North America Floating Solar PV Market Share, Challenges, Revenue, Rising Demand, Key Players, Growth Drivers and Forecast Outlook till 2033: SPER Market Research
North America Floating Solar PV Market is projected to be worth USD 20.11 billion by 2033 and is anticipated to surge at a CAGR of 10.29%.
Floating solar, often called floating photovoltaic (FPV) or floatovoltaics, is a kind of solar array that floats on top of water. The solar panels, which have different components attached, are placed on the water bodies’ surface beneath the floating plants. A new 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.
According to SPER market research, ‘North America Floating Solar PV Market Size- By Capacity, By Product – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the North America Floating Solar PV Market is predicted to reach USD 20.11 Billion by 2033 with a CAGR of 10.29%.
Drivers: Floating solar systems have several benefits, including increased energy output from the cooling effect of water, less evaporation, and the utilization of underutilized bodies of water. This supports the growth of the worldwide floating photovoltaics (FPV) market during the course of the forecast period. The cooling effect feature of FPV improves solar photovoltaic panels’ efficiency by 5–10%. There is a lot of potential for growth in floating solar photovoltaic power generation because these systems provide several advantages over traditional ground-mounted solar panels. Floating photovoltaics (FPV) systems are expected to play a significant role in the transition to renewable energy sources, which bodes well for the industry, according to market projections.
Challenges: North America’s floating solar photovoltaic (PV) industry faces several obstacles to widespread adoption. High initial costs are a major barrier to floating solar systems since they require a significant investment in specialized platforms, anchoring systems, and technology to withstand harsh aquatic environments. In addition, the regulatory environment is still complex, with unclear or shifting limits and drawn-out permitting processes that can delay projects. Additional obstacles when selecting a site include locating suitable water supplies and accounting for factors like water depth, quality, and environmental considerations.
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Impact of COVID-19 on North America Floating Solar PV Market
The dynamics of supply and demand in the North American floating solar photovoltaic (PV) industry were significantly impacted by the COVID-19 outbreak. Project deadlines were delayed and expenses were up as a result of the manufacturing and shipping of solar panels and other parts being delayed due to disruptions in global supply networks. Furthermore, the installation and upkeep of floating solar systems were impacted by labor shortages and construction limitations, which resulted in project delays or cancellations. Due to the economic uncertainties, a number of businesses and investors have chosen to postpone or reduce their investments in renewable energy projects, such floating solar, in favor of lower-risk or more urgent efforts.
North America Floating Solar PV Market Key Players:
Additionally, some of the market key players are; Accu Solar, Ciel & Terre, Canadian Solar, CEV Canada, D3Energy, JJ PV Solar Limited, NJR Clean Energy Ventures.
North America Floating Solar PV Market Segmentation:
By Capacity: Based on the Capacity, North America Floating Solar PV Market is segmented as; 5 MW, 5-15 MW, >15 MW.
By Product: Based on the Product, North America Floating Solar PV Market is segmented as; Stationary, Tracking.
By Region: This research also includes data for Eastern, Western, Northern, Southern.
For More Information, refer to below link: –
North America Floating Solar PV Market Size
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