A floating solar PV system, also referred to as a floating solar farm, is a solar power facility situated on a body of water, such as a lake, reservoir, or the ocean. Instead of being attached to land, these solar panels use sunlight to generate electricity while buoyantly floating on the water's surface and relying on pontoons or floating platforms.

Drivers: Increased energy generation from the cooling effect of water, decreased evaporation, and the use of underutilized bodies of water are some advantages of floating solar systems. Throughout the forecast period, this contributes to the expansion of the global floating photovoltaics (FPV) market. FPV's cooling effect function increases solar photovoltaic panels' performance by 5–10%. Floating solar photovoltaic power generation has a lot of room to grow because these systems have a number of benefits over conventional ground-mounted solar panels. 

According to market forecasts for floating photovoltaics (FPV), FPV systems have a bright future because they are anticipated to be a key component of the switch to renewable energy sources. Furthermore, At the forefront of adoption are California and New Jersey, where interest in floating solar solutions has been fueled by water conservation initiatives, land constraints, and renewable energy ambitions. There is increasing interest in using floating solar for their large bodies of water, such as reservoirs and wastewater treatment plants, making Texas and Florida potential hotspots as well.

Challenges: A number of challenges prevent the floating solar photovoltaic (PV) business in North America from becoming widely used. Since floating solar systems need a large investment in specialized platforms, anchoring systems, and technology to resist extreme aquatic environments, high initial costs are a key obstacle. Furthermore, the regulatory environment is still complicated, with long permitting procedures that can cause project delays and confusing or changing restrictions. Finding appropriate water sources and taking into account elements like water depth, quality, and environmental considerations present additional challenges when choosing a site.

The COVID-19 pandemic had a major impact on the dynamics of supply and demand in the floating solar photovoltaic (PV) market in North America. Due to interruptions in global supply networks, solar panel and other part manufacture and shipment were delayed, causing delays in project deadlines and increased costs. Additionally, labor shortages and construction constraints affected the installation and maintenance of floating solar systems, leading to project delays or cancellations. In favor of lower-risk or more pressing initiatives, several companies and investors have decided to delay or scale back their investments in renewable energy projects, such floating solar, as a result of the economic uncertainty.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players are; Accu Solar, Ciel & Terre, Canadian Solar, CEV Canada, D3Energy, JJ PV Solar Limited, NJR Clean Energy Ventures, Pristine Sun, RETTEW, Solar Renewable Energy, SPI Energy, US Floating Solar, Others.

By Capacity: Based on the Capacity, North America Floating Solar PV Market is segmented as; 5 MW, 5-15 MW, >15 MW.

By Product: Based on the Product, North America Floating Solar PV Market is segmented as; Stationary, Tracking.

By Region: This research also includes data for Eastern, Western, Northern, Southern.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.