Research and Markets has announced the addition of the "Global Floating Solar Panels Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2013 to 2023" report to their offering.
The Global Floating Solar Panels Market is expected to reach US$ 842.0 Mn by 2023, expanding at a CAGR of 65.1% during the forecast period 2016 to 2023.
Floating solar panels market is expected to witness robust growth with rising inclination toward clean energy of various economies across the globe. Factors such as subsidies and tax benefits offered by the governments, directed with the aim of installation of the solar panels along with rent benefits offered to the owners of the reservoir are expected to provide an impetus to the growth of the solar photovoltaic (PV) panels market. Also, scarcity of open land and increasing use of water resources such as reservoirs, ponds, canals and rivers etc. for the installation of floating solar panels is expected to propel the growth of the overall market. Furthermore, the floating solar panels enables low management and maintenance costs. The buoyant photovoltaic (PV) panel carries with it several benefits such as it helps save water by water evaporation retention in places with dry climate.
Further, the floating solar photovoltaic panels offers enhanced efficiency. The cooling effect of the water helps to maintain the temperature of the silicon panels thus enhancing the efficiency levels. Moreover, the floating solar photovoltaic (PV) panels can also be planted in the hydroelectric plants. However, high cost of installation and lack of resistance to corrosion in sea water restricts the use of floating solar panels which in turn is anticipated to hamper the demand for the floating solar panels during the forecast period (2016-2023).
- Production capacity expansion
- Investment in research and development
- Ciel Et Terre International
- Solaris Synergy
- Sunengy Pty Ltd.
- KYOCERA Corporation
- Trina Solar Limited
- Sharp Corporation
- Yingli Solar
- Pristine Sun LLC
- SPG Solar
- SPI Energy Co., Ltd.