Press Release

India Solar Power Equipment Market is expected to grow at a robust CAGR of 9.16%

India Solar Power Equipment Market is expected to grow owing to imposition of RPOs on various entities, including power distribution companies, mandates a certain percentage of their total energy consumption to come from renewable sources throughout the forecast period.


According to TechSci Research report, “India Solar Power Equipment Market – By Region, Competition, Forecast and Opportunities, 2019-2029”, the India Solar Power Equipment Market is expected to register robust growth during the forecast period. India's active participation in international alliances, such as the International Solar Alliance (ISA), demonstrates its commitment to global cooperation in advancing solar energy. Collaborative efforts with other countries and organizations contribute to knowledge exchange, technology transfer, and the overall growth of the solar power equipment market.

Continued government support through financial incentives, subsidies, and tax benefits creates opportunities for businesses and investors. Manufacturers, developers, and installers can leverage these incentives to make solar power more financially attractive to consumers, driving market growth. The promotion and expansion of net metering policies provide an opportunity for consumers to offset their electricity bills by feeding excess solar power back into the grid. This encourages residential, commercial, and industrial users to invest in solar power systems.


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Based on equipment, the Solar Panels segment is expected to dominate the market during the forecast period. Government incentives and policies have a direct impact on the solar panels segment. Subsidies, tax benefits, and other financial incentives provided by the government encourage consumers and businesses to invest in solar panels. The National Solar Mission and state-level policies promoting solar power adoption contribute to a favorable environment for the solar panels market. Ensuring the quality and reliability of solar panels is essential for market growth. Adherence to international quality standards and certifications, such as those provided by the International Electrotechnical Commission (IEC) and the Bureau of Indian Standards (BIS), enhances consumer confidence and facilitates market expansion. Manufacturers focusing on quality assurance and meeting certification requirements gain a competitive edge in the solar panels segment. The future of the solar panels segment in the India Solar Power Equipment Market looks promising. Continued advancements in technology, supportive government policies, and a growing awareness of environmental sustainability are expected to drive further growth. The integration of solar panels with energy storage solutions and the development of innovative financing models will likely contribute to the widespread adoption of solar panels across diverse applications in India.

Based on application, the Residential segment is projected to dominate the market throughout the forecast period. Net metering policies allow homeowners to feed excess electricity generated by their solar systems back into the grid, offsetting their electricity bills. The implementation and promotion of net metering policies contribute to the economic viability of residential solar installations. Increasing environmental awareness among consumers is a key driver for residential solar adoption. Homeowners are motivated by a desire to reduce their carbon footprint and contribute to environmental sustainability, aligning with the global trend towards cleaner energy sources. The concept of energy independence resonates with homeowners, especially in regions with unreliable grid power. Solar power systems provide a reliable source of electricity, offering homeowners greater control over their energy supply and reducing dependence on traditional utility services. The future of the residential segment in the India Solar Power Equipment Market appears promising. Continued government support, advancements in financing models, and growing environmental consciousness are expected to drive increased adoption of solar power systems among homeowners. As technology improves and awareness campaigns gain momentum, residential solar installations are likely to play a pivotal role in India's transition to a more sustainable energy landscape.


Key market players in the India Solar Power Equipment Market are:

  • Tata Power Solar Systems Ltd
  • Adani Green Energy Ltd
  • Azure Power
  • Vikram Solar
  • Waaree Energies Ltd
  • Suzlon Energy Ltd
  • Hero Future Energies
  • Renew Power
  • Jakson Group
  • L&T Solar 


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“The India Solar Power Equipment Market in North India is poised to be the dominant force in the industry. North India has been a key player in India's efforts to expand its solar capacity. States like Rajasthan, Haryana, Punjab, and Uttar Pradesh have witnessed substantial growth in solar installations. The region's vast expanses of open land and high solar irradiance make it conducive for large-scale solar projects, both utility-scale and rooftop installations.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Solar Power Equipment Market Segmented By Equipment (Solar Panels, Mounting, Racking & Tracking System, Storage System and Others), By Application (Residential, Non-Residential and Utility), By Region, and By Competition, 2019-2029,” has evaluated the future growth potential of India Solar Power Equipment Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Solar Power Equipment Market.


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