The global floating solar market is projected to surpass 6 GW by 2031, as PV developers struggle to meet increasing solar demand and turn to alternative technologies for development, according to Wood Mackenzie.
The global floating solar market will have a stable market share compared to global solar demand, with the compounded annual growth rate (CAGR) for floating solar (FPV) expected to increase 15% in the next decade.
Wood MacKenzie predicted that by 2031, 15 countries will exceed 500 MW of cumulative FPV installations, with Indonesia, India and China making up almost 70% of the total FPV demand in 2022.
