India Solar Photovoltaic (PV) Market Size (2024 - 2029)

The India Solar Photovoltaic (PV) market is poised for growth, driven by favorable government schemes and large-scale solar projects, despite challenges such as transmission and distribution losses and power supply unpredictability. The market's expansion is supported by the dominance of the solar PV rooftop segment, fueled by increased installations in commercial and industrial sectors. India's abundant solar irradiance, particularly in states like Rajasthan, Gujarat, and Andhra Pradesh, along with foreign investment and R&D advancements, further enhance the market's potential. Supportive government policies, especially from the Ministry of New & Renewable Energy, play a crucial role in encouraging renewable energy generation, contributing to the market's positive outlook.

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Market Size of India Solar Photovoltaic (PV) Industry

India Solar Photovoltaic (PV) Market Size
Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR 8.90 %
Market Concentration Low

Major Players

India Solar Photovoltaic (PV) Market Major Players

*Disclaimer: Major Players sorted in no particular order

India Solar Photovoltaic Market Analysis

The India Solar Photovoltaic (PV) market is expected to grow at a CAGR of areound 8.9% during the forecast period of 2022-2027. The COVID-19 outbreak has shown a negative impact on India's Solar Photovoltaic Market. The national-wide lockdown has halted construction works of solar PV projects totaling about 5 GW, which is, in turn,would delay to meet the country's target of 100 gigawatts (GW) installed solar energy capacity by 2022. Factors such as favorable government schemes for small-scale solar power generation, and upcoming large-scale solar power projects, are expected to drive the market. However, the solar energy market is also hampered by issues like T&D losses (Transmission & Distribution losses), and unpredictability in the continuity of power supply.

  • The solar PV rooftop segment is expected to dominate the market during the forecast period. Owing to increasing solar PV installations in the commercial and industrial segment during recent years.
  • India has an abundance of solar irradiance and receives solar energy throughout the year. This has created umpteen opportunities to exploit solar energy from the sunniest sites in the country, especially Rajasthan, Gujarat, and Andhra Pradesh. The factor mentioned above, clubbed with foreign investment and extensive R&D projects to improve the technology, provides ample opportunities for the growth of the solar energy market in India.
  • The market is also propelled by supportive government policies, particularly the plans formulated by the Ministry of New & Renewable Energy (MNRE) to encourage renewables-based power generation.

India Solar Photovoltaic Industry Segmentation

The India Solar Photovoltaic (PV) Market report includes:

By Type
Thin film
Crystalline Silicon
By End-User
Residential
Commercial and Indudstrial (C&I)
Utility
By Deployment
Ground-mounted
Rooftop-Solar
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India Solar Photovoltaic (PV) Market Size Summary

The India Solar Photovoltaic (PV) market is poised for significant growth, driven by favorable government policies and an abundance of solar irradiance. Despite the challenges posed by the COVID-19 pandemic, which temporarily stalled project developments, the market is expected to expand steadily. The government's initiatives, such as the National Solar Mission and various incentive schemes, are designed to boost solar power generation and enhance domestic manufacturing capabilities. The rooftop solar segment, in particular, is anticipated to lead the market, supported by increasing installations in residential, commercial, and industrial sectors. This growth is further bolstered by foreign investments and ongoing research and development efforts to improve solar technology.

India's commitment to expanding its renewable energy capacity is evident in its ambitious targets and strategic projects. The country aims to significantly increase its solar power share within the renewable energy mix, supported by initiatives like the Production Linked Incentive Scheme for high-efficiency solar PV modules. Additionally, state-level schemes such as the Surya Urja Rooftop Yojana are facilitating the adoption of solar energy by providing financial incentives. Major players in the market, including Tata Power Solar and Adani Group, are actively participating in large-scale projects, contributing to the market's fragmentation and competitive landscape. These developments underscore the robust potential for growth in India's solar PV market over the coming years.

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India Solar Photovoltaic (PV) Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Renewable Energy Mix, India, 2021

    3. 1.3 Solar Energy Installed Capacity and Forecast, in GW, till 2027

    4. 1.4 Government Policies and Regulations

    5. 1.5 Recent Trends and Developments

    6. 1.6 Market Dynamics

      1. 1.6.1 Drivers

      2. 1.6.2 Restraints

      3. 1.6.3 Opportunities

    7. 1.7 Supply Chain Analysis

    8. 1.8 PESTLE Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 By Type

      1. 2.1.1 Thin film

      2. 2.1.2 Crystalline Silicon

    2. 2.2 By End-User

      1. 2.2.1 Residential

      2. 2.2.2 Commercial and Indudstrial (C&I)

      3. 2.2.3 Utility

    3. 2.3 By Deployment

      1. 2.3.1 Ground-mounted

      2. 2.3.2 Rooftop-Solar

India Solar Photovoltaic (PV) Market Size FAQs

The India Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 8.90% during the forecast period (2024-2029)

Tata Power Solar Systems Ltd, Adani Group, Azure Power Global Limited , EMMVEE Solar and Mahindra Susten Pvt. Ltd., are the major companies operating in the India Solar Photovoltaic (PV) Market.

India Solar Photovoltaic Market Report Snapshots

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