India Solar Photovoltaics Equipment Market to be led by Growing Investments and Favorable Policies Through 2028
Increasing demand for electricity and
booming installation of rooftop solar panels is expected to drive the market of
the India solar photovoltaics equipment market.
According to
TechSci Research report, India Solar Photovoltaics Equipment Market -
By Region, Competition, Forecast & Opportunities, 2018-2028, the India
Solar Photovoltaics Equipment market is anticipated to register a robust growth
during the forecast period, 2024-2028 owing to rising environmental
concerns, government initiatives, and investments for research initiatives to
minimize reliance on fossil fuels. The increasing energy demands across various
end-use industries has led to an increased focus on renewable energy solutions
such as photovoltaic cells.
Additionally, increase
in demand for electricity, a rise in stringent environment protection
regulations has forced the power generation industry to shift to cleaner and
environment-friendly energy resources and decrease in price of conventional photovoltaics
(PV) modules has resulted in increasing demand for solar photovoltaic equipment
across the country. Furthermore, infrastructure and construction projects such
as smart cities are also growing, which is one of the primary factors for the increase
in electricity demand. The high usage of solar photovoltaics equipment
solutions across agriculture, energy and utility sector has become one of the
important factors for the increasing growth of solar photovoltaics equipment offering
cutting edge services to the customers. By using solar photovoltaics equipment
services, the gap between EV and its infrastructure deployment and businesses
operations is being filled up by improving energy, efficiency, and agility, and
by rapidly delivering clean energy resources at a reasonable cost. These
advantages of solar photovoltaics equipment are accelerating the expansion of
the India solar photovoltaics equipment market across the country.
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India
Solar Photovoltaics Equipment market is segmented into DC voltage, installation
mode, end-user, module type, type, and region. Based on DC voltage, the market
is further split into 400V, 600V, 1000V and 1500V. Based on installation mode,
the market is further bifurcated into ground mounted and rooftop. Based on end-user,
the market is further segmented into residential, commercial, and industrial.
Based on module type, the market is categorized into monocrystalline, polycrystalline,
and thin film. Based on type, the market is segmented into circuit configuration,
module mounting systems, solar charge controllers, and others.
On the basis of module type, monocrystalline is expected to dominate
the India Solar Photovoltaics Equipment Market because monocrystalline module
type offers several advantages over polycrystalline including the fact that solar
monocrystalline silicon modules have greater productivity and efficiency in the
generation of electricity than polycrystalline. Monocrystalline panels usually
have higher reliability and durability, for the installation of solar power
plants in conditions of space shortage such as on the roof and highly efficient
single-crystal panels are best suited, as their installation allows to save the
space occupied by the solar station.
Based on installation mode, rooftop is expected to dominate the market
for Solar Photovoltaics Equipment in India because solar energy in general and
rooftop solar power have grown significantly in India. Additionally, there were
7,008 rooftop solar power installations with a combined capacity of 7.6
gigawatt (GW) across the nation as of the end of March 2022. India's
residential rooftop solar capacity, as of March 2022, is only 2,010 MW, and will
surge to 3,214 MW by March 2023. As a result, the market for solar photovoltaic
equipment in India is growing along with the growth in rooftop demand.
Key market
players in the India Solar Photovoltaics Equipment market are:
- Tata
Power Solar Systems Limited
- Mundra Solar PV Limited
- Vikram Solar Limited
- Waaree Energies Limited
- Jain Irrigation Systems Ltd
- EMMVEE Photovoltaic Power Private
Limited
- V-GUARD Industries Limited
- C.R.I. Pumps Private Limited
- Shakti Pumps (India) Limited
- Kotak Urja Private Limited
Recent Development
- January
11, 2023: Tata Power Renewables Energy Limited (TPREL), one of India’s largest
integrated renewable energy companies and a subsidiary of Tata Power had signed
an agreement with Vivarea Condominium in Mumbai. The company is planning to
install India’s first Group Captive solar plant for a residential society with
3.125 MW capacity solar plant at Himayatnagar, Maharashtra. The project will be
commissioned by October 2023 and will provide green power at approximately 40%
less than the cost of existing tariff.
- December 21, 2022: Adani Solar, the photovoltaic manufacturing and research arm
of the Adani Group announced the introduction of India’s first large sized
monocrystalline silicon ingot. The monocrystalline ingots will drive
indigenization to produce renewable electricity from Silicon-based PV modules
with efficiencies ranging from 21% to 24% capable of producing M10 & G12
wafers. The company intends to add 2 GW of ingot and wafer capacity by the end
of 2023 and will scale up to 10GW BY 2025.
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“Ongoing advancements in energy
generation capacity, increasing penetration of rooftop installation systems,
rising demand of electricity development have led to a breakdown of barriers
and are expected to boost the India Solar Photovoltaics Equipment Market during
the forecast period. The rising investment in the deployment of electric
vehicle infrastructure and increasing residential rooftop applications are
factors driving revenue growth of the solar photovoltaics equipment market in India.
Moreover, supportive government policies, incentives, and favorable project for
solar photovoltaics equipment services all over the country with increasing
energy production capacity has also been positively influencing the market with
a continuous urge for launching new service plans in the upcoming years, said
Mr. Karan Chechi, Research Director with TechSci Research, a research based
global management consulting firm.
“India Solar Photovoltaics Equipment Market Segmented By
DC Voltage Type (400V, 600V, 1000V & 1500V), By Installation Mode (Ground
Mounted and Rooftop), By End User (Industrial, Commercial and Residential), By
Module Type (Monocrystalline, Polycrystalline and Thin Film), By Type (Circuit
Configuration, Module Mounting Systems, Solar Charge Controllers and Others), By
Region, