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North America Floating Solar PV Market
Updated On

Dec 17 2024

Total Pages

70

North America Floating Solar PV Market Strategic Insights: Analysis 2025 and Forecasts 2033

North America Floating Solar PV Market by Capacity (<5 MW, 5-15 MW, >15 MW), by Product (Stationary, Tracking), by Application (Water reservoir, Lake, Coastal areas), by End user (Utilities, Commercial, Industrial), by North America (U.S., Canada) Forecast 2025-2033

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North America Floating Solar PV Market Strategic Insights: Analysis 2025 and Forecasts 2033




North America Floating Solar PV Market Report

Key Insights

The size of the North America Floating Solar PV Market  was valued at USD 18.83 Million in 2023 and is projected to reach USD 36.69 Million by 2032, with an expected CAGR of 10% during the forecast period. The North America floating solar photovoltaic (PV) market focuses on the development and deployment of solar power systems installed on bodies of water such as lakes, reservoirs, and ponds, rather than traditional land-based installations. This innovative technology provides a solution to land scarcity issues while enhancing solar energy generation by reducing water evaporation and improving efficiency due to the cooling effect of water. The market is driven by the growing demand for renewable energy sources, government incentives for clean energy, and the need to reduce carbon emissions. Innovations in floating solar PV systems include the development of more efficient, durable floating platforms, improved anchoring mechanisms, and integrated systems that combine solar power with energy storage solutions. Research in this market focuses on optimizing the performance and cost-effectiveness of these systems, as well as exploring the potential for large-scale installations in the region. However, challenges such as high installation costs, technical complexities, environmental concerns related to aquatic ecosystems, and limited availability of suitable water bodies may hinder market growth. Despite these challenges, the growing focus on clean energy, coupled with advances in technology and favorable government policies, is expected to drive significant growth in the North America floating solar PV market, offering a promising avenue for renewable energy generation.

North America Floating Solar PV Market Research Report - Market Size, Growth & Forecast

North America Floating Solar PV Market Concentration & Characteristics

The North America Floating Solar PV Market is characterized by a high level of concentration, with the top three players accounting for over 50% of the market share. The market is also characterized by a high level of innovation, with new technologies being developed all the time. Some of the key trends in the North America Floating Solar PV Market include the increasing use of bifacial solar panels and the development of floating solar farms in coastal areas.

North America Floating Solar PV Market Trends

The North America Floating Solar PV Market is expected to grow significantly in the coming years. Some of the key factors driving this growth include the increasing demand for renewable energy, the falling cost of solar panels, and the government support for solar energy. The market is also expected to benefit from the development of new technologies, such as bifacial solar panels and floating solar farms in coastal areas.

North America Floating Solar PV Market Growth

Key Region or Country & Segment to Dominate the Market

The United States is the dominant region in the North America Floating Solar PV Market, accounting for over 75% of the market share. The United States is also the largest market for floating solar PV installations in the world. The segment that is expected to dominate the market in the coming years is the utility-scale segment. This segment is expected to grow at a CAGR of over 15% in the coming years.

North America Floating Solar PV Market Product Insights

The North America Floating Solar PV Market is segmented based on product type, application, and end-user. The major product types include stationary and tracking solar panels. The major applications include water reservoirs, lakes, and coastal areas. The major end-users include utilities, commercial, and industrial.

North America Floating Solar PV Market Analysis

The North America Floating Solar PV Market is a rapidly growing market. The market is expected to grow significantly in the coming years, driven by the increasing demand for renewable energy, the falling cost of solar panels, and the government support for solar energy. The market is also expected to benefit from the development of new technologies, such as bifacial solar panels and floating solar farms in coastal areas.

North America Floating Solar PV Market Regional Insights

The North America Floating Solar PV Market is segmented into the following regions: the United States, Canada, and Mexico. The United States is the dominant region in the North America Floating Solar PV Market, accounting for over 75% of the market share. The United States is also the largest market for floating solar PV installations in the world. Canada is the second-largest market for floating solar PV installations in North America. The Mexican market is expected to grow significantly in the coming years.

