The global floating solar power market is expected to surpass the six gigawatt (GW) threshold by 2031, as PV developers struggle to meet growing solar demand and seek alternative development technologies.
Floating solar is expected to have a stable market share compared to global solar demand, and the compound annual growth rate (CAGR) of floating solar (FPV) is expected to increase by 15 % over the next ten years. Fifteen countries are expected to exceed 500 megawatts (MW) of cumulative FPV installations by 2031, with Indonesia, India and China accounting for nearly 70 % of total FPV demand by 2022.
Asia-Pacific continues to lead in floating solar demand
The Asia-Pacific market had approximately 3GW of floating solar projects in 2022, capturing more than 90 % of floating solar demand that year. Countries such as China, Indonesia, India, South Korea and Thailand are developing multiple floating solar projects.
In China, the floating solar project pipeline will grow steadily in the future, with cumulative floating solar capacity exceeding 13 GW in 2031 at a compound annual rate of 12 % over the next 10 years.
Europe becomes the region with the second highest demand for FPV
With almost 150 MW, Europe is the region with the second highest demand for FPV, with the Netherlands leading the way followed by France. More and more countries are adopting the technology as multiple land use takes hold in regions across Europe.
The Netherlands has the largest FPV project outside the Asia-Pacific region, accounting for 32 % of the European FPV market in 2022, helped by the Sellingen floating solar farm (41.4MW) which came online in 2021. This reflects how the size of projects is steadily growing in Europe’s leading market.
United States sees FPV growing
For the US, the floating solar CAGR is estimated at approximately 13% over the next 10 years, where development is being driven in regions with high solar demand but expensive land costs, including California, Florida and New Jersey.
Source: El periódico de la energía