Floating Solar to Reach 77GW by 2033, Led by APAC Region

Floating Solar

Floating solar photovoltaics (FPV) are emerging as a major innovation in the renewable energy space, offering an effective solution to land constraints and enabling sustainable power generation on water bodies. According to Wood Mackenzie’s “Floating Solar Landscape 2024” report, cumulative FPV installations are forecast to reach 77GW by 2033, with the Asia Pacific region poised to dominate 81% of the global market. This equates to a projected 57GW of capacity from APAC alone, with nine of the top ten FPV markets expected to emerge from this region. In 2024, global FPV capacity additions are set at 1.7GW, scaling nearly fourfold to 6.7GW in 2025, and peaking at 13.5GW in 2026 before tapering to 5.5GW in 2029.

• Floating solar photovoltaics implementation has seen major strides recently. India, China, and Indonesia together account for 31GWdc of installed FPV capacity, spearheading the global market. This year, state-owned China Energy Investment Corporation completed a landmark 1GW open sea floating solar plant off Dongying City, marking a global first. Meanwhile, India’s Tata Power Renewable Energy commissioned the country’s largest FPV project at 126MW in Madhya Pradesh. These large-scale deployments reflect increased demand, dropping capital expenditure, and supportive policy frameworks. Although FPV still incurs US\$0.13 to US\$0.15 per watt higher capex compared to ground-mounted PV, module price drops like PERC and TOPCon falling below US\$0.10 per watt are closing this gap.
• The growth potential for floating solar photovoltaics is underscored by targeted innovation. Chinese firm Huasun recently secured a 1GW heterojunction (HJT) module supply deal for an offshore project in China. The company’s G12-132 V-Ocean modules are tailored specifically for FPV and certified for offshore conditions. These developments signal a maturing supply chain and growing specialization within the FPV ecosystem. Yet, regional constraints persist. In Europe, strict regulations like limitations on water surface coverage and installation distances hinder expansion. The U.S., despite leading in total solar capacity, is expected to add only 0.7GW in FPV by 2033 due to high costs and limited suitable locations.
• AI is proving pivotal in unlocking the full potential of floating solar photovoltaics. Predictive analytics powered by AI can optimize panel orientation based on weather, sunlight, and water conditions. Real-time monitoring systems detect issues such as debris accumulation or shading and adjust operations accordingly. AI also enhances preventive maintenance by forecasting equipment failures, allowing timely interventions that minimize downtime and extend the lifespan of assets.