North America Floating Solar PV Market Regional Share

Driving Forces: What's Propelling the North America Floating Solar PV Market

The North America Floating Solar PV Market is driven by a number of factors, including the increasing demand for renewable energy, the falling cost of solar panels, and the government support for solar energy. The increasing demand for renewable energy is being driven by a number of factors, including the growing awareness of the environmental benefits of renewable energy, the increasing cost of fossil fuels, and the government support for renewable energy. The falling cost of solar panels has been driven by a number of factors, including the increasing efficiency of solar panels, the increasing economies of scale, and the government support for solar energy. The government support for solar energy has been driven by a number of factors, including the environmental benefits of solar energy, the economic benefits of solar energy, and the political benefits of solar energy.

Challenges and Restraints in North America Floating Solar PV Market

The North America Floating Solar PV Market is facing a number of challenges, including the high cost of floating solar PV systems, the lack of experience with floating solar PV systems, and the regulatory barriers to floating solar PV systems. The high cost of floating solar PV systems is a major challenge for the North America Floating Solar PV Market. The lack of experience with floating solar PV systems is another challenge for the North America Floating Solar PV Market. The regulatory barriers to floating solar PV systems are also a challenge for the North America Floating Solar PV Market.

Emerging Trends in North America Floating Solar PV Market

The North America Floating Solar PV Market is experiencing a number of emerging trends, including the increasing use of bifacial solar panels, the development of floating solar farms in coastal areas, and the increasing use of floating solar PV systems for water reservoirs. The increasing use of bifacial solar panels is a trend that is expected to continue in the coming years. The development of floating solar farms in coastal areas is another trend that is expected to continue in the coming years. The increasing use of floating solar PV systems for water reservoirs is another trend that is expected to continue in the coming years.

Market Segmentation: North America Floating Solar PV

The North America Floating Solar PV Market is segmented based on product type, application, and end-user.

 

 

Capacity 

  • 5 MW
  • 5- 15 MW
  • >15 MW

 

Product Type

  • Stationary solar panels
  • Tracking solar panels

Application

  • Water reservoirs
  • Lakes
  • Coastal areas

End-user

  • Utilities
  • Commercial
  • Industrial

North America Floating Solar PV Industry News

  • In June 2024, Ciel & Terre International, a pioneer in floating solar solutions, announced the development of an advanced bifacial floating solar panel system. This innovative technology captures sunlight from both sides of the panel, significantly increasing energy output by up to 30% compared to traditional single-sided panels. The new system also features a robust anchoring mechanism designed to withstand harsh aquatic conditions, ensuring stability and longevity. This advancement represents a significant leap in floating solar efficiency and resilience, positioning Ciel & Terre at the forefront of the market.
  • In April 2021, the proposal to install a municipally owned and operated 3.2 MW floating solar demonstration project on its water reservoir received federal investment under the Community Project Funding process. The project would be installed on the 14-acre water reservoir, at a cost of USD 5.9 million, including a Federal share of USD 4.7 million and a non-Federal share of USD 1.2 million.

Leading Players in the North America Floating Solar PV Market

The leading players in the North America Floating Solar PV Market include:



North America Floating Solar PV Market REPORT HIGHLIGHTS

AspectsDetails
Study Period 2019-2033
Base Year 2024
Estimated Year 2025
Forecast Period2025-2033
Historical Period2019-2024
Growth RateCAGR of 10% from 2019-2033
Segmentation
    • By Capacity
      • <5 MW
      • 5-15 MW
      • >15 MW
    • By Product
      • Stationary
      • Tracking
    • By Application
      • Water reservoir
      • Lake
      • Coastal areas
    • By End user
      • Utilities
      • Commercial
      • Industrial
  • By Geography
    • North America
      • U.S.
      • Canada


