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India Floating Solar Power Plant Market

India Floating Solar Power Plant Market

India Floating Solar Power Plant Market, By Technology (Photovoltaic (PV), Concentrated Solar Power (CSP)), By Type (Stationary, Concentrated Solar Power (CSP)), By Location (Onshore, Offshore), By Capacity (1MW – 5MW, 5.1MW – 10MW, 10.1MW – 15MW, 15MW – 20MW, Above 20 MW), By Region, Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: May 2022
  • Report ID: BWC22158
  • Available Format: PDF
  • Page: 183

Report Overview

Factors driving the growth of India Floating Solar Power Plant Market are increased investments in renewable energy resources, such as solar and wind, and various government programs to promote solar energy...

India Floating Solar Power Plant Market- Industry Trends & Forecast Report 2028

The floating solar power plant in India has an installed capacity of 1,832 MW (combined) as of December 2021. Factors driving the growth of India Floating Solar Power Plant Market are increased investments in renewable energy resources, such as solar and wind, and different government programs to promote solar energy. Additionally, the risk of land acquisition is eliminated with a floating power plant, boosting the market's expansion. The floating power plant is an important component of electricity generation in distant places where landmass is limited, and it can also be used as an emergency power source.

Floating Solar Power Plant Overview

PV modules installed on platforms that float on water reservoirs, lakes, and when conditions are favourable, seas and oceans, are known as floating solar power plants. Solar panels floating on water, on the other hand, are more difficult and expensive to build. Floating solar power plants are also known as photovoltaics or floating photovoltaics. Solar panels are attached to buoyant structures to keep them afloat on the water's surface. Since lakes and dams are often calmer than oceans, these floating solar panels are mostly found there. Floating solar is an environmentally friendly way to generate electricity, and it blends renewable energy and marine technologies. Electricity is transmitted through underwater wires from this floating body to a transmission tower.

India Floating Solar Power Plant Market Trends

Growth Drivers

Increasing government projects to promote solar energy

The Indian government is committed to increased usage of clean energy sources and is now working on a number of large-scale sustainable power projects as well as extensively promoting green energy. For instance, the largest Floating Solar PV project in India has been successfully commissioned by Bharat Heavy Electricals Limited (BHEL). The 25 MW floating SPV project is located on 100 acres in NTPC Simhadri in Andhra Pradesh. The project will generate clean energy and in addition will also minimise water evaporation by shading the covered area. It will also have a higher yield than standard ground-mounted projects because to the cooling impact.

No Loss of Valuable Land Space

The fact that floating solar panels do not require any ground space is one of its most compelling features. Where space is available, the bulk of these solar panel systems can be put on bodies of water, such as hydropower dam reservoirs, wastewater treatment ponds, or drinking water reservoirs. Instead of installing solar panels on sunny property that could be utilised for something else in the future, landowners will be able to utilise an area that would otherwise go unused. Furthermore, installing solar panels on open water removes the requirement for tree and forest clearance, which is a frequent practise for bigger solar panel installations.

The primary benefit of building a power station on open water is that the water cools the solar panels, increasing their efficiency and resulting in increased power generation as temperatures climb. Avaada Energy, a private enterprise, stated in February 2022 that it would commission Bihar's First Floating Power Plant in Darbhanga. The floating power plant will help fish aquaculture promotion. The concept has the ability to transform how waterbodies are recycled for positive purposes and given new life. The facility contains 4,004 solar modules. Each module is submerged in the pond and has a peak power output of 505 megawatts (MWp). Green and clean energy of around 2 MW will be created.

Restraints

High Installation Cost

High installation cost of floating solar power plant is restraining the market growth. A floating solar power plant installation could cost more than a standard solar power plant installation. Since it involves specialised solar power equipment and more specialised solar panel installation abilities, it will typically cost more than installing a similar-sized solar power farm on a rooftop or solid ground. For instance, the NTPC-Ramagundam project, which will be India's largest floating solar plant, will cost Rs 423 crore. The cost of installing floating solar panels, like that of more traditional solar-powered systems, is likely to fall as technology advances.

