India Solar Photovoltaic (PV) Market Size to Grow at a CAGR of 13.10% in the Forecast Period of 2023–2028
The ‘India Solar Photovoltaic (PV) Market Trends, Share, Price, Size, Growth, Report and Forecast 2023–2028’ by Expert Market Research gives an extensive outlook of the India solar photovoltaic (PV) market, assessing the market on the basis of its segments like product type, technology, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analyses the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
The key highlights of the report include:
Market Overview (2018–2028)
- Historical Market Size (2022): 16.01 GW
- Forecast CAGR (2023–2028): 13.10%
- Forecast Market Size (2028): 26.42 GW
A growing focus on renewable energy, favourable government initiatives, and extensive sun exposure throughout the country are driving the India solar photovoltaic (PV) market. With a massive population and increasing industrialisation, energy demands in the country are rapidly rising. Amidst rising costs of fossil fuels and increasing awareness regarding the pollution generated, solar energy is emerging as a preferable source of renewable energy in India due to the abundant sun rays the country receives.
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The government is encouraging small-scale generation of solar power through various incentives, while also investing in large-scale projects that are anticipated to provide lucrative opportunities to the India solar photovoltaic (PV) market. At a national level, the Ministry of New and Renewable Energy (MNRE) is involved in expanding solar photovoltaic implementation while state governments and electricity boards are also investing in solar capacity expansion.
Rooftop solar PV systems are projected to witness significant growth in the India solar photovoltaic (PV) market in the coming years. As these systems are installed on the roofs of existing buildings, there is no need for separate land allocation. The proximity of rooftop solar PV to end users enables direct connectivity of rooftop systems with building HVAC systems and other energy uses, redirecting excess energy back into the grid.
India Solar Photovoltaic (PV) Industry Definition and Major Segments
Solar photovoltaic or solar PV is the direct conversion of solar energy into electricity for further applications, which is typically done using solar PV cells. Panels containing multiple solar PV cells are mounted either on a rooftop surface or on the ground, and positioned so as to face the sun and receive maximum energy.
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Based on product, the market is bifurcated into:
- Ground Mounted
On the basis of technology, the market is divided into:
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
By region, the market is categorised into:
- East India
- West India
- South India
- North India
India Solar Photovoltaic (PV) Market Trends
Increasing deployment of solar photovoltaic (PV) by the general public in residential settings and commercial end users are among the key trends in the India solar photovoltaic (PV) market. With rising awareness of the benefits of solar energy and increasing costs of electricity, more people from the general public are investing in solar PV systems for their homes. Dedicated subsidies for solar panels for residential settings are also offered by the government of India. Meanwhile, enterprises are also increasing their investments in solar photovoltaic systems, particularly in industries that have high consumption levels of electricity. The government, through MNRE, has initiated various Central Financial Assistance or CFA schemes that subsidise the purchase of solar panels by enterprises.
Advancements in technology are projected to further aid the growth of the India solar photovoltaic (PV) market in the forecast period. New developments in solar photovoltaics include ultralight fabric solar cells that can covert any surface into a solar panel, new solar cells with enhanced efficiency, and smart buildings designs equipped with solar systems. Currently, monocrystalline silicon are widely used in the solar photovoltaic (PV) market in India, as they are highly space efficient. Monocrystalline silicon solar PV systems can be set up and can operate suitably in smaller spaces, which is increasing their demand.
Key Market Players
The major players in the India solar photovoltaic (PV) market report are Tata Power Solar, Vikram Solar Pvt Ltd, WAAREE Energies Ltd., EMMVEE Photovoltaic Power Private Limited, Indosolar, Webel Solar, Adani Solar, Kotak Urja Pvt. Ltd, and Jakson Group, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.