Guidehouse Insights analyses global growth in offshore floating wind and floating solar PV markets

Source: press release, 29 September 2022

Floating Power Plant Capacity and Revenue by Technology, World Markets, 2022-2031 (source: Guidehouse Insights)
Floating Power Plant Capacity and Revenue by Technology, World Markets, 2022-2031 (source: Guidehouse Insights)

A new report from Guidehouse Insights analyses the global floating power plant market (FPP). The report covers two major floating technologies – floating solar photovoltaic (FSPV) and offshore floating wind (OFW) – across five world regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

In an effort to accelerate decarbonisation on a global scale, the world is undergoing a rapid transformation to accommodate additional renewable energy (RE) technologies, which are playing a critical role in achieving a low carbon future and providing countries with energy security. According to a new report from Guidehouse Insights, the global OFW revenue is expected to reach USD 15.6 billion by 2031, and the global FSPV market revenue is expected to reach USD 11.3 billion by that same year.

“The emergence of offshore technologies was a game changer for the power sector, but deep-water constraints have limited the potential for using offshore resources to their fullest,” says Rohith Unni, research analyst with Guidehouse Insights. “Innovations in floating technologies are overcoming this challenge and pushing RE’s boundaries further offshore. With RE technology facing land scarcity and grid integration challenges – apart from power grid accessibility issues on some islands – two important considerations are land use and the RE source’s footprint.”

FPP’s market drivers include reducing costs and opportunity costs where land is scarce, particularly in economies based on agriculture; increasing the available water surface for wind and solar; improving the economic value of bodies of water; reducing evaporation on reservoirs; and increasing energy output, according to the report.

The report, Floating Power Plants, provides a market outlook for two floating power plant technologies: floating solar PV and offshore floating wind. It also examines the major drivers and barriers for the floating power plant market. The analyses are segmented into five global regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) for the 10-year period from 2022 through 2031. An executive summary of the report is available for free download on the Guidehouse Insights website.