Why Floating Solar Panels Market is a Great Investment Opportunity?

Across the world, the incidence and mortality rate of asthma, lung cancer, and chronic obstructive pulmonary disease are increasing rapidly. The major cause of such respiratory diseases is the harmful gases in the air, emitted by conventional power plants, industries, vehicles, and houses. The burning of fossil fuels to produce electricity contributed around 25% of all these harmful emissions in 2010, says the U.S. Environmental Protection Agency (EPA). Therefore, there is a strong need to replace fossil fuels with a cleaner alternative to produce electricity.

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In 2014, the global market for floating solar panels valued at $3.89 million, is expected to witness a growth at a CAGR of 116.1%, during the forecast period. This significant growth is ascribed to the factors include no requirement of acquisition of large amount of land, increase in government inventiveness, strict environmental standards, and increase in efficiency of electricity generation. In addition, depletion of fossil fuels followed by the global warming have shifted the energy industry preference from conventional to renewable energy.

Among all the regions, namely Asia-Pacific (APAC), North America, Europe, and Rest of the World, the largest demand for floating solar panels was created by the APAC region in the past. This is primarily due to the different advantages offered by these solar panels and government initiatives which are encouraging their adoption. In addition to this, the presence of abundant water bodies is further resulting in the growth of the regional market. Japan created the largest demand for floating solar panels in the past. India is predicted to witness the fastest growth in demand for floating solar panels in the coming years.

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One of the major factors resulting in the growth of the floating solar panels market is the increased efficiency of power generation provided by the floating solar power plants in comparison to ground-mounted solar plants. Solar panels have enhanced efficiency at low temperature, thus because of the heating up of ground, solar panels which are mounted on the ground are less efficient. Moreover, due to the enhanced efficiency of floating solar panels, manufacturers and governments are increasingly investing in the industry.

The major market players in the global floating solar panels market are Novaton AG, Ciel & Terre International, Infratech Industries Inc., SPI Solar, KYOCERA Corporation, Trina Solar Limited, Yingli Green Energy Holding Company Limited, DNV GL AS, Pristine Sun, and Sharp Corporation.

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This release was published on openPR.