India Floating Solar Power Plant Installed Capacity Stood at 1,832 MW in 2021
Published | 20 May 2022
The expansion in India Floating Solar Power Plant market is primarily attributed to increasing concerns about fossil fuels for generating power coupled with surging energy consumption across the country..,
A recent study by the strategic consulting and market research firm; BlueWeave Consulting revealed that the Floating Solar Power Plant in India has an installed capacity of 1,832 MW (combined) as of December 2021. Some of the key factors driving the growth of the India floating solar power plant market include increasing concerns about fossil fuels for generating power and the constant rise in energy consumption. Furthermore, rising company investments in research and development (R&D), which has resulted in lower solar panel costs and government backing in the form of various schemes, are moving the industry forward. Additionally, increasing focus on clean fuel power generating energy sources and land scarcity will propel the market growth during the forecast period.
Rising Investment Due to the Presence of a Large number of Reservoirs
In the southern region of India, there are large reservoirs that provide considerable opportunities to the players to go for renewable energy through the floating solar method. For instance, The National Thermal Power Corporation Limited (NTPC) is building India's largest floating solar power plant with generation capacity of 100MW at Ramagundam in Telangana's Peddapalli district. The thermal plant at Ramagundam would be one of NTPC's renewable (solar) energy facilities in the Southern Region, with an installed capacity of 447MW and an expected completion date of March 2023. The 25MW floating solar plant at Simhadri thermal power plant in Visakhapatnam, is the largest floating solar project commissioned in the country.
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Offshore Location Segment Dominated India Floating Solar Power Plant Market
Based on Location, the market is segmented into offshore and onshore. In 2021, the onshore segment obtained the largest share, and this trend is expected to continue in the near future. Solar panels and their floating frame are damaged by strong sea currents and high tides in deep water. Plants installed in deep seawater also have greater construction and maintenance costs than those in shallow waters. As a result, demand for onshore floating solar power plant installation is likely to increase.
Offshore wind energy potential in India is underused. By 2030, India wants to produce 30 GW of electricity from offshore wind energy projects but progress has been delayed due to a lack of developed port infrastructure, increased expenses of placing turbines in the sea, and delays caused by the Covid-19 outbreak. India currently has no offshore wind energy plants in operation.
Impact Of COVID-19 on India Floating Solar Power Plant Market
The Indian economy is suffering as a result of COVID-19. The pandemic has caused havoc on the whole manufacturing value chain, including floating solar panels. During the first quarter of 2020, there was a short pause in the manufacture of solar panels due to the closure of commercial and industrial enterprises to prevent the spread of the disease. With the lifting of the lockdowns and the return to normalcy of the economies, it is projected that projects that were unable to be finished in 2020 will regain momentum and be completed by late 2021. For instance, BHEL project, which will supply roughly 40 MW of merchant electricity from September 2021 and the entire 100 MW before the end of 2021 under the Rs 423 crore project, got delayed due to the COVID-19 lockout and supply difficulties.
India Floating Solar Power Plant Market - Regional Insights
In terms of regional analysis India Floating Solar Power Plant Market is fragmented into north, south, east, and west India. The South India region is growing at a significant rate due to the presence of the region's largest floating solar power plant. In Andhra Pradesh, NTPC has commissioned India's largest floating solar power project. At its Simhadri thermal station near Visakhapatnam, India's largest floating solar PV installation began operations in 2021. The floating solar project by NTPC covers 75 acres of the Simhadri reservoir. It would use more than a lakh solar PV module to generate enough electricity to power 7,000 houses.
Competitive Landscape
The India Floating Solar Power Plant Market is highly competitive, with all the players continually competing to gain a larger market share. The key players operating in the India floating solar power plant market are NTPC, Southern Petrochemicals Industries Corporation Limited (SPIC), Tata Power Solar System Ltd., Chandigarh Renewable Energy and Science & Technology, Kerala State Electricity Board, Indian Oil Corporation, Vikram Solar, Ciel & Terre International, KYOCERA Corporation, BHEL and other prominent players.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Floating Solar Power Plant Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Floating Solar Power Plant Market, along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the market's growth drivers, challenges, and competitive dynamics.
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