The worldwide floating photo voltaic (FPV) market is predicted to proceed its regular development, because the Asia-Pacific area continues to steer demand.
The worldwide FPV fleet is predicted to develop at a gradual charge as land shortage and rising land prices for ground-mounted PV tasks proceed to drive demand. By 2031, annual FPV capability additions are anticipated to exceed the 6 GW threshold, in accordance with analysis agency Wooden Mackenzie.
Fifteen nations are estimated to exceed 500 MW of cumulative FPV installations by 2031. China, India, and Indonesia, which can account for almost 70% of complete FPV demand in 2022, are projected to stay within the lead.
WoodMac expects FPV to have a gradual market share in comparison with complete world photo voltaic demand, with the compounded annual development charge (CAGR) for FPV anticipated to extend by 15% within the 2022-31 interval.
“Regardless of improvement prices of FPVs starting from 20-50% greater than comparable tasks on land, elevated competitors within the developer and EPC panorama will assist drive prices down within the sector,” Ting Yu, a Wooden Mackenzie guide, mentioned on the SNEC PV Energy Expo in Shanghai this week.
The Asia-Pacific market will proceed to steer the demand. The area has roughly 3 GW of floating photo voltaic tasks by 2022, capturing over 90% of the worldwide FPV market. In China, the cumulative FPV capability is predicted to cross 13 GW by 2031 at a 12% CAGR over the following 10 years.
“China will proceed to cleared the path in floating photo voltaic installations. The nation has been ready to make use of flooded coal mines which have been decommissioned to develop floating photo voltaic,” mentioned Yu.
With virtually 150 MW, Europe is the second largest area for FPV demand. The Netherlands, representing 32% of the European FPV market in 2022, is the main developer of FPV tasks in Europe, adopted by France.
The Netherlands is dwelling to the biggest FPV mission exterior the Asia-Pacific area – the 41.4 MW Sellingen floating photo voltaic park, which can come on-line in 2021. Nonetheless, WoodMac predicts gradual development for the Dutch market after 2025 “as the principle areas would have been. developed at this level.”
For the US, floating photo voltaic CAGR is estimated to be roughly 13% via 2031, with development pushed by areas with excessive demand for photo voltaic however costly land prices, together with California, Florida, and New Jersey. .
“General, the floating photo voltaic business has seen excessive prices in all market segments, because of element prices and different smooth value will increase, because of provide chain constraints of provide in 2022,” mentioned Yu.
For instance, the rise within the worth of high-density polyethylene (HDPE) is the principle driver of the excessive structural stability of system (SBOS) value of FPV. Nonetheless, WoodMac expects prices to fall as the availability chain expands.
In response to S&P World, 3.4 GW of floating PV capability was put in worldwide by the tip of 2021. The market intelligence agency predicts that world floating PV demand will attain 14 GW by 2026. About 92% of these installations are more likely to be constructed within the Asia-Pacific area, pushed by favorable insurance policies and set up targets, says S&P World.
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