North America Floating Solar PV Market Size

North America Floating Solar PV Market Size

North America Floating Solar PV Market size was valued at USD 18.83 million in 2023 and is anticipated to grow at a CAGR of 10% between 2024 and 2032. A floating solar PV system, often referred to as a floating solar farm, is a solar power installation situated on a body of water, be it a reservoir, lake, or ocean. Rather than being anchored on land, these solar panels rest on floating platforms or pontoons, harnessing sunlight to generate electricity while buoyantly floating on the water's surface.

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Municipalities are leading adoption, particularly in states with renewable energy goals and water conservation concerns like California, New Jersey, and Florida along with improvements in floating platforms, anchoring systems, and solar PV panels designed for water environments will drive the costs down and improve efficiency, thereby facilitating the product adoption. Floating solar systems can reduce water evaporation and improve water quality by reducing the growth of algae. This is particularly valuable in drought-prone areas of the U.S., such as California.

The market for floating solar PV systems in North America is expected to continue growing as more projects are successfully deployed and more utilities and municipalities recognize its potential, which will strengthen the industry landscape.

Increasing interest in hybrid energy systems that combine floating solar PV with hydropower to optimize energy output, particularly in water-rich regions with existing hydropower infrastructure will strengthen the product demand. Growing interest in pairing floating solar with energy storage solutions to provide stable, round-the-clock power generation will augment the industry landscape. Further, Utility-scale projects dominate the landscape, with a focus on partnerships between developers and utilities or water treatment facilities, thereby driving the business scenario.