The technology is expected to see significant growth over the forecast period owing to rising demand for reliable renewable power generation, while the ability to mitigate land cost is also expected to fuel demand over the projected period.
The growing focus of various governments around the world toward the use of renewable energy for power generation is another factor favouring floating solar panels market success. Stationary floating solar technology is particularly expected to grow in developing and emerging economies, owing to the low cost of installation compared to its conventional counterpart.
Another expected growth area is tracking systems for solar panel arrays, which are expected to grow over the next nine years due to the increased efficiency of panel arrays with tracking technology. The growing R&D investments by the installers and panel manufacturers to reduce the cost of this particular technology are likely to bolster market growth.
Japan accounted for over 75 percent of the overall revenue share in 2015 owing to the low availability of land and favourable initiatives taken by the government to promote the use of renewable sources of energy. In addition, the industry is expected to grow substantially on account of the numerous plans sanctioned by the Japanese government.
Europe is one of the leading installers of the technology owing to the rising market penetration in the UK with around six plants and an installed capacity of over 10,000 kW of the overall installations in Europe.
Key players in the industry include Kyocera Corporation, Trina Solar, Sharp Corporation and Yingli Solar. Ciel & Terre is expected to be the largest installer of floating panels across the globe. The company accounts for over 50 percent of the overall floating panels installations.
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