Floating Solar Panels Market Size

Floating Solar Panels Market Size

Floating Solar Panels Market size was over 60 MW in 2015 and is predicted to witness growth over 45% by 2024

Growing focus towards clean fuel electricity generation sources coupled with scarcity of land will drive the global floating solar panels market size during the forecast period. Regulators across the globe are setting up numerous target pertaining to clean energy capacity addition to curb the environmental pollution level. In 2015, the U.S. federal government had introduced executive order 13693 with the aim to achieve 30% of the total electricity demand from renewable energy sources by 2025.

Stringent regulations to curb the greenhouse gas emissions will drive the global floating solar panels market share by 2024. In 2014, European Union has introduced directive 2003/87/EC with the target to reduce the emissions to 20% by 2020. In 2016, Government of China under its thirteenth five-year plan has introduced its plan to reduce emission level to 18% by 2020.

Easy to install and dismantle, adoptability to any electrical configuration, scalability from low to high capacity and minimum requirement of heavy equipment are some of the features which may positively influence the business landscape.

Scarcity of land space for setting up ground mounted photovoltaic systems in several countries will stimulate the floating solar panels market growth. Singapore with land area of over 700 square kilometers for over 6 million population is working restlessly with private entities to effectively utilize their waterbodies for deployment of new floating product.