Global floating solar 'to pass 6GW by 2031'

• Wood Mackenzie evaluation forecasts that 15 countries will each go beyond 500MW in eight years' time

The global floating solar market is expected to pass the 6GW threshold by 2031, as PV designers struggle to fulfill growing solar demand and aim to alternative growth modern technologies, according to analysis from Wood Mackenzie.

Floating solar is anticipated to have a constant market share contrasted to general global solar demand, with the compounded yearly growth rate (CAGR) for floating solar (FPV) expected to climb 15% in the following ten years

Wood MacKenzie forecasts that 15 nations will exceed 500MW of cumulative FPV installments by 2031, with Indonesia, India and China comprising nearly 70% of the overall FPV demand in 2022.

The Asia-Pacific market had around 3GW of floating solar projects in 2022, capturing over 90% of floating solar demand that year, according to the analysis.

Nations such as China, Indonesia, India, South Korea, and also Thailand are creating multiple floating solar projects, it found.

In China, the floating solar project pipe will certainly expand at a constant pace moving forward, with cumulative floating solar capacity to go across 13GW by 2031 at a 12% CAGR over the following 10 years, according to the research.

With nearly 150MW, Europe is the 2nd biggest region for FPV demand, with the Netherlands in the lead followed by France.

The Netherlands has the largest FPV project outside the Asia-Pacific region, representing 32% of Europe's FPV market in 2022, helped by the Sellingen floating solar park (41.4 MW) that came online in 2021.

This reflects exactly how project sizes are continually expanding in Europe's leading market, Wood Mackenzie stated.

Ting You, specialist at Wood Mackenzie said: "The global solar market, including PV programmers, continue to battle limited land accessibility and also enhancing land expenses for ground-mount solar projects, which is driving demand for floating setups."