The global offshore floating wind (OFW) revenue is expected to reach $15.6 billion by 2031. The floating solar photovoltaic (FSPV) market revenue is expected to reach $11.3 billion by 2031, according to a new report from Guidehouse Insights.
“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.
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.