United States Floating Photovoltaics Market Introduction and Overview
According to SPER Market Research, the Saudi Arabia United States Floating Photovoltaics Market is estimated to reach USD 280.56 million by 2033 with a CAGR of 11.94%.
The report includes an in-depth analysis of the United States Floating Photovoltaics Market, including market size and trends, product mix, Applications, and supplier analysis. Floating solar, sometimes called floating photovoltaic (FPV) or floatovoltaics, is a kind of solar array that floats on top of water. Photovoltaic panels with different components attached are placed on the water bodies' surface beneath the floating plants. An developing type of PV system called floating photovoltaics (FPV) systems float on the surface of tailing ponds, natural water bodies, irrigation canals, lakes used for cleanup, and reservoirs for drinking water.
- In June 2024, Ciel & Terre International, a leader in floating solar systems, announced that it was working on a better bifacial floating solar panel technology. This unique technique collects sunlight on both sides of the panel, improving energy output by up to 30% over typical single-sided panels. The new system also has a strong anchoring mechanism built to withstand extreme underwater conditions, ensuring stability and lifespan. This breakthrough marks a considerable improvement in floating solar efficiency and robustness, propelling Ciel & Terre to the forefront of the market.
- Bureau Veritas granted Oceans of Energy's high wave offshore solar farm technology preliminary approval in January 2023. The Oceans of Energy offshore solar farm system, which has been in operation in the North Sea since 2019, is the first in the world to be tested in harsh waves. FPV systems are flexible and expandable to any size. This development allows the corporation to boost its income.
Market Opportunities and Challenges
Opportunities: The market for floating photovoltaics has seen technological advancements that have strengthened and improved the efficiency of FPV designs. More robust and lightweight materials, like high-density polyethylene or reinforced polymers for floating photovoltaic installations, are some of the innovations created for floating structures. These materials can withstand adverse environmental conditions, such as strong winds, waves, and UV exposure. Future developments increase the longevity and dependability of floating solar systems, which lowers maintenance expenses. Furthermore, floating solar plants are becoming more affordable due to the decreasing cost of PV modules. Thanks to technological developments, solar panels are now more efficient and can generate more electricity from a given area of sunshine. Furthermore, there is a huge possibility in the floating photovoltaics industry due to technology advancements and the declining capital cost of photovoltaic modules.
Challenges:
Constraints regarding water depth and wind condition - Floating solar panels offer an potential solution to the problem of limited land for large-scale solar systems. However, its expansion is hampered by key restrictions such as water depth and wind conditions. The majority of floating solar panel designs are only suitable for deployment in water depths of up to 3 meters. This greatly limits the locations where such projects can be set up.
Concerns regarding increased algae growth under floating panels
One of the primary problems impeding the growth of the floating solar panel market is rising concerns about algae growth beneath floating solar panels. When solar panels are installed on water bodies such as lakes, reservoirs, or oceans, they create an ideal environment for algae to thrive by receiving sunlight from underneath the panels. Excessive algal growth has a deleterious influence on aquatic life and ecosystems in these bodies of water. It also affects the effectiveness of solar panels by blocking sunlight from reaching them.
Market Competitive Landscape
An examination of the major competitors in the Floating Solar Panels market finds a competitive environment marked by innovation and strategic collaborations. Leading corporations have emerged as significant contributors to market growth, employing their knowledge and resources to propel technological advancements and market penetration. Key market players are 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, US Floating Solar.
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 Product, By System, By Application |
| Regions covered | Northeast, Midwest, West, South |
| Companies Covered | 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, US Floating Solar. |
By Product Insights:
Stationary floating solar panels have a greater acceptance rate, making them the dominant sector in the United States market. Stationary floating solar panels are less expensive than other systems because they are easier to design and install and do not require tracking systems or moving parts. Furthermore, stationary floating solar panels can be deployed on a variety of bodies of water, such as lakes, ponds, reservoirs, and even offshore and coastal locations, increasing market need for stationary floating systems.
COVID-19 Impact on United States Floating Photovoltaics Market
Floating PV installations in the US were halted as a result of the pandemic's disruption of the supply chain, labor shortages, and restrictions on building activities. The growth of the floating PV industry was slowed by the cancellation or delay of numerous projects. Additionally, in reaction to the financial constraints brought on by the outbreak, local governments in a few states, such as California and Texas, changed their incentives and regulations. The allure of floating PV installations was impacted by modifications to net metering regulations, rebate schemes, and solar incentives.
