Floating Solar Set To Add 6 GW Capacity In Europe By 2031: Report

Solar Power Europe recently launched its report on floating PV, sharing the best practices, technical guidance on floating solar project development.

The report mentions that FPV represents a nascent technology in the European Union, but it presents positive signs of rapid growth. It said that ‘FPV solar power systems on reservoirs and quarry lakes are gaining traction in Europe and offer vast potential.’ It elaborates that, currently, there are around 451 MW of grid-connected floating solar. It mentions that ‘Floating PV is beginning to emerge worldwide. In Asia and Europe, the first projects have already been online for several years.’

Meanwhile, Europe, and the world, face combined and interrelated climate, energy and water scarcity crises, all in the context of increasing competition for land. Solar is stepping up as a rapidly growing energy solution to decarbonize economies, with Europe targets 750 GWdc (600 GWac) total solar by 2030, from just over 200 GWdc today.’

The report states that ‘The world’s solar floating fleet expanded at a compound annual growth rate (CAGR) of 51% from 2019, until the end of 2022.’ It adds that, ‘This highlights the significant average year-on-year increase in installations. In 2022 alone, 2.3 GW was installed globally, reaching 5.7 GW of cumulative capacity (+68% relative to 2021).’

It elaborates that, ‘The global floating PV market is anticipated to surpass the 6 GW threshold by 2031′. SolarPower Europe`s data, in 2022 global cumulative FPV capacity reached 5.7 GW mark of cumulative capacity, reflecting a growth trend in FPV technology on a global scale. This showcases a likely uptake of this technology worldwide. Moreover, Floating PV holds a great potential in addressing the global climate and energy crisis and supporting the European Union in reaching climate neutrality targets.’

The report aims to create best practices and expertise, it mentions that ‘This publication serves as a first handbook to drive high-quality floating PV projects, by creating and strengthening floating PV knowledge sharing.’ It explains that ’Over 30 experts from SolarPower Europe’s Land Use and Permitting Workstream have illustrated their knowledge of floating PV best practices through technical guidance and real-world examples.’ The report includes an overview of the floating PV market at the global and European level, floating PV benefits, guidance for project developers, global best practices, a detailed chapter on the technical application of floating PV, and a dedicated chapter on offshore solar.

It finds that, the world’s largest FPV market is in China, with approximately 70% of the total capacity (approaching 4 GW in 2022), and the rest is credited to Japan and Korea closely followed by Europe. For the future, the global FPV fleet is expected to grow at a steady rate as land scarcity and increasing costs of land for ground-mounted projects continue to power demand.
Floating PV is a rather novel technology experiencing rapid growth over the last couple of years. Floating PV’s forecasted annual growth rate is 22%; using 10% of the world’s reservoirs could provide 23.317 GWp capacity.

The global floating PV market is anticipated to surpass the 6 GW threshold by 2031.12 However, based on SolarPower Europe`s data, in 2022 global cumulative FPV capacity reached 5.7 GW mark of cumulative capacity, showing a growing trend of FPV technology on a global scale. It showcases a likely uptake of this technology worldwide. Moreover, Floating PV holds a great potential in addressing the global climate and energy crisis and supporting the European Union in reaching climate neutrality targets.