India’s Floating Solar Power Landscape: An Overview
The India Floating Solar Power Plant market is witnessing significant growth, with installed capacity reaching 1,832 MW in 2021, according to a recent study by Report Ocean. The market analysis spans historical data and future projections from 2023 to 2031, offering valuable insights for businesses and policymakers.
Driving Factors Behind the Expansion
The surge in the India Floating Solar Power Plant market can be attributed to escalating concerns about fossil fuels for power generation and the increasing energy consumption across the country. A strategic consulting and market research firm, Report Ocean, indicates that the industry’s growth is further propelled by extensive research and development investments, leading to reduced solar panel costs. Government support through various schemes is also contributing to the sector’s advancement.
Southern India’s Renewable Energy Opportunities
In Southern India, large reservoirs present significant opportunities for renewable energy projects using the floating solar method. The National Thermal Power Corporation Limited (NTPC) is actively involved in constructing India’s largest floating solar power plant with a capacity of 100 MW at Ramagundam in Telangana’s Peddapalli district. Another notable project is the 25MW floating solar plant at Simhadri thermal power plant in Visakhapatnam, the largest commissioned floating solar project in the country.
Dominance of Offshore Locations in the Market
The market segmentation based on location categorizes plants as offshore and onshore. In 2021, the onshore segment claimed the largest share. The choice is influenced by the potential damage to solar panels and frames in deep seawater due to strong sea currents and high tides. Onshore installations are favored for their cost-effectiveness in construction and maintenance.
COVID-19 Impact on Market Dynamics
While the India Floating Solar Power Plant market demonstrates growth, the COVID-19 pandemic has left its mark on the industry. The entire manufacturing value chain, including floating solar panels, experienced disruptions during the initial lockdowns. Projects faced delays, with manufacturing pauses and supply chain challenges. However, as economies recover and lockdowns lift, the industry is expected to regain momentum, with delayed projects likely to resume and be completed by late 2021.
In regional terms, the South India region is a key player in the floating solar power market, showcasing significant growth due to the presence of major projects. NTPC’s initiatives in Andhra Pradesh, such as the Simhadri thermal station, exemplify the region’s commitment to harnessing solar energy.
Source：taiwannews.com.tw
