Advancements and Challenges in Floating Photovoltaic Installations Focusing on Technologies, Opportunities, and Future Directions

Floating and offshore photovoltaic (FPV) installations present a promising solution for addressing land-use conflicts while enhancing renewable energy production. With an estimated global offshore PV potential of 4000 GW, FPV systems offer unique advantages, such as increased efficiency due to water cooling effects and synergy with other offshore technologies. However, challenges related to installation costs, durability, environmental impacts, and regulatory gaps remain. This review provides a comprehensive and critical analysis of FPV advancements, focusing on inland, nearshore, and offshore applications. A systematic evaluation of recent studies is conducted to assess technological innovations, including material improvements, mooring strategies, and integration with hybrid energy systems. Furthermore, the economic feasibility of FPVs is analysed, highlighting cost–benefit trade-offs, financing strategies, and policy frameworks necessary for large-scale deployment. Environmental concerns, such as biofouling, wave-induced stress, and impacts on aquatic ecosystems, are also examined. The findings indicate that while FPV technology has demonstrated significant potential in enhancing solar energy yield and water conservation, its scalability is hindered by high capital costs and the absence of standardised regulations. Future research should focus on developing robust offshore floating photovoltaic (OFPV) designs, optimising material durability, and establishing regulatory guidelines to facilitate widespread adoption. By addressing these challenges, FPVs can play a critical role in achieving global climate goals and accelerating the transition to sustainable energy systems.