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North America Floating Solar PV Market Trends

Report ID: GMI11630
Published Date: Sep 2024
Report Format: PDF

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North America Floating Solar PV Market Trends

California and New Jersey are at the forefront of adoption, where renewable energy goals, land limitations, and water conservation efforts have driven interest in floating solar solutions. Texas and Florida are also emerging as potential hotspots, with growing interest in harnessing floating solar for their vast water bodies, including reservoirs and wastewater treatment facilities.

Projects that combine floating solar with energy storage are also gaining traction, allowing for more consistent power delivery, especially in states with high demand for grid stability will drive the industry scenario. Additionally, reducing algae growth in reservoirs and improving water quality through shade provided by floating PV systems is another consideration in areas where water management is critical.

Authors: Ankit Gupta, Srishti Agarwal

Frequently Asked Questions (FAQ) :

The market for floating solar PV in North America reached USD 18.83 million in 2023 and is anticipated to grow at a CAGR of 10% between 2024 and 2032.

The 5-15 MW segment is projected to exceed USD 3.5 billion by 2032, driven by deployments on reservoirs, wastewater treatment facilities, and other water bodies managed by local governments.

The stationary segment is forecasted to grow at a CAGR of over 8.5% through 2032.

The U.S. floating solar PV market is poised to surpass USD 30 billion by 2032.

Key players include 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, and Yingli Solar.