Floating solar power (FPV), characterized by multiple photovoltaic modules installed on the water surface, should reach 77 GWdc worldwide by 2033, points out a recent report by Wood Mackenzie.
The Asia-Pacific (APAC) region will lead this market, representing 81% (57 GWdc) of all global investments planned in the period. India, China and Indonesia together will develop 31 GWdc.
This year, approximately 1,7 GWdc of new FPV capacity is expected to come online, with the APAC region contributing 90% of this growth.
In Europe, Germany (2,2 GWdc), France (1,2 GWdc) and the Netherlands (1 GWdc) are expected to account for more than 60% of floating solar capacity. However, according to the consultancy, the growth of FPV on the European continent faces challenges due to restrictive criteria, such as coverage and distance limits.
The United States still represents a small market for FPV, with a projected capacity of 0,7 GWdc to be installed by 2033. Due to limited land availability and high capital costs, FPV systems struggle to compete with traditional ground-mounted solar installations.
In the coming years, interest from major renewable energy developers will drive the expansion of FPV systems, especially companies such as BayWa re, Ciel & Terre and Sungrow that are expanding their projects in several countries.
According to Harshul Kanwar, research analyst at Wood Mackenzie, the growth of this market is driven by growing demand, reduced capex and policies supporting low-carbon technologies.
“Although FPV CAPEX is approximately $0,13 to $0,15 per watt higher than that of ground-mounted solar systems, the recent drop in PERC and TOPCon module prices to below $0,10 per watt has significantly reduced FPV’s overall CAPEX,” the expert said.
One segment that is gaining popularity is the installation of solar panels on hydroelectric reservoirs. According to Wood Mackenzie, the maximum installed capacity of these hybrid projects should be reached between 2026 and 2028, due to the longer commercialization periods.
“Recognizing the benefits of floating PV and providing dedicated support schemes, through innovative auctions and tenders, is key to further encouraging the development of the technology, enabling market growth and leveling the playing field with other solar technologies,” Kanwar said.
However, the report also highlighted that multiple approval requirements for project development, coupled with inconsistent technical standards, have caused delays in global FPV installations.
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