North America Floating Solar PV Market Introduction and Overview
According to SPER Market Research, the North America Floating Solar PV Market is estimated to reach USD 20.11 billion by 2033 with a CAGR 10.29%.
The report includes an in-depth analysis of the North America Floating Solar PV Market, including market size and trends, product mix, distribution channels, and supplier analysis. A solar power facility located on a body of water, such as a lake, reservoir, or the ocean, is known as a floating solar PV system or floating solar farm. These solar panels, which are buoyantly floating on the water's surface and rely on floating platforms or pontoons rather than being tethered on land, use sunlight to create power.
- Ciel & Terre International, a leader in floating solar solutions, revealed in June 2024 that they had developed a sophisticated bifacial floating solar panel technology. By capturing sunlight from both sides of the panel, this cutting-edge technology can increase energy output by up to 30% when compared to conventional single-sided panels.
- In April 2021, the federal government awarded funding through the Community Project Funding process for the installation of a 3.2 MW floating solar demonstration project on its water reservoir, which is owned and administered by the municipality. The project would cost USD 5.9 million, of which USD 4.7 million would come from the Federal Government and USD 1.2 million from non-Federal sources, and would be installed on the 14-acre water reservoir.
Market Opportunities and Challenges
Opportunities: The industry landscape will be strengthened as it is implemented and more utilities and municipalities realize its possibilities. Growing interest in hybrid energy systems, which optimize energy output by combining hydropower with floating solar PV, will increase demand for the product, especially in areas with an abundance of water and existing hydropower infrastructure. Growing interest in combining floating solar with energy storage systems to generate steady, continuous electricity will enhance the state of the business. Additionally, utility-scale projects predominate, emphasizing collaborations between developers and water treatment facilities or utilities, which in turn shapes the business environment. Furthermore, Eco-friendly energy production methods are becoming more and more popular throughout the world. Previously only funding small-scale research, huge international commercial banks and multilateral development banks are now funding FPV initiatives, which leads to the creation of large-scale programs. The market for floating photovoltaics (FPV) goods is expected to rise in the upcoming years due to manufacturers in the solar PV sector rapidly increasing their company investments and developing new technologies.
Challenges: There are a number of obstacles preventing the mainstream adoption of floating solar photovoltaic (PV) in the North American market. A big obstacle is the high upfront price of floating solar systems, which necessitate a large investment in specialized platforms, anchoring systems, and technology to survive challenging aquatic environments. Furthermore, there are still many complicated laws, long approval procedures that might cause delays in projects, and unclear or changing restrictions. Selecting a site presents additional difficulties since appropriate water bodies must be found and aspects like water depth, quality, and environmental problems must be taken into account.
Market Competitive Landscape
The Floating Solar PV market in North America is moderately fragmented. Some of the market key 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.
Scope of the report:
| Report Metric | Details |
| Market size available for years | 2020-2033 |
| Base year considered | 2023 |
| Forecast period | 2024-2033 |
| Segments covered | By Capacity, By Product |
| Regions covered | Eastern, Western, Northern, Southern |
| Companies Covered | 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. |
COVID-19 Impact on North America Floating Solar PV Market
The COVID-19 epidemic significantly altered supply and demand dynamics in the North American floating solar photovoltaic (PV) industry. The production and shipping of solar panels and other parts were delayed due to disruptions in global supply networks, which hampered project schedules and raised expenses. The installation and upkeep of floating solar systems were also impacted by labor shortages and construction limitations, which resulted in project cancellations or delays. The economic uncertainty has led some businesses and investors to postpone or reduce their investments in renewable energy projects, such as floating solar, in favor of lower-risk or more urgent endeavors.
