Installed Capacity of Floating PV Plant Will Increase Over 22%

Installed Capacity of Floating PV Plant Will Increase Over 22%

According to the latest tracking and analysis, the global installed volume of floating photovoltaic power stations may exceed 2.4 gw by the end of 2019. And the annual installed volume will increase by more than 22% annually in the next five years.

Water surface floating photovoltaic power station is one of the five innovative applications of photovoltaic in the future. It will become a very promising photovoltaic power station after ground photovoltaic power station, rooftop photovoltaic power station and BIPV, and it will be widely developed and applied in the world. According to the analysis, it is highly potential that the volume floating power station in all regions of the world will exceed 300GW. And there is 10GW installed target in the next two years.

Although floating photovoltaic systems are generally more expensive to install than that of conventional ground-based power stations. But the analysis shows that the scale of floating photovoltaic projects on the surface is increasing. Since 2015, the average project size of floating photovoltaic on water surface has been rising steadily, and it is expected that 2.4 GW floating power station will be completed by the end of this year.

Global demand for floating photovoltaic power stations is expected to grow at an annual rate of 22% from 2019 to 2024, according to a report by Wood Mackenzie, an electricity and renewable energy consultancy. This year, the installed capacity of floating photovoltaic power stations will account for only 1% of the total annual installed capacity of global photovoltaic, and it will increase to 2% of the total installed capacity of global photovoltaic power stations by 2022.

The market for floating photovoltaic power stations has grown rapidly in the past few years. Since 2013, the number of independent installations has increased every year. At the end of 2018, 27 countries around the world installed floating photovoltaic power stations, but it is expected that eight countries can be added in 2019, and that more than 338 floating photovoltaic power stations have been built in 35 countries.

From the perspective of geographical distribution, the floating photovoltaic power station market is mainly concentrated in Asia, accounting for 87% of the global floating photovoltaic market. There is the largest installed capacity in China. The input is also increasing in the areas with high population density and scarce land resources but abundant water, such as South Korea, Japan, Vietnam, India, the Philippines, Indonesia and Singapore.