Key Target Audience:
- Utility Companies
- Municipal Water Authorities
- Large-Scale Renewable Energy Developers
- Government and Regulatory Bodies
- Private Landowners with Water Bodies
- Irrigation Districts
- Agriculture Sector
- Aquaculture Industry
- Renewable Energy Investors
- Technology Providers
Our in-depth analysis of the United States Floating Photovoltaics Market includes the following segments:
| By Product: | Stationary Floating Solar PanelsSolar-tracking Floating Solar Panels |
| By System: | Stand Alone FPV SystemsHybrid FPV Hydropower Systems |
| By Application: | Man-made Water BodiesNatural Water Bodies |
Key Topics Covered in the Report:
- United States Floating Photovoltaics Market Size (FY’2024-FY’2033)
- Overview of United States Floating Photovoltaics Market
- Segmentation of United States Floating Photovoltaics Market By Product (Stationary Floating Solar Panels, Solar-tracking Floating Solar Panels)
- Segmentation of United States Floating Photovoltaics Market By System (Stand Alone FPV Systems, Hybrid FPV Hydropower Systems)
- Segmentation of United States Floating Photovoltaics Market By Application (Man-made Water Bodies, Natural Water Bodies)
- Statistical Snap of United States Floating Photovoltaics Market
- Expansion Analysis of United States Floating Photovoltaics Market
- Problems and Obstacles in United States Floating Photovoltaics Market
- Competitive Landscape in the United States Floating Photovoltaics Market
- Impact of COVID-19 and Demonetization on United States Floating Photovoltaics Market
- Details on Current Investment in United States Floating Photovoltaics Market
- Competitive Analysis of United States Floating Photovoltaics Market
- Prominent Players in the United States Floating Photovoltaics Market
- SWOT Analysis of United States Floating Photovoltaics Market
- United States Floating Photovoltaics 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 United States Floating Photovoltaics 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. United States Floating Photovoltaics Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in United States Floating Photovoltaics Market
7. United States Floating Photovoltaics Market, By Product (USD Million) 2020-2033
7.1. United States Floating Photovoltaics Market Size, Share and Forecast, By Product, 2020-2026
7.2. United States Floating Photovoltaics Market Size, Share and Forecast, By Product, 2027-2033
7.3. Stationary Floating Solar Panels
7.4. Solar-tracking Floating Solar Panels
8. United States Floating Photovoltaics Market, By System (USD Million) 2020-2033
8.1. United States Floating Photovoltaics Market Size, Share and Forecast, By System, 2020-2026
8.2. United States Floating Photovoltaics Market Size, Share and Forecast, By System, 2027-2033
8.3. Stand Alone FPV Systems
8.4. Hybrid FPV Hydropower Systems
9. United States Floating Photovoltaics Market, By Application (USD Million) 2020-2033
9.1. United States Floating Photovoltaics Market Size, Share and Forecast, By Application, 2020-2026
9.2. United States Floating Photovoltaics Market Size, Share and Forecast, By Application, 2027-2033
9.3. Man-made Water Bodies
9.4. Natural Water Bodies
10. United States Floating Photovoltaics Market Forecast, 2020-2033 (USD Million)
10.1. United States Floating Photovoltaics Market Size and Market Share
11. United States Floating Photovoltaics Market, By Region, 2020-2033 (USD Million)
11.1. United States Floating Photovoltaics Market Size and Market Share By Region (2020-2026)
11.2. United States Floating Photovoltaics Market Size and Market Share By Region (2027-2033)
11.3. Northeast
11.4. Midwest
11.5. West
11.6. South
12. Company Profile
12.1. Core Development Group, LLC
12.1.1. Company details
12.1.2. Financial outlook
12.1.3. Product summary
12.1.4. Recent developments
12.2. Sungrow Floating PV
12.2.1. Company details
12.2.2. Financial outlook
12.2.3. Product summary
12.2.4. Recent developments
12.3. Ciel et Terre International
12.3.1. Company details
12.3.2. Financial outlook
12.3.3. Product summary
12.3.4. Recent developments
12.4. ABL Group
12.4.1. Company details
12.4.2. Financial outlook
12.4.3. Product summary
12.4.4. Recent developments
12.5. ACCIONA SA
12.5.1. Company details
12.5.2. Financial outlook
12.5.3. Product summary
12.5.4. Recent developments
12.6. BayWa r.e. Solar Projects LLC
12.6.1. Company details
12.6.2. Financial outlook
12.6.3. Product summary
12.6.4. Recent developments
12.7. D3Energy
12.7.1. Company details
12.7.2. Financial outlook
12.7.3. Product summary
12.7.4. Recent developments
12.8. Laketricity USA Inc
12.8.1. Company details
12.8.2. Financial outlook
12.8.3. Product summary
12.8.4. Recent developments
12.9. US Floating Solar
12.9.1. Company details
12.9.2. Financial outlook
12.9.3. Product summary
12.9.4. Recent developments
12.10. Others
13. Conclusion
14. List of Abbreviations
15. Reference Links