Key Target Audience:
- Utility Companies
- Renewable Energy Developers
- Government and Regulatory Bodies
- Commercial and Industrial Enterprises
- Environmental and Sustainability Organizations
- Investors and Financial Institutions
Our in-depth analysis of the North America Floating Solar PV Market includes the following segments:
| By Capacity: | <5 MW5-15 MW>15 MW |
| By Product: | StationaryTracking |
Key Topics Covered in the Report:
North America Floating Solar PV Market Size (FY’2024-FY’2033)
Overview of North America Floating Solar PV Market
Segmentation of North America Floating Solar PV Market By Capacity (<5 MW, 5-15 MW, >15 MW)
Segmentation of North America Floating Solar PV Market By Product (Stationary, Tracking)
Expansion Analysis of North America Floating Solar PV Market
Problems and Obstacles in North America Floating Solar PV Market
Competitive Landscape in the North America Floating Solar PV Market
Impact of COVID-19 and Demonetization on North America Floating Solar PV Market
Details on Current Investment in North America Floating Solar PV Market
Competitive Analysis of North America Floating Solar PV Market
Prominent Players in the North America Floating Solar PV Market
SWOT Analysis of North America Floating Solar PV Market
North America Floating Solar PV Market Future Outlook and Projections (FY’2024-FY’2033)
Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the North America Floating Solar PV Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. North America Floating Solar PV Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in North America Floating Solar PV Market
7. North America Floating Solar PV Market, By Capacity (USD Million) 2020-2033
7.1. North America Floating Solar PV Market Size, Share and Forecast, By Capacity, 2020-2026
7.2. North America Floating Solar PV Market Size, Share and Forecast, By Capacity, 2027-2033
7.3. <5 MW
7.4. 5-15 MW
7.5. >15 MW
8. North America Floating Solar PV Market, By Product (USD Million) 2020-2033
8.1. North America Floating Solar PV Market Size, Share and Forecast, By Product, 2020-2026
8.2. North America Floating Solar PV Market Size, Share and Forecast, By Product, 2027-2033
8.3. Stationary
8.4. Tracking
9. North America Floating Solar PV Market Forecast, 2020-2033 (USD Million)
9.1. North America Floating Solar PV Market Size and Market Share
10. North America Floating Solar PV Market, By Region, 2020-2033 (USD Million)
10.1. North America Floating Solar PV Market Size and Market Share By Region (2020-2026)
10.2. North America Floating Solar PV Market Size and Market Share By Region (2027-2033)
10.3. Eastern Region
10.4. Western Region
10.5. Southern Region
10.6. Northern Region
11. Company Profile
11.1. Accu Solar
11.1.1. Company details
11.1.2. Financial outlook
11.1.3. Product summary
11.1.4. Recent developments
11.2. Ciel & Terre
11.2.1. Company details
11.2.2. Financial outlook
11.2.3. Product summary
11.2.4. Recent developments
11.3. Canadian Solar
11.3.1. Company details
11.3.2. Financial outlook
11.3.3. Product summary
11.3.4. Recent developments
11.4. CEV Canada
11.4.1. Company details
11.4.2. Financial outlook
11.4.3. Product summary
11.4.4. Recent developments
11.5. D3Energy
11.5.1. Company details
11.5.2. Financial outlook
11.5.3. Product summary
11.5.4. Recent developments
11.6. JJ PV Solar Limited
11.6.1. Company details
11.6.2. Financial outlook
11.6.3. Product summary
11.6.4. Recent developments
11.7. NJR Clean Energy Ventures
11.7.1. Company details
11.7.2. Financial outlook
11.7.3. Product summary
11.7.4. Recent developments
11.8. Pristine Sun
11.8.1. Company details
11.8.2. Financial outlook
11.8.3. Product summary
11.8.4. Recent developments
11.9. RETTEW
11.9.1. Company details
11.9.2. Financial outlook
11.9.3. Product summary
11.9.4. Recent developments
11.10. Solar Renewable Energy
11.10.1. Company details
11.10.2. Financial outlook
11.10.3. Product summary
11.10.4. Recent developments
11.11. SPI Energy
11.11.1. Company details
11.11.2. Financial outlook
11.11.3. Product summary
11.11.4. Recent developments
11.12. US Floating Solar
11.12.1. Company details
11.12.2. Financial outlook
11.12.3. Product summary
11.12.4. Recent developments
11.13. Others
12. Conclusion
13. Reference Links
14. List of Abbreviations