WoodMac sees global floating solar market exceeding 6 GW by 2031

The global market for floating solar installations is projected to exceed 6 GW by 2031, driven by growing solar energy demand, limited land availability and increasing land costs for ground-mount arrays, Wood Mackenzie said last week.

Fifteen countries are expected to have more than 500 MW of cumulative floating photovoltaic (FPV) installations by 2031, led by China, India and Indonesia.

In China, cumulative floating solar capacity is seen to top 13 GW by 2031.

“China will continue to lead in floating solar installations. The country has been able to utilise flooded coal mines that have been decommissioned to develop floating solar,” Wood Mackenzie consultant Ting Yu said at SNEC PV Power Expo in Shanghai.

In 2022, the Asia-Pacific market had some 3 GW of floating solar projects, accounting for more than 90% of floating solar demand last year, according to the analyst firm.

Europe is the second largest region for floating solar demand with almost 150 MW. The Netherlands is the leading country in Europe followed by France.

Regarding costs Yu commented: “Despite development costs of FPVs ranging between 20-50% higher than comparable ground-mount projects, increased competitiveness in the developer and EPC landscape is helping to drive down costs in the sector.”

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