Annual floating solar additions to top 6 GW by 2031, says WoodMac
- Admin
- Apr 26, 2024
- 1 min read
The global FPV fleet is expected to grow steadily due to land scarcity and increasing costs. By 2031, annual FPV capacity additions are projected to exceed 6 GW. China, India, and Indonesia lead the FPV demand. WoodMac anticipates a 15% CAGR for FPV from 2022 to 2031. Asia-Pacific is the leading market with over 90% of global FPV projects. Europe is the second largest region. The US sees 13% CAGR in floating solar by 2031. Supply chain constraints in 2022 increased costs, but costs are expected to decrease as the supply chain expands. Global floating PV demand is expected to reach 14 GW by 2026, driven mostly by the Asia-Pacific region.
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