The India floating solar farms market size reached USD 5.47 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 36.83 Million by 2033, exhibiting a growth rate (CAGR) of 23.60% during 2025-2033. The market is driven by increasing government initiatives, land constraints, and growing renewable energy (RE) demand, with major projects in states like Kerala and Madhya Pradesh positioning the country as a global leader in water-based solar power generation.
Report Attribute
|
Key Statistics
|
---|---|
Base Year
|
2024 |
Forecast Years
|
2025-2033
|
Historical Years
|
2019-2024
|
Market Size in 2024 | USD 5.47 Million |
Market Forecast in 2033 | USD 36.83 Million |
Market Growth Rate (2025-2033) | 23.60% |
Growing Government Support and Policy Push
The India floating solar farms market is expanding at a fast pace due to major project developments and government initiatives alongside industry collaborations. The 126 MW floating solar facility operated by Tata Power Renewable Energy at Omkareshwar in Madhya Pradesh employs bifacial modules to produce annually 204,580 MWh while decreasing carbon emissions and stream evaporation. Similarly, the 100 MW floating solar plant of NTPC Ramagundam in Telangana operates at full capacity as India moves forward in its renewable energy transformation. Government incentives and ongoing technological improvements along with these projects shape energy efficiency levels by lowering land-use barriers while bringing substantial financial investments to the sector. As a result, India established its position as a world leader in floating solar energy through growing corporate involvement and public-sector initiatives that strengthen power generation sustainability along with RE target achievement, thus boosting the India floating solar farms market share.
Technological Advancements and Cost Reductions
Continuous innovations in floatation platforms, anchoring systems, and high-efficiency solar panels are boosting the India floating solar farms market share. For instance, in May 2023, NTPC began a feasibility study for a 130 MW floating solar power plant on Dumbur Lake in Tripura's Gomati district. This initiative aims to boost the state's RE production. In addition to this, high-density polyethylene (HDPE) floats are steadily improving because they make systems more durable and keep them stable. Moreover, bifacial panels with two active sides enhance the amount of solar energy they generate, whereas automated cleaning technology and artificial intelligence (AI)-based monitoring solutions cut down maintenance expenses while making operations more efficient. Besides this, modern technological developments combined with economies of scale have caused floating solar power system costs to reduce thus allowing them to become more affordable than traditional ground-based solar facilities. Furthermore, the floating solar market draws investments from both international and domestic participants including significant energy companies together with infrastructure developers, thereby enhancing the India floating solar farms market outlook.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the region level for 2025-2033. Our report has categorized the market based on location, capacity, size, connectivity, and application.
Location Insights:
The report has provided a detailed breakup and analysis of the market based on the location. This includes onshore and offshore.
Capacity Insights:
A detailed breakup and analysis of the market based on the capacity have also been provided in the report. This includes up to 1mw, 1mw – 5mw, and above 5mw.
Size Insights:
The report has provided a detailed breakup and analysis of the market based on the size. This includes utility scale and community.
Connectivity Insights:
A detailed breakup and analysis of the market based on the connectivity have also been provided in the report. This includes on grid and off grid.
Application Insights:
The report has provided a detailed breakup and analysis of the market based on the application. This includes residential, commercial, industrial, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
---|---|
Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
|
Locations Covered | Onshore, Offshore |
Capacities Covered | Up to 1MW, 1MW – 5MW, Above 5MW |
Sizes Covered | Utility Scale, Community |
Connectivities Covered | On Grid, Off Grid |
Applications Covered | Residential, Commercial, Industrial, Others |
Regions Covered | North India, South India, East India, West India |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: