A recent report by Wood Mackenzie says floating solar power is set to grow massively by 2033. The world is expected to reach 77 GW of floating solar capacity. This means instead of land more solar panels will be installed on water bodies, like lakes and seas.

The Asia-Pacific region, including countries like India, China, and Indonesia, will lead this growth. Together, they will make up 81% of the total capacity by 2033. In fact, these three countries alone will have 31 GW of FPV.

Source: A bar chart representation of FPV global demand and share

The report shows Europe will also contribute a lot to this technology as Germany, France, and the Netherlands will produce most of the FPV in Europe. 

However, they face challenges like limited water coverage and tough installation rules. The United States is also part of this trend, but due to high costs and land restrictions, it will only reach 0.7 GW by 2033.

Experts say the growth is happening because of more interest from renewable energy developers and better investments. Companies such as BayWa and Sungrow are working hard to promote FPV projects globally.

Even though FPV costs a bit more than land-based systems, prices are dropping because solar panel technology is improving and new solar panels are now cheaper to make and install.

However, the report highlights some delays because installing floating solar systems needs many approvals and proper standards. Experts suggest giving more support through government programs and funding to fix this.

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