Indonesia, India & China Account for Almost 70% of Demand for Floating PV in ’22: WoodMac

A report released by Wood Mackenzie says that the global floating solar market is set to top 6 GW threshold by 2031.

In a significant finding, the report adds that 15 countries are estimated to cross 500 MW of cumulative floating PV installations by 2031. These include China, India, Indonesia, South Korea, Vietnam in the top five. It adds that Indonesia, India and China made up close to 70% of the total demand for floating PV in 2022.

In the span of the next ten years, China and India are extremely likely to exceed 10 GW, it finds. India will be next only to China with 10,614 MW of installations. In the European market, Netherlands and France will take the highest share while in the middle east, Israel will dominate.

Further, the Asia-Pacific region leads with respect to demand for floating solar, states the report, which reads, “The Asia-Pacific market had approximately 3 GW of floating solar projects in 2022, capturing over 90% of floating solar demand that year. Countries such as China, Indonesia, India, South Korea, and Thailand are developing multiple floating solar projects.”

After Asia-Pacific, Europe has seen the largest demand for floating solar. Netherlands claims the highest share in the region, making up 32% of European demand in 2022. The Sellingen floating solar park with 41.4 MW has given a push to the floating solar market in Netherlands.

The USA, the report estimates, will witness a CAGR of 13% for floating solar over the next ten years. California, Florida, and New Jersey will boast of high demands, which will be accompanied by expensive land costs.

India’s high rank corresponds to its overall solar push where it ranks 4th worldwide, but even then, the country has a massive runway ahead of it for floating solar. Even as the earliest plants come on stream and start performing, some of the largest floating solar projects planned across key reservoirs have yet to take off, notably the Rihand Dam in UP, Omkareshwar Project in MP, Getalsud Dam in Jharkhand, Pong Dam etc. Plagued by technical and other issues, these projects, as and when they move ahead, will collectively add up to over 2 GW of floating solar capacity on their own. Add to that multiple smaller projects planned across Bengal, Jharkhand, Odisha and other states where large utility scale solar has been a challenge, and the potential is truly strong for the country.

The report can be accessed here.