North America Floating Solar PV Market Size & Share 2026-2035
Market Size - By Capacity (<5 MW, 5-15 MW, >15 MW), By Product (Stationary, Tracking), and By Location (Inland, Near Shore), Growth Forecast. The market forecasts are provided in terms of value (USD) & volume (MW).
Report ID: GMI11630
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Published Date: June 2026
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Report Format: PDF
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Authors:
Ankit Gupta, Srishti Agarwal
North America Floating Solar PV Market Size
The North America floating solar PV market was estimated at USD 97.6 Million in 2025. The market is expected to grow from USD 181.6 Million in 2026 to USD 1.1 Billion in 2035, at a CAGR of 22.2% according to a recent study by Global Market Insights Inc.
North America Floating Solar PV Market Key Takeaways
Market Size & Growth
Regional Dominance
Key Market Drivers
Challenges
Opportunity
Key Players
Growing emphasis on stable, grid‑connected power will drive the demand for floating solar projects which integrates the smooth supply with existing electrical infrastructure driving the product adoption. These installations provide utilities with a reliable renewable energy source that supports grid stability and reduces the dependence on land‑based solar capacity.
Ongoing technological improvements in floating platforms, and electrical integration will strengthen the system reliability, enabling floating solar to withstand the diverse climate conditions and varying water levels across the region. Floating solar systems offers predictable performance and lowers the mechanical complexity, making them ideal for long‑term energy planning, which will positively influence the overall industry outlook.
Rising involvement from water authorities and local governments maintains the dual advantages of clean energy generation and improved water body management, which supports broader acceptance of floating solar for public infrastructure projects. Municipalities are further leading adoption in the states that prioritize renewable energy and water conservation, including California, New Jersey, and Florida among others.
For instance, in June 2025, floating solar panels played a role in advancing the U.S. clean energy goals, highlighting the vast potential of federally managed reservoirs. The researchers further found that these water bodies could support enough floating solar capacity to power millions of homes each year, showcasing a largely untapped renewable resource.
Floating solar installations also reduce water evaporation and limit algae growth, offering strong value for drought‑prone regions including California. The market in the region continues to grow as more projects achieve successful deployment and more utilities and municipalities recognize the long term potential of the technology, thereby strengthening the overall industry landscape and encouraging broader investment.
North America Floating Solar PV Market Trends
Growing emphasis on reducing carbon emissions will encourage the utilities and municipal authorities to invest in innovative systems to complement existing power infrastructure, supporting the business momentum. Shifting focus on technology advancement will further improve floating structure, anchoring systems and electrical integration to ensure long-term durability under the diverse climate conditions across the region.
For instance, in January 2025, the National Renewable Energy Laboratory (NREL) researchers highlighted major potential of floating solar in the U.S., federally controlled reservoirs that could host up to 1,042 GW of floating solar capacity. Additionally, the study points to a vast, underused resource capable of supporting large scale clean energy generation, thereby contributing to long‑term renewable energy targets.
Rising awareness of water resource optimization supporting floating solar deployment will make it a preferred option for water utilities and reservoir operators to seek multiple benefits thereby strengthening the stakeholder support in the coming days. Utilities and project developers actively turn to water bodies including reservoirs, wastewater ponds, and hydropower assets to deploy solar capacity, supporting smoother project development, which will drive the industry outlook.
Increasing collaboration among technology providers, utilities and research institutions will streamline permitting processes, validate system performance and improve project execution across varied regulatory environments, accelerating the market growth. In addition, reducing algae growth in reservoirs and improving water quality through shade where water management is critical, which will further augment the business landscape.
North America Floating Solar PV Market Analysis
Based on capacity, the floating solar PV market is classified into 5 MW, 5-15 MW and >15 MW. 5-15 MW is projected to grow by more than USD 380 Million by 2035, accounting for 34.9% share in 2025.
Based on product, the floating solar PV market is bifurcated into stationary and tracking. Stationary segment is anticipated to grow at a CAGR of over 21% through 2035.
The U.S. floating solar PV Market is set to grow more than USD 1,03 Billion by 2035.
North America Floating Solar PV Market Share
Eminent manufacturers in the floating solar PV market across the region are pursuing well-defined major strategies to strengthen the market and support long-term industry growth. Major initiatives include advanced product designs to meet stringent regional safety, environmental, and performance standards, leading to market growth. Additionally, the companies are forming strategic alliances with utilities, developers and research institutions to accelerate pilot projects and commercial-scale deployments, thereby boosting the expansion of floating bodies.
North America Floating Solar PV Market Companies
Eminent players operating in the North America floating solar PV industry are:
18% Market Share
Collective market share in 2025 is 40%
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 2022 to 2035, for the following segments:
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By Capacity
By Product
By Location
The above information has been provided for the following countries:
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
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Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
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Verified data sources
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Regulatory filings
Government procurement records and policy documents
Academic research
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Company reports
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C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →