Dublin, May 13, 2024 (GLOBE NEWSWIRE) -- The "United States Onshore Floating Solar By Region, Competition, Forecast and Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
United States Onshore Floating Solar Market was valued at USD 90 Million in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 25.2% through 2029
The United States Onshore Floating Solar Market is experiencing a significant upswing, driven by a confluence of factors that underscore the industry's potential. With an increasing emphasis on sustainable energy solutions, the demand for renewable sources has propelled the adoption of onshore floating solar technologies. This trend is further fueled by a dual commitment to environmental conservation and maximizing energy production efficiency.
By harnessing solar power on water surfaces, the sector addresses land-use constraints while offering a viable alternative to traditional solar installations. The United States' strategic focus on diversifying its energy portfolio and mitigating environmental impact has provided a conducive environment for the onshore floating solar market's growth. As a result, stakeholders in the industry are witnessing expanding opportunities, with investments pouring into innovative solutions that align with the nation's broader goals of achieving a cleaner and more sustainable energy landscape.
Renewable Energy Transition
The rapid acceleration of the United States Onshore Floating Solar Market can be primarily attributed to the overarching global transition towards renewable energy sources. As the nation endeavors to reduce its dependence on fossil fuels and mitigate the impact of climate change, there is a growing consensus on the imperative of adopting sustainable alternatives. Onshore floating solar emerges as a pivotal player in this transition, offering a scalable and environmentally friendly solution.
Land Conservation and Optimization
One of the prominent drivers propelling the United States Onshore Floating Solar Market is the pressing need for effective land use and conservation. Traditional solar installations often require vast expanses of land, potentially leading to deforestation or encroachment on valuable ecosystems. Onshore floating solar addresses this concern by utilizing water bodies, such as reservoirs and lakes, for energy generation.
Higher Energy Production Efficiency
The onshore floating solar market in the United States is gaining momentum due to its inherent advantage of higher energy production efficiency. Placing solar panels on water surfaces helps to mitigate the challenges associated with land-based installations, such as overheating and energy loss. The cooling effect of water enhances the performance of solar panels, resulting in increased energy yield.
Economic Viability and Cost Competitiveness
The economic viability of onshore floating solar installations stands out as a key driver in the United States market. Advances in technology, coupled with economies of scale, have significantly reduced the overall costs associated with onshore floating solar projects. The decreasing cost trajectory of solar panels, coupled with innovations in floating platform design, contributes to the sector's competitiveness in the energy market.
Government Support and Incentives
Government policies and incentives play a pivotal role in fostering the growth of the onshore floating solar market in the United States. Federal and state-level initiatives, including tax credits, grants, and regulatory frameworks, incentivize businesses and investors to participate in the development of onshore floating solar projects. The commitment to achieving renewable energy targets and reducing greenhouse gas emissions is reflected in supportive policies that encourage the adoption of clean energy solutions.
Accelerated Capacity Expansion
The United States Onshore Floating Solar Market is witnessing a notable trend of accelerated capacity expansion as the industry scales up to meet the growing demand for renewable energy. With a focus on achieving ambitious clean energy targets, both public and private entities are investing in larger and more extensive onshore floating solar projects.
This trend is driven by advancements in technology, economies of scale, and a deeper understanding of the benefits offered by onshore floating solar, such as increased energy production efficiency and land conservation. As capacity expands, the market is experiencing a shift toward utility-scale projects, marking a significant evolution in the deployment of onshore floating solar as a mainstream energy solution.
Integration with Existing Infrastructure
A key market trend in the United States is the integration of onshore floating solar with existing infrastructure, such as water treatment facilities, agricultural reservoirs, and hydropower plants. This approach capitalizes on synergies between onshore floating solar installations and other water-based operations, providing dual benefits of energy generation and enhanced functionality for these facilities.
Technological Innovations and Efficiency Improvements
Continued technological innovations and efficiency improvements represent a significant trend in the United States Onshore Floating Solar Market. Advances in floating platform design, solar panel technology, and materials contribute to increased durability, performance, and cost-effectiveness. The development of tracking systems that enable solar panels to follow the sun's trajectory, optimizing energy capture, is gaining prominence.
Moreover, innovations in energy storage solutions are addressing the intermittent nature of solar power, enhancing grid integration and overall reliability. These technological trends underscore the industry's commitment to continuous improvement, making onshore floating solar an increasingly competitive and reliable option in the broader renewable energy landscape.
Collaborations and Strategic Partnerships
A notable trend shaping the onshore floating solar market in the United States is the rise of collaborations and strategic partnerships among stakeholders. These partnerships involve coordination between technology developers, project developers, utilities, and financial institutions. Such collaborations facilitate knowledge exchange, promote standardization, and streamline project development processes. As the industry matures, cross-sector partnerships are becoming instrumental in addressing challenges related to technology deployment, regulatory frameworks, and financing. These collaborative efforts contribute to a more robust and cohesive ecosystem, fostering the growth and sustainability of the onshore floating solar market.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 86 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $90 Million |
| Forecasted Market Value (USD) by 2029 | $349.75 Million |
| Compound Annual Growth Rate | 25.2% |
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in the United States Onshore Floating Solar Market.
- Floating Solar Solutions, LLC
- Ciel & Terre USA Inc.
- Infratech Industries, Inc.
- Principle Power, Inc.
- Wunderlich-Malec Engineering, Inc.
- Cypress Creek Renewables LLC
- PowerDocks LLC
- Solar Energy Initiatives, Inc.
Report Scope:
United States Onshore Floating Solar Market, By Component:
- PV Modules
- Lightning Protection System
- Anchoring System
- Inverter
- Others
United States Onshore Floating Solar Market, By Type:
- Stationary
- Tracking
United States Onshore Floating Solar Market, By Application:
- Irrigation
- Hydroelectric Dam
- Water Treatment
- Quarry
- Mining
United States Onshore Floating Solar Market, By Region:
- South US
- Midwest US
- North-East US
- West US
For more information about this report visit https://www.researchandmarkets.com/r/2als95
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