Press Release

Solar Photovoltaics to Continue Dominating India Solar Power Products Market through 2024

Increasing focus of government on solar power sector coupled with innovations in solar technology and stringent environmental pollution norms to boost demand for solar power products in India through 2024.

According to a recently published TechSci Research report, India Solar Power Products Market By Product Type, Competition, Forecast & Opportunities, 2014-2024’’ India solar products market is anticipated to be driven by favorable government policies, incentive schemes and financial assistance given by the government to solar power products manufacturers. Government also incentivises the distribution companies (DisComs) based on their performance in solar photovoltaic installations in rooftop projects. Moreover, Ministry of New and Renewable Energy (MNRE) gives subsidies through National Bank for Agriculture & Rural Development (NABARD) on installations of solar power products such as solar rooftop PV, solar pumps and solar lighting systems. Government policies and schemes in solar power sector such as National Solar Mission, Rooftop Solar Programme, Kisan Urja Suraksha evam Utthaan Mahabhiyan (KUSUM), etc., coupled with increase in demand for cleaner fuels and rising per capita income, are expected to boost the demand for solar power products in India in the coming years. Few major companies operating in India solar power products market include Tata Power Solar Systems Limited, Mundra Solar PV Limited, Vikram Solar Limited, Waaree Energies Limited, Jain Irrigation Systems Limited, EMMVEE Photovoltaic Power Private Limited, V-Guard Industries Limited, C.R.I. Pumps Private Limited, Shakti Pumps (India) Limited, Kotak Urja Private Limited and others.

Browse 32 market data Figures and Tables spread through 82 Pages and an in-depth TOC on "India Solar Power Product Market"

Solar photovoltaics accounted for the largest share in India solar power products market in 2018 and is likely to maintain its dominance throughout forecast period as well, on account of strong focus of the government in increasing the rooftop PV, mega solar parks and floating solar installations. Additionally, prices of photovoltaic are declining, which can be attributed to rising manufacturing capacity and decrease in raw material prices such as that of polysilicon, which is further aiding the growth of India solar power product market.

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“Indian Government is supporting solar infrastructure in the country by incentivising and motivating the stakeholders of the industry. This is clearly articulated in the policies and schemes such as the Ujwal DISCOM Assurance Yojana (UDAY Scheme), Development of Solar Park Scheme, Solar Energy Subsidy Scheme, etc. Moreover, photovoltaic efficiency has improved over the years due to significant investments in research and development, which has consequently resulted in improved product quality. Additionally, imposition of Safeguard Duty of 25% on import of PV cells and modules from China and Malaysia is a strategic move to protect and promote the interest of domestic manufacturers. These market developments are expected to positively influence India solar power products market during forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

India Solar Power Products Market By Product Type, Competition, Forecast & Opportunities, 2014-2024’’ has evaluated the future growth potential of India solar power products market and provides statistics and 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 decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India solar power products market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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