Impact of COVID-19 On the India Floating Solar Power Plant Market

COVID-19 has impacted a number of businesses. To prevent the virus from spreading too quickly, the Indian government established tight lockdown measures and social distance regulations. During the early phases of the pandemic, the country's manufacturing facilities were shut down. COVID-19 has caused delays in the installation and building of a number of new projects in India and around the world. Small and medium-sized businesses, which are the backbone of the renewable energy sector's technology providers, have seen a sharp decline in revenue since the outbreak in 2020. As a result, market participants faced several hurdles as supply chain interruptions were noticed. However, things will improve in the second half of 2022 as more supplies will come online.

India Floating Solar Power Plant – By Technology

Based on technology, the market is segmented into Photovoltaic (PV) and Concentrated Solar Power (CSP). CSP technology is expected to grow at a significant rate during the forecast period. Mirrors are used in CSP technologies to reflect and concentrate sunlight onto a receiver. In the receiver, the energy from concentrated sunlight heats a high-temperature fluid. This heat, also known as thermal energy, can be used to generate electricity by spinning a turbine or powering an engine. Water desalination, increased oil recovery, food processing, chemical production, and mineral processing are few of the industrial applications. Utility-scale projects often employ concentrated solar-thermal power systems. By 2050, India is predicted to become a key player in Concentrated Solar Power (CSP). In India, the techno-commercial potential of CSP is estimated to reach above 2,800 GW.

India Floating Solar Power Plant Market

India Floating Solar Power Plant Market – By Type

Based on location the India Floating Solar Power Plant Market is fragmented into, stationary and solar tracking. Stationary segment is expected to dominate the market. On a body of water, such as a reservoir or a lake, stationary floating solar panels can be simply erected. The stationary floating solar panels also serve as water body shades, reducing water evaporation. The cost of installing a stationary floating solar panel is less than that of installing a tracking floating solar panel because the panels are made of low-cost, high-strength elastic. Due to the steady, long-lasting, and dependable nature of solar tracking technology with lower maintenance costs, growing expenditures in the manufacturing and installation of solar panels in developing nations are likely to boost demand in the future years.

India Floating Solar Power Plant Market - Regional Insights

Geographically, the India floating solar power plant market is segmented into North, South, East, West. North India is expected to dominate the market during forecast period due to the presence of numerous top players in the region such as NTPC, Indian Oil Corporation, Vikram Solar, BHEL. Due to the vast number of major reservoirs in the Southern Region, South India is predicted to grow at a significant rate, providing a tremendous opportunity to use renewable energy in the floating solar technology.

In March 2022, Southern Petrochemicals Industries Corporation Ltd, better known as SPIC Ltd, an agri-nutrient and fertilisers corporation, has formally launched a captive floating solar power plant in Tuticorin, Tamil Nadu. Tamil Nadu Chief Minister M K Stalin inaugurated the facility, which is said to be the country's first and largest floating power plant.

Competitive Landscape

The leading 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.

Recent Development

  • In March 2021, The National Thermal Power Corporation Limited (NTPC) is building India's largest floating solar power plant by generation capacity (100MW) at Ramagundam in Telangana's Peddapalli district. The project is in accordance with India's goal of achieving 175 GW of installed renewable energy capacity by 2022, with 100 GW of solar installed capacity.

 

  • In March 2022, M K Stalin, the Chief Minister of Tamil Nadu, has inaugurated India's largest floating solar power plant, which cost Rs 150.4 crores to build. The floating plant would offer clean energy at the Southern Petrochemicals Industries Corporation Limited (SPIC) factory in Thoothukudi, Tamil Nadu. Its goal is to provide environmentally sustainable energy while lowering carbon emissions.

 

Scope of Report

Attribute Details
Years Considered Historical data – 2018-2021
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Million
Market Coverage West India, East India, North India and South India
Product/Service Segmentation By Technology, By Type, By Location, By Capacity
Key Players 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.


