Ocean View, DE -- (SBWire) -- 04/21/2020 --U.S. floating solar panel market 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.
UK floating solar panel industry is slated to witness a high surge over the coming seven years, driven by implementation of strict legislation to restrict carbon emissions.
Market players are heavily investing in product development and R&D to obtain a competitive edge in terms of cost and reliability. Key floating solar panel market 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.
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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 panel market 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.
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 panel 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 panel market to generate a revenue of US $920 million by 2024.
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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 panel market is presumed to register a growth rate of 45% through 2024.
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What's Driving the Floating Solar Panel Market Trends? Vikram Solar, Ciel & Terre International, KYOCERA Document Solutions America, Inc., Yingli Solar
UK floating solar panel market is slated to witness a high surge over the coming seven years, driven by implementation of strict legislation to restrict carbon emissions.