WoodMac sees international floating solar market going beyond 6 GW by 2031
- The international market for floating solar installations is projected to go beyond 6 GW by 2031, driven by expanding solar power demand, limited land availability as well as enhancing land prices for ground-mount arrays, Wood Mackenzie claimed last week.
Fifteen countries are expected to have more than 500 MW of cumulative floating photovoltaic (FPV) installations by 2031, led by China, India as well as Indonesia.
In China, collective floating solar capacity is attended leading 13 GW by 2031.
" China will certainly continue to lead in floating solar installations. The nation has actually had the ability to make use of flooded coal mines that have been decommissioned to develop floating solar," Wood Mackenzie professional Ting Yu claimed at SNEC PV Power Expo in Shanghai.
In 2022, the Asia-Pacific market had some 3 GW of floating solar projects, representing greater than 90% of floating solar demand in 2014, according to the analyst company.
Europe is the second biggest region for floating solar demand with virtually 150 MW. The Netherlands is the prominent country in Europe followed by France.
Pertaining to prices Yu commented: "Despite advancement expenses of FPVs ranging between 20-50% higher than comparable ground-mount projects, increased competitiveness in the designer and EPC landscape is aiding to drive down prices in the market."