Table Of Content
  1. 1. Introduction
    • 1.1. Research Scope
    • 1.2. Market Segmentation
    • 1.3. Research Methodology
    • 1.4. Definitions and Assumptions
  2. 2. Executive Summary
    • 2.1. Introduction
  3. 3. Market Dynamics
    • 3.1. Introduction
      • 3.2. Market Drivers
        • 3.2.1 Financial support & policy incentives
        • 3.2.2 Environmental & operational benefits
      • 3.3. Market Restrains
        • 3.3.1. Developing regulatory framework
      • 3.4. Market Trends
  4. 4. Market Factor Analysis
    • 4.1. Porters Five Forces
    • 4.2. Supply/Value Chain
    • 4.3. PESTEL analysis
    • 4.4. Market Entropy
    • 4.5. Patent/Trademark Analysis
  5. 5. North America Floating Solar PV Market Analysis, Insights and Forecast, 2019-2031
    • 5.1. Market Analysis, Insights and Forecast - by Capacity
      • 5.1.1. <5 MW
      • 5.1.2. 5-15 MW
      • 5.1.3. >15 MW
    • 5.2. Market Analysis, Insights and Forecast - by Product
      • 5.2.1. Stationary
      • 5.2.2. Tracking
    • 5.3. Market Analysis, Insights and Forecast - by Application
      • 5.3.1. Water reservoir
      • 5.3.2. Lake
      • 5.3.3. Coastal areas
    • 5.4. Market Analysis, Insights and Forecast - by End user
      • 5.4.1. Utilities
      • 5.4.2. Commercial
      • 5.4.3. Industrial
    • 5.5. Market Analysis, Insights and Forecast - by Region
      • 5.5.1. North America
  6. 6. Competitive Analysis
    • 6.1. Market Share Analysis 2024
      • 6.2. Company Profiles
        • 6.2.1 Accu Solar
          • 6.2.1.1. Overview
          • 6.2.1.2. Products
          • 6.2.1.3. SWOT Analysis
          • 6.2.1.4. Recent Developments
          • 6.2.1.5. Financials (Based on Availability)
        • 6.2.2 Ciel & Terre
          • 6.2.2.1. Overview
          • 6.2.2.2. Products
          • 6.2.2.3. SWOT Analysis
          • 6.2.2.4. Recent Developments
          • 6.2.2.5. Financials (Based on Availability)
        • 6.2.3 Canadian Solar
          • 6.2.3.1. Overview
          • 6.2.3.2. Products
          • 6.2.3.3. SWOT Analysis
          • 6.2.3.4. Recent Developments
          • 6.2.3.5. Financials (Based on Availability)
        • 6.2.4 CEV Canada
          • 6.2.4.1. Overview
          • 6.2.4.2. Products
          • 6.2.4.3. SWOT Analysis
          • 6.2.4.4. Recent Developments
          • 6.2.4.5. Financials (Based on Availability)
        • 6.2.5 D3Energy
          • 6.2.5.1. Overview
          • 6.2.5.2. Products
          • 6.2.5.3. SWOT Analysis
          • 6.2.5.4. Recent Developments
          • 6.2.5.5. Financials (Based on Availability)
        • 6.2.6 JJ PV Solar Limited
          • 6.2.6.1. Overview
          • 6.2.6.2. Products
          • 6.2.6.3. SWOT Analysis
          • 6.2.6.4. Recent Developments
          • 6.2.6.5. Financials (Based on Availability)
        • 6.2.7 NJR Clean Energy Ventures
          • 6.2.7.1. Overview
          • 6.2.7.2. Products
          • 6.2.7.3. SWOT Analysis
          • 6.2.7.4. Recent Developments
          • 6.2.7.5. Financials (Based on Availability)
        • 6.2.8 Pristine Sun
          • 6.2.8.1. Overview
          • 6.2.8.2. Products
          • 6.2.8.3. SWOT Analysis
          • 6.2.8.4. Recent Developments
          • 6.2.8.5. Financials (Based on Availability)
        • 6.2.9 RETTEW
          • 6.2.9.1. Overview
          • 6.2.9.2. Products
          • 6.2.9.3. SWOT Analysis
          • 6.2.9.4. Recent Developments
          • 6.2.9.5. Financials (Based on Availability)
        • 6.2.10 Solar Renewable Energy
          • 6.2.10.1. Overview
          • 6.2.10.2. Products
          • 6.2.10.3. SWOT Analysis
          • 6.2.10.4. Recent Developments
          • 6.2.10.5. Financials (Based on Availability)
        • 6.2.11 SPI Energy
          • 6.2.11.1. Overview
