Floating Solar Market Expected to Reach 2.5 GW by 2024

By Editors of Power Engineering

The total amount of on-grid, floating solar systems are expected to grow over 45 percent through 2024 to over 2.5 GW, according to a report by Global Market Insights.

The report indicated the growth will be fueled by limited land space as well as financial and tax incentives.

Development in the United States is expected to grow by over 67 percent to $250 million, though growth is expected in Europe, China, Japan and Brazil as well.

Even though stationary panels are now 90 percent of the global volume in 2015, tracking floating solar panels are expected to exceed $250 million by 2024, though costs should continue to decline.

Key companies involved in floating solar are SPI Energy, Solaris Synergy, KYOCERA CORPORATION, Novaton AG, Ciel & Terre International, Pristine Sun, Yingli Solar, Vikram Solar and Sunengy.