Albany, NY -- (SBWIRE) -- 05/10/2016 -- Environment scientists have endorsed renewable energy as being sustainable in the long run. Solar energy forms a vital part of the future of the renewable energy sector. The evolution from land-based to water-based mediums for tapping into solar energy to convert it into direct current electricity is the subject of study of a new research report presented by Transparency Market Research. The title of this report is "Floating Solar Panels Market - Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2014 – 2020," which explains how water-based photovoltaic systems are favorable than the ones used formerly.

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This report on the global floating solar panel market analyzes major segments, major geographies, and current trends to ascertain growth indices of this market for a forecast period from 2014 to 2020. The progression analysis of the floating solar panels market is presented for the global as well the regional markets of North America, Asia Pacific, Europe, and Rest of the World.

Players that are at the forefront of the global floating solar panels market are GEITS, Kyocera Corporation, Suntech Power Holdings Co. Ltd., Yingli Solar, SPG Solar, Japan Mega Solar Power Co., Trina Solar Limited, ad Sharp Corporation.

Over the last few decades, photovoltaic systems have been commonly used on land and in free spaces for trapping solar energy. However, these solar energy systems have two impediments: The cost associated with the fabrication of solar cells and the availability of vast land and its maintenance. To address this, floating solar panel systems are used so as to overcome the shortcomings of their predecessors to a large extent.

Leading solar energy companies are struggling to find land for the installation of solar panels. Hence, the installation of solar panels over industrial water basins or on rivers is a win-win situation for them. Countries that have scarce land space exhibit significant demand for floating solar panels. A case in point would be Singapore, which has a total of 714 square kilometers of land available. In such countries, the installation of floating solar panels could help meet an appreciable portion of the total energy requirements.

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The utilization of floating solar panels has economic benefits as well. Operators of floating solar plants can rent the reservoir, which directly converts into additional income and tax benefits for the reservoir owner. Floating solar panels are characterized by their high efficiency as well. Low maintenance costs, easy manageability, and easy relocation or movement as per the sun's position are some other positives of floating solar panels driving the growth of this market.

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