India Floating Solar Farms Market

India Floating Solar Farms Market Overview:

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.

India Floating Solar Farms Market Trends:

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.

India Floating Solar Farms Market Segmentation:

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:

• Onshore
• Offshore

The report has provided a detailed breakup and analysis of the market based on the location. This includes onshore and offshore.

Capacity Insights:

• Up to 1MW
• 1MW – 5MW
• Above 5MW

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:

• Utility Scale
• Community

The report has provided a detailed breakup and analysis of the market based on the size. This includes utility scale and community.

Connectivity Insights:

• On grid
• Off grid

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:

• Residential
• Commercial
• Industrial
• Others

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:

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

The report has also provided a comprehensive analysis of all the major regional markets, which include North, South, East, and West India.

Competitive Landscape:

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.

India Floating Solar Farms Market News:

• In November 2024, Tata Power Renewable Energy Limited (TPREL) commissioned a 126 MW floating solar project in Omkareshwar, Madhya Pradesh. This installation, featuring 213,460 bifacial glass-to-glass modules, is among India's largest floating solar projects. The project also conserves an estimated 32.5 million cubic meters of water annually by reducing reservoir evaporation.
• In May 2024, Madhav Infra Projects Ltd received a letter of award to set up a 15 MW floating solar PV project at Maroda Reservoir-I of NTPC-SAIL Power Co. Ltd (NSPCL) in Bhilai, Chhattisgarh. The contract, valued at INR 90.35 crore, encompasses design, engineering, procurement, construction, installation, commissioning, operation, and maintenance of the project, with a completion timeline of 12 months.

India Floating Solar Farms Market Report Coverage:

Key Questions Answered in This Report:

• How has the India floating solar farms market performed so far and how will it perform in the coming years?
• What is the breakup of the India floating solar farms market on the basis of location?
• What is the breakup of the India floating solar farms market on the basis of capacity?
• What is the breakup of the India floating solar farms market on the basis of size?
• What is the breakup of the India floating solar farms market on the basis of connectivity?
• What is the breakup of the India floating solar farms market on the basis of application?
• What is the breakup of the India floating solar farms market on the basis of region?
• What are the various stages in the value chain of the India floating solar farms market? 
• What are the key driving factors and challenges in the India floating solar farms?
• What is the structure of the India floating solar farms market and who are the key players?
• What is the degree of competition in the India floating solar farms market? 

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the India floating solar farms market from 2019-2033.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the India floating solar farms market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the India floating solar farms industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.