North America Floating Solar PV Market Size & Share 2024 to 2032
Market Size by Capacity, by Product, Forecast.
Report ID: GMI11630
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Published Date: September 2024
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
North America Floating Solar PV Market Size
North America Floating Solar PV Market size was valued at USD 18.83 million in 2023 and is anticipated to grow at a CAGR of 10% between 2024 and 2032. A floating solar PV system, often referred to as a floating solar farm, is a solar power installation situated on a body of water, be it a reservoir, lake, or ocean. Rather than being anchored on land, these solar panels rest on floating platforms or pontoons, harnessing sunlight to generate electricity while buoyantly floating on the water's surface.
North America Floating Solar PV Market Key Takeaways
Market Size & Growth
Key Market Drivers
Challenges
Municipalities are leading adoption, particularly in states with renewable energy goals and water conservation concerns like California, New Jersey, and Florida along with improvements in floating platforms, anchoring systems, and solar PV panels designed for water environments will drive the costs down and improve efficiency, thereby facilitating the product adoption. Floating solar systems can reduce water evaporation and improve water quality by reducing the growth of algae. This is particularly valuable in drought-prone areas of the U.S., such as California.
The market for floating solar PV systems in North America is expected to continue growing as more projects are successfully deployed and more utilities and municipalities recognize its potential, which will strengthen the industry landscape.
Increasing interest in hybrid energy systems that combine floating solar PV with hydropower to optimize energy output, particularly in water-rich regions with existing hydropower infrastructure will strengthen the product demand. Growing interest in pairing floating solar with energy storage solutions to provide stable, round-the-clock power generation will augment the industry landscape. Further, Utility-scale projects dominate the landscape, with a focus on partnerships between developers and utilities or water treatment facilities, thereby driving the business scenario.
North America Floating Solar PV Market Trends
California and New Jersey are at the forefront of adoption, where renewable energy goals, land limitations, and water conservation efforts have driven interest in floating solar solutions. Texas and Florida are also emerging as potential hotspots, with growing interest in harnessing floating solar for their vast water bodies, including reservoirs and wastewater treatment facilities.
Projects that combine floating solar with energy storage are also gaining traction, allowing for more consistent power delivery, especially in states with high demand for grid stability will drive the industry scenario. Additionally, reducing algae growth in reservoirs and improving water quality through shade provided by floating PV systems is another consideration in areas where water management is critical.
North America Floating Solar PV Market Analysis
Based on capacity, the market is segmented into 5 MW, 5-15 MW and >15 MW. 5-15 MW is anticipated to grow by more than USD 3.5 billion by 2032, driven by deployed on reservoirs, wastewater treatment facilities, or other water bodies managed by local governments. Municipal utilities and water management authorities are showing interest in mid-sized floating solar installations, particularly in states like California, Texas, and New Jersey which will foster the product adoption.
Utilities are conducting feasibility studies to assess the viability of expanding these mid-sized projects on underutilized water bodies, with several pilot programs in place to validate long-term performance. Moreover, ongoing integration with battery energy storage systems (BESS) utilized for utilities and industrial facilities aiming for stable energy output and to address peak energy demand periods, will enhance the business statistics.
Based on product, the North America floating solar PV market is segmented into tracking and stationary. Stationary is anticipated to grow more than CAGR 8.5% through 2032. Federal tax incentives, such as the Investment Tax Credit (ITC), are making stationary floating solar installations more financially attractive. Several states have set up pilot programs or grants aimed at testing and scaling up floating solar projects, creating opportunities for public-private partnerships.
Further, newer, more durable floating platforms and anchoring systems are helping reduce costs and increase the lifespan of installations, making them more viable for larger, stationary projects. Research and development efforts are underway to improve the compatibility of floating solar systems with varying water levels, ensuring long-term operational stability will drive the industry landscape. Moreover, stationary floating solar PV industry in North America is anticipated to grow steadily over the next decade as more successful pilot projects are completed and regulatory frameworks become more defined, strengthening the business scenario.
The U.S. floating solar PV market is set to surpass USD 30 billion by 2032, driven by renewable energy tax credits and state-level policies that support renewable energy adoption. California and New Jersey have been early adopters of floating solar, driven by their aggressive renewable energy targets and water scarcity issues. Florida is another state with growing interest due to its abundance of water bodies and a favorable climate for solar energy generation.
Additionally, floating solar installations are primarily being deployed on reservoirs, wastewater treatment plants, and irrigation ponds. This maximizes land-use efficiency while reducing water evaporation and algae growth, driving the business scenario. Utility-scale floating solar is starting to gain momentum as utilities explore cost-effective ways to meet renewable portfolio standards.
North America Floating Solar PV Market Share
The floating solar PV industry in North America is still emerging, but it is seeing increasing interest due to the region’s vast water bodies and growing demand for renewable energy. Most floating solar PV projects are concentrated in states with high solar adoption, such as California and New Jersey, where space constraints and water availability favor floating systems. Collaborations with local governments, utilities, and water management bodies are crucial for gaining traction in this market. Companies are also partnering with construction and engineering firms to build and scale installations.
North America Floating Solar PV Market Companies
Eminent players operating in the North America floating solar PV industry are:
North America Floating Solar PV Industry News
North America floating solar PV market research report includes an in-depth coverage of the industry with estimates & forecast in terms of volume and revenue in “USD Million & MW” from 2021 to 2032, for the following segments:
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Market, By Capacity
Market, By Product
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