According to industry analysts, floating photovoltaic (FPV) is expected to be a huge part of the global PV market by 2026. Global Industry Analysts (GIA) has projected that there will be a cumulative of 4.8GW of FPV deployment by 2026. The analysts believe that the reduced costs of purchasing or leasing land and the freeing up of land for other uses, and the ease of obtaining permits for government-owned water bodies would make FPS quite easier to deploy. On average, a 1MW FPV plant covers a water area of 17 to 25 acres and can generate 1,500MWh.
GIA estimates that the current FPV capacity is 1.6GW globally and will grow at a compounded annual growth rate (CAGR) of 33.7% by 2026, reaching 4.8 GW. The Asia-Pacific region is predicted to have the largest market share of about 60%, with China leading the market with a growth rate of 59.4 per cent. However, GIA also notes that the higher costs of FPV’s compared to stationary solar PV systems could affect the segment’s growth.