          • 6.2.11.2. Products
          • 6.2.11.3. SWOT Analysis
          • 6.2.11.4. Recent Developments
          • 6.2.11.5. Financials (Based on Availability)
        • 6.2.12 US Floating Solar
          • 6.2.12.1. Overview
          • 6.2.12.2. Products
          • 6.2.12.3. SWOT Analysis
          • 6.2.12.4. Recent Developments
          • 6.2.12.5. Financials (Based on Availability)
        • 6.2.13 Yingli Solar
          • 6.2.13.1. Overview
          • 6.2.13.2. Products
          • 6.2.13.3. SWOT Analysis
          • 6.2.13.4. Recent Developments
          • 6.2.13.5. Financials (Based on Availability)
List of Figures
  1. Figure 1: North America Floating Solar PV Market Revenue Breakdown (Million, %) by Product 2024 & 2032
  2. Figure 2: North America Floating Solar PV Market Share (%) by Company 2024
List of Tables
  1. Table 1: North America Floating Solar PV Market Revenue Million Forecast, by Region 2019 & 2032
  2. Table 2: North America Floating Solar PV Market Revenue Million Forecast, by Capacity 2019 & 2032
  3. Table 3: North America Floating Solar PV Market Revenue Million Forecast, by Product 2019 & 2032
  4. Table 4: North America Floating Solar PV Market Revenue Million Forecast, by Application 2019 & 2032
  5. Table 5: North America Floating Solar PV Market Revenue Million Forecast, by End user 2019 & 2032
  6. Table 6: North America Floating Solar PV Market Revenue Million Forecast, by Region 2019 & 2032
  7. Table 7: North America Floating Solar PV Market Revenue Million Forecast, by Capacity 2019 & 2032
  8. Table 8: North America Floating Solar PV Market Revenue Million Forecast, by Product 2019 & 2032
  9. Table 9: North America Floating Solar PV Market Revenue Million Forecast, by Application 2019 & 2032
  10. Table 10: North America Floating Solar PV Market Revenue Million Forecast, by End user 2019 & 2032
  11. Table 11: North America Floating Solar PV Market Revenue Million Forecast, by Country 2019 & 2032
  12. Table 12: U.S. North America Floating Solar PV Market Revenue (Million) Forecast, by Application 2019 & 2032
  13. Table 13: Canada North America Floating Solar PV Market Revenue (Million) Forecast, by Application 2019 & 2032


STEP 1 - Identification of Relevant Samples Size from Population Database

Step Chart
bar chart
method chart

STEP 2 - Approaches for Defining Global Market Size (Value, Volume* & Price*)

approach chart
Top-down and bottom-up approaches are used to validate the global market size and estimate the market size for manufactures, regional segemnts, product and application.

Note* : In applicable scenarios

STEP 3 - Data Sources

Primary Research

  • Web Analytics
  • Survey Reports
  • Research Institute
  • Latest Research Reports
  • Opinion Leaders

Secondary Research

  • Annual Reports
  • White Paper
  • Latest Press Release
  • Industry Association
  • Paid Database
  • Investor Presentations
approach chart

STEP 4 - Data Triangulation

Involves using different sources of information in order to increase the validity of a study

These sources are likely to be stakeholders in a program - participants, other researchers, program staff, other community members, and so on.

Then we put all data in single framework & apply various statistical tools to find out the dynamic on the market.

During the analysis stage, feedback from the stakeholder groups would be compared to determine areas of agreement as well as areas of divergence

Additionally after gathering mix and scattered data from wide range of sources, data is triangull- ated and correlated to come up with estimated figures which are further validated through primary mediums, or industry experts, opinion leader.

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