Us Floatovoltaics Market Size By Applications, By Type, By End-User, By Deployment & By Technology 2032
Floatovoltaics Market was valued at USD 1.5 Billion in 2022 and is projected to reach USD 6.0 Billion by 2030, growing at a CAGR of 19.0% from 2024 to 2030.
The U.S. floating solar market, often referred to as "floatovoltaics," has experienced remarkable growth in recent years. These systems, which consist of solar panels mounted on floating structures, are typically installed on bodies of water such as reservoirs, lakes, and irrigation canals. This innovative approach offers several advantages over traditional land-based solar installations, including reduced land use and enhanced panel cooling due to water contact, leading to improved efficiency. As of 2022, the global installed capacity of floating solar systems surpassed 13 gigawatts (GW), exceeding earlier projections. The United States, with its vast network of suitable water bodies, holds significant potential for expanding floating solar installations. The National Renewable Energy Laboratory (NREL) estimates that U.S. reservoirs alone could support floating solar systems capable of generating up to 1,476 terawatt-hours annually, a substantial contribution to the nation's energy needs. In the U.S., the floating solar market is still in its early stages but is poised for rapid expansion. Several pilot projects have been successfully implemented, demonstrating the feasibility and benefits of this technology. For instance, California has initiated floating solar projects on its reservoirs, aiming to enhance renewable energy generation while conserving valuable land resources. The advantages of floating solar systems are compelling. They can be installed on existing water infrastructure, such as reservoirs and canals, minimizing land use conflicts. Additionally, the cooling effect of water can increase the efficiency of solar panels, leading to higher energy output compared to land-based installations. Moreover, floating solar can help reduce water evaporation from reservoirs, contributing to water conservation efforts. However, there are challenges to overcome. The costs for floating systems are about 10-25% higher than for ground-mounted systems, primarily due to the need for anchoring systems to secure the panels on water. Additionally, environmental considerations, such as the impact on aquatic ecosystems and water quality, must be carefully evaluated. Despite these challenges, the future of floating solar in the U.S. appears promising. With continued technological advancements, supportive policies, and growing environmental awareness, floating solar is expected to play a significant role in the nation's renewable energy landscape. As the market evolves, it will be crucial to balance the benefits of floating solar with responsible environmental stewardship to ensure sustainable and efficient energy production.
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Sungrow
Ciel and Terre
BayWa r.e.
LS Electric Co.
Ltd.
Trina Solar
Ocean Sun
Adtech Systems
Waaree Energies Ltd
Isigenere (Isifloating)
Swimsol
Yellow Tropus
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By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Floatovoltaics Market
Fixed Tilt Floatovoltaics
Single Axis Tracking Floatovoltaics
Dual Axis Tracking Floatovoltaics
Ground-Mounted Installations
Floating Installations
Solar Panels
Floats
Anchoring Systems
Inverters
Electrical Equipment
Utility-Scale Projects
Commercial Projects
Residential Projects
Agricultural Applications
Small-Scale Projects (Up to 1 MW)
Medium-Scale Projects (1 MW to 10 MW)
Large-Scale Projects (Above 10 MW)
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Floatovoltaics Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Floatovoltaics Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Floatovoltaics Market, By Type
6. Global Floatovoltaics Market, By Application
7. Global Floatovoltaics Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Floatovoltaics Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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