By Technology

      •  
  • Photovoltaic (PV)
  • Concentrated Solar Power (CSP)

By Type

  • Stationary
  • Solar Tracking

By Location

  • Onshore
  • Offshore

By Capacity

  • 1MW – 5MW
  • 5.1MW – 10MW
  • 10.1MW – 15MW
  • 15MW – 20MW
  • Above 20 MW

By Region

      •  
  • North India
  • South India
  • East India
  • West India
  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. India Floating Solar Power Plant Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Recent Development/Technological Advancement
    4. Regulatory Framework
    5. List of Commissioned Projects & Upcoming Projects
    6. Upcoming Technologies & Trends
    7. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. India Floating Solar Power Plant Market, Region Wise, Installed Capacity (MW)
    1. North India
    2. South India
    3. East India
    4. West India
  6. India Floating Solar Power Plant Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
        1. Photovoltaic (PV)
        2. Concentrated Solar Power (CSP)
      2. By Type
        1. Stationary
        2. Solar Tracking
      3. By Location
        1. Onshore
        2. Offshore
      4. By Capacity
        1. 1MW – 5MW
        2. 5.1MW – 10MW
        3. 10.1MW – 15MW
        4. 15MW – 20MW
        5. Above 20 MW
      5. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  7. North India Floating Solar Power Plant Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Type
      3. By Location
      4. By Capacity
  8. South India Floating Solar Power Plant Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Type
      3. By Location
      4. By Capacity
  9. East India Floating Solar Power Plant Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Type
      3. By Location
      4. By Capacity
  10. West India Floating Solar Power Plant Market
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Technology
      2. By Type
      3. By Location
      4. By Capacity
  11. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Market Share/Ranking Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Competitive Benchmarking, By Product Offering
    5. Key Strategic Developments
  12. Impact of COVID on India Floating Solar Power Plant Market
  13. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, SWOT Analysis and Strategic Outlook) *
    1. NTPC
    2. Southern Petrochemicals Industries Corporation Limited (SPIC)
    3. Tata Power Solar System Ltd.
    4. Chandigarh Renewable Energy and Science & Technology
    5. Kerala State Electricity Board
    6. Indian Oil Corporation
    7. Vikram Solar
    8. Ciel & Terre International
    9. KYOCERA Corporation
    10. BHEL
    11. Others
  14. *Financial details of unlisted companies will be available as per data availability in final deliverable

    **The segmentation and the companies are subject to modifications based on in-depth secondary for the final deliverable

    Key Strategic Recommendations

 

 

 

List of Figures

 

Figure 1          India Floating Power Plant Segmentation

Figure 2          India Floating Power Plant Market Value Chain Analysis

Figure 3          Porter’s Five Forces Analysis

Figure 4          India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Figure 5          North India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Figure 6          South India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Figure 7          East India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Figure 8          West India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Figure 9          India Floating Power Plant Market Size, By Value (USD Million), 2018-2028

Figure 10        India Floating Power Plant Market Share, By Technology, By Value, 2018-2028

Figure 11        India Floating Power Plant Market Share, By Type, By Value, 2018-2028

Figure 12        India Floating Power Plant Market Share, By Location, By Value, 2018-2028

Figure 13        India Floating Power Plant Market Share, By Capacity, By Value, 2018-2028

Figure 14        India Floating Power Plant Market Share, By Region, By Value, 2018-2028

Figure 15        North India Floating Power Plant Market Size, By Value (USD Million), 2018-2028

Figure 16        North India Floating Power Plant Market Share, By Technology, By Value, 2018-2028

Figure 17        North India Floating Power Plant Market Share, By Type, By Value, 2018-2028

Figure 18        North India Floating Power Plant Market Share, By Location, By Value, 2018-2028

Figure 19        North India Floating Power Plant Market Share, By Capacity, By Value, 2018-2028

Figure 20        South India Floating Power Plant Market Size, By Value (USD Million), 2018-2028

Figure 21        South India Floating Power Plant Market Share, By Technology, By Value, 2018-2028

Figure 22        South India Floating Power Plant Market Share, By Type, By Value, 2018-2028

Figure 23        South India Floating Power Plant Market Share, By Location, By Value, 2018-2028

Figure 24        South India Floating Power Plant Market Share, By Capacity, By Value, 2018-2028

Figure 25        East India Floating Power Plant Market Size, By Value (USD Million), 2018-2028

Figure 26        East India Floating Power Plant Market Share, By Technology, By Value, 2018-2028

Figure 27        East India Floating Power Plant Market Share, By Type, By Value, 2018-2028

Figure 28        East India Floating Power Plant Market Share, By Location, By Value, 2018-2028

Figure 29        East India Floating Power Plant Market Share, By Capacity, By Value, 2018-2028

Figure 30        West India Floating Power Plant Market Size, By Value (USD Million), 2018-2028

