USA Floating Photovoltaics Market Growth and Size, Rising Trends, Key Players, Business Challenges, Future Opportunities and Forecast till 2033: SPER Market Research
Floating photovoltaic systems use the same PV panels used on land. However, these panels are either floating in water or suspended above a body of water. Floating solar panels generate more electricity than a comparable sized traditional system due to the cooling impact and reflectivity of water. Solar panels’ shadowing effect may significantly reduce evaporation while also improving water quality by limiting the growth of some types of algae.
Floating photovoltaic systems are more efficient because of the natural cooling provided by water, which reduces energy loss caused by rising temperatures on land-based panels. The cooling action helps to keep the panels at proper operating temperatures while improving overall energy output, making FPV systems more viable.
According to SPER market research, ‘United States Floating Photovoltaics Market Size- By Product, By System, By Application – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the United States Floating Photovoltaics Market is predicted to reach 280.56 million by 2033 with a CAGR of 11.94%.
Drivers: Floating photovoltaics technology produces solar energy on water rather than land, which reduces land use. This reduces the demand for land while making greater use of available resources. In the United States, floating PV systems are deployed on lakes, reservoirs, ponds, and water treatment plants.
Furthermore, floating photovoltaics technology is extremely functional, especially when installed on multipurpose reservoirs and dams that serve certain functions such as water storage, irrigation, or even hydropower generation. Installing floating photovoltaic systems on reservoirs enables for solar energy generation without requiring additional land. Floating photovoltaics technology uses water bodies to put solar panels on floating platforms while leaving as much land as possible available for cultivation, development, or preservation, thereby aiding the growth of the floating photovoltaics market in the United States.
Restraints: The high initial price and technical problems connected with installing and maintaining floating solar panels are a significant impediment to the industry. While floating solar technology has various advantages, the initial costs and difficulties involved can be significant impediments to wider implementation, particularly in areas with little financial resources or technical knowledge.
Request for Free Sample Report: https://www.sperresearch.com/report-store/united-states-floating-photovoltaics-market.aspx?sample=1
Floating solar panels have greater initial costs than regular land-based solar installations. This is mostly due to the specific equipment and materials needed for floating systems, such as buoyant platforms, mooring systems, and anchoring mechanisms.
Floating PV installations in the US have slowed considerably as a result of the pandemic’s effects on the supply chain, labor shortages, and construction activity limitations. Numerous projects had cancellations or delays, which had a negative impact on the floating PV market’s growth. Furthermore, because of financial limitations brought on by the pandemic, local governments in a number of jurisdictions, including California, Texas, and others, modified their incentives and regulations. This included modifications to net metering regulations, rebate schemes, and solar incentives that impacted the allure of floating photovoltaic systems.
Northeast is expected to dominate the US floating photovoltaics market over the projection period. Alaska and the Northeast have plenty of lakes, artificial reservoirs, rivers, and ponds. The majority of water bodies remain unused and have the potential to be suitable locations for floating solar installations. Significant players in the market are Core Development Group, LLC, Sungrow Floating PV, Ciel et Terre International, ABL Group, and other well-known companies.
United States Floating Photovoltaics Market Segmentation:
By Product: Based on the Product, United States Floating Photovoltaics Market is segmented as; Stationary Floating Solar Panels, Solar-tracking Floating Solar Panels.
By System: Based on the System, United States Floating Photovoltaics Market is segmented as; Stand Alone FPV Systems, Hybrid FPV Hydropower Systems.
By Application: Based on the Application, United States Floating Photovoltaics Market is segmented as; Man-made Water Bodies, Natural Water Bodies.
By Region: This research also includes data for Northeast, Midwest, West, South.
For More Information, refer to below link: –
United States Floating Photovoltaics Market Forecast
Related Reports:
Follow Us –
LinkedIn | Instagram | Facebook | Twitter
Contact Us:
Sara Lopes, Business Consultant – U.S.A.
+1-347-460-2899
