Infographic: Global floating PV market forecast to install 20 GW between 2024 and 2030

A typical floating photovoltaic project has modules held at a fixed-tilt towards the sun. Often, the modules are placed on individual floats, which are linked together. In some projects, they are placed on a larger, single floating pontoon. Compared with ground-mounted PV, capital expenditure is usually higher due to the cost of the floats. However, the operational expenditure tends to be lower, due to savings on land lease costs.

Sungrow Renewables has the most installed capacity as a developer an EPC, and has also supplied the most floats to other projects. Most of its projects are in China. Ciel et Terre is a French company that acts as an EPC and a float supplier. It has a diversified portfolio of projects, and has supplied 600 MW of floats across 30 countries.

The FPV market is forecast to install 20 GW between 2024 and 2030, with India and China making up 43% of the market combined. South Korea and the Netherlands both have set floating PV targets for 2030, of 2.1 GW and 3 GW respectively. This has driven the forecast increase in installations in these countries.