Global Floating Solar Panels Market to Witness 116% CAGR During 2015 - 2020
The global
floating solar panels market was valued at $3.89 million in 2014, and it is expected to grow with a CAGR of 116.1% during 2015 - 2020. The factors driving the growth of the market include
increased government initiatives and stringent environmental regulations, no need for acquisition of large land areas, and increased efficiency of power generation. The rapid depletion of fossil fuels and global warming caused by their usage has shifted the global interest from conventional energy to green energy. The different governments across the globe have initiated several projects and schemes to promote and encourage the generation of renewable energy. With the advent of
floating solar technology, several countries such as Japan, the U.S., the U.K., France, Australia, India, and Brazil have started taking initiatives to
develop floating solar power plants. Many of these countries are providing direct capital subsidies and tax benefits to the manufacturers of solar panels. Based on product type, the stationary floating solar panels accounted for the larger share in the global floating solar panels market in 2014.
Geographically, the
Asia-Pacific market accounted for the largest share in the global floating solar panels market in 2014. The floating solar panels market in Asia-Pacific is growing mainly, due to increased government initiatives in promoting the usage of floating solar panels. The installation of ground-based solar systems requires
large land, the acquisition of which increases the cost of solar power installation. Therefore, floating solar panel technology and presence of
abundant water bodies (such as ponds, lakes, rivers, waste water bodies and industrial effluent ponds) are creating ample growth opportunities for the solar panel industry in Asia-Pacific during the coming years.
The floating solar power plants have higher efficiency of power generation, as compared to the ground-mounted solar plants. The ground-mounted solar panels have reduced efficiency,
due to the heating up of ground. Solar panels have improved efficiency at
low temperature. Therefore, floating solar panels are more efficient, as
water helps to lower the temperature of the photovoltaic panels. The increased efficiency of power generation by floating solar panels attracts high investment from major manufacturers and government, which is driving the growth of the global floating solar panels market.
The key companies operating in the global floating solar panels market include Novaton AG, Ciel & Terre International, DNV GL AS, Infratech Industries Inc., KYOCERA Corporation, SPI Solar, Pristine Sun, Yingli Green Energy Holding Company Limited, Trina Solar Limited and Sharp Corporation.
http://www.prnewswire.com/news-rele...2015---2020-ps-market-research-540813881.html
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