Floating photovoltaic systems employ the same PV panels that are utilized on land. However, these panels are either floating in the water or suspended above a body of water. Floating solar panels produce more electricity than a comparably sized traditional system due to the cooling effect and reflectivity of water. The shadowing effect of solar panels may greatly reduce evaporation and improve water quality by inhibiting the growth of some types of algae. Floating photovoltaic systems are more efficient due to natural cooling by water, which lowers energy loss caused by rising temperature of land-based solar panels. The cooling effect helps to maintain appropriate operating temperatures for the panels while increasing overall energy output, making FPV systems more practical.

Driving Factors: Floating photovoltaics technology generates solar energy on water rather than land, reducing land usage. This minimizes the demand for land and makes better use of existing resources. In the United States, floating PV systems are installed on lakes, reservoirs, ponds, and water treatment facilities. Furthermore, floating photovoltaics technology is highly functional, particularly when placed on multipurpose reservoirs and dams with specific roles, such as water storage, irrigation, or even hydropower generation. Installing floating photovoltaic systems on reservoirs allows for solar energy generation without taking up extra land. Floating photovoltaics technology utilizes water bodies by installing solar panels on floating platforms while leaving as much land as possible available for cultivation, development, or preservation, hence supporting the expansion of the floating photovoltaics market in the United States.

High upfront costs and technical challenges - The high initial price and technical problems involved with the installation and maintenance of floating solar panels are significant barriers to market growth. While floating solar technology has various advantages, the initial costs and difficulties involved can be significant impediments to wider implementation, especially in areas with little financial resources or technical knowledge. The initial prices of floating solar panels are typically greater than those of standard land-based solar installations. This is mostly owing to the particular equipment and materials needed for floating systems, which include buoyant platforms, mooring systems, and anchoring devices.

The pandemic disrupted the Floating PV supply chain, caused labor shortages, and restricted building activity, resulting in a halt in Floating PV installations in the United States. Many projects were delayed or cancelled, slowing the expansion of the Floating PV sector. Furthermore, in some states, including as California and Texas, municipal governments modified their policies and incentives in response to financial limitations caused by the outbreak. Changes in solar incentives, rebate programs, and net metering rules influenced the appeal of floating PV installations.

Core Development Group, LLC, Sungrow Floating PV, Ciel et Terre International, ABL Group, ACCIONA SA, BayWa r.e. Solar Projects LLC, D3Energy, Laketricity USA Inc, and US Floating Solar are just a few of the major market players that are thoroughly examined in this market study along with revenue analysis, market segments, and competitive landscape data.

By Product: Based on the Product, United States Floating Photovoltaics Market is segmented as; Stationary Floating Solar Panels, Solar-tracking Floating Solar Panels.

By System: Based on the System, United States Floating Photovoltaics Market is segmented as; Stand Alone FPV Systems, Hybrid FPV Hydropower Systems.

By Application: Based on the Application, United States Floating Photovoltaics Market is segmented as; Man-made Water Bodies, Natural Water Bodies.

By Region: This research also includes data for Northeast, Midwest, West, South.

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.