with limited resources will significant drive the demand across the country. In 2016 Kyocera Corp of Japan had successfully synchronized the world’s largest floatovoltaics power plant having capacity of 14.5 MW

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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.

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 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.  

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.

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Global Floating Solar Panels Market is expected to grow at over 42% CAGR to surpass USD 920 million by 2024. On-grid floating solar panels Market 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 industry growth.

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.

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.

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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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