Floating Solar Panels Market to Cross 2.5 GW by 2024: Report

On grid floating solar panels market volume could witness a significant growth of over 45 per cent from 2016 to 2024.

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Floating Solar Panels Market share is estimated to exceed 2.5 GW by 2024.

On grid floating solar panels market volume could witness a significant growth of over 45 per cent from 2016 to 2024, the report added.

The report further said that, the development of large utility scale projects coupled with numerous financial incentives and tax benefits offered by the regulators will influence the global business size.

Moreover, the availability of limited land space for the deployment of new PV systems will significantly drive the floating solar panels market share across the globe. Numerous countries have allowed the reservoir owner to collect rent and business tax from the plant operators. Feed in tariff schemes by several other countries will further enhance the industry landscape, the report added.

Tracking floating solar panels market size is expected to exceed USD 250 million by 2024. Technological advancement coupled with declining solar component cost will positively influence the business growth.

U.S. floating solar panels market volume share is predicted to grow over 67 per cent by 2024. Federal government initiatives to encourage the deployment of clean energy technologies will further complement the industry outlook.