Ocean View, DE -- (SBWIRE) -- 06/17/2020 -- Strict government measures for reducing carbon emissions along with promotion of renewable energy use is expected to push floating solar panels market over the coming years. In addition to this, technological breakthroughs along with low solar component costs will further boost the industry trends significantly.

Low land availability for PV systems installations is anticipated to further stimulate the industry outlook over the coming timeframe. In this regards, the countries are focusing on maximum utilization of the waterbodies to address the rising energy needs. For instance, Singapore is collaborating actively with private firms to effectively utilize its waterbodies for development of new floating solar panel products, addressing the requirement of over 6 million population base.

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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 floating solar panels market trends.

Company profiled in floating solar panels market report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
1. Solaris Synergy
2. Vikram Solar
3. Ciel & Terre International
4. KYOCERA Document Solutions America, Inc.
5. Pristine Sun LLC
6. SPI Energy
7. Yingli Solar

With new developments in the field of solar power, the efficiency of products is increasing, while the costs of solar components are declining. The average price of solar panel dropped by 20% in 2016 as compared to 2015 levels. Reduction in prices in fact, is a major factor responsible for the rising demand of tracking products. Floating solar panels market from tracking segment is estimated to account for over US $250 million by the year 2024.

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 panels industry is presumed to register a growth rate of 45% through 2024.

In order to improve carbon capture across the nation, the United States government is laying stringent directives and taking initiatives for renewable integration. Inflowing investments for development of energy optimization, and expansion of micro-grid network will contribute towards the regional market growth.

While US floating solar panels industry is projected to expand more than 67% by 2024, Brazil market will also witness accelerated growth in the upcoming years, on account of increasing demand for electrification and diminishing LCOE for solar installations. The availability of vast riverbeds across the country which can used optimally, in consort with surging technological investments will further improve floating solar panels market share across the region.

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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 panels 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.

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