Figure 31        West India Floating Power Plant Market Share, By Technology, By Value, 2018-2028

Figure 32        West India Floating Power Plant Market Share, By Type, By Value, 2018-2028

Figure 33        West India Floating Power Plant Market Share, By Location, By Value, 2018-2028

Figure 34        West India Floating Power Plant Market Share, By Capacity, By Value, 2018-2028

Figure 35        Market Share Analysis, 2021

 

List of Tables

 

Table 1           India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Table 2           North India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Table 3           South India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Table 4           East India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Table 5           West India Floating Power Plant Market Size, Installed Capacity (MW), 2018-2028

Table 6           India Floating Power Plant Market Size, By Technology, By Value, 2018-2028

Table 7           India Floating Power Plant Market Size, By Type, By Value, 2018-2028

Table 8           India Floating Power Plant Market Size, By Location, By Value, 2018-2028

Table 9           India Floating Power Plant Market Size, By Capacity, By Value, 2018-2028

Table 10         India Floating Power Plant Market Size, By Region, By Value, 2018-2028

Table 11         North India Floating Power Plant Market Size, By Technology, By Value, 2018-2028

Table 12         North India Floating Power Plant Market Size, By Type, By Value, 2018-2028

Table 13         North India Floating Power Plant Market Size, By Location, By Value, 2018-2028

Table 14         North India Floating Power Plant Market Size, By Capacity, By Value, 2018-2028

Table 15         South India Floating Power Plant Market Size, By Technology, By Value, 2018-2028

Table 16         South India Floating Power Plant Market Size, By Type, By Value, 2018-2028

Table 17         South India Floating Power Plant Market Size, By Location, By Value, 2018-2028

Table 18         South India Floating Power Plant Market Size, By Capacity, By Value, 2018-2028

Table 19         East India Floating Power Plant Market Size, By Technology, By Value, 2018-2028

Table 20         East India Floating Power Plant Market Size, By Type, By Value, 2018-2028

Table 21         East India Floating Power Plant Market Size, By Location, By Value, 2018-2028

Table 22         East India Floating Power Plant Market Size, By Capacity, By Value, 2018-2028

Table 23         West India Floating Power Plant Market Size, By Technology, By Value, 2018-2028

Table 24         West India Floating Power Plant Market Size, By Type, By Value, 2018-2028

Table 25         West India Floating Power Plant Market Size, By Location, By Value, 2018-2028

Table 26         West India Floating Power Plant Market Size, By Capacity, By Value, 2018-2028

Table 27         Key Players and Their Offerings

Table 28         Competitive Benchmarking, By Operating Parameters

Table 29         Merger Acquisition, Partnership, Joint-Ventures etc

Table 30         NTPC Company Overview

Table 31         NTPC Financial Overview

Table 32         Southern Petrochemicals Industries Corporation Limited (SPIC) Company Overview

Table 33         Southern Petrochemicals Industries Corporation Limited (SPIC) Financial Overview

Table 34         Tata Power Solar System Ltd. Company Overview

Table 35         Tata Power Solar System Ltd. Financial Overview

Table 36         Chandigarh Renewable Energy and Science & Technology Company Overview

Table 37         Chandigarh Renewable Energy and Science & Technology Financial Overview

Table 38         Kerala State Electricity Board Company Overview

Table 39         Kerala State Electricity Board Financial Overview

Table 40         Indian Oil Corporation Company Overview

Table 41         Indian Oil Corporation Financial Overview

Table 42         Vikram Solar Company Overview

Table 43         Vikram Solar Financial Overview

Table 44         Ciel & Terre International Company Overview

Table 45         Ciel & Terre International Financial Overview

Table 46         KYOCERA Corporation Company Overview

Table 47         KYOCERA Corporation Financial Overview

Table 48         BHEL Company Profile

Table 49         BHEL Financial Overview

Market Segmentation

By Technology

  • Photovoltaic (PV)
  • Concentrated Solar Power (CSP)

By Type

  • Stationary
  • Solar Tracking

By Location

  • Onshore
  • Offshore

By Capacity

  • 1MW – 5MW
  • 5.1MW – 10MW
  • 10.1MW – 15MW
  • 15MW – 20MW
  • Above 20 MW

By Region

  • North India
  • South India
  • East India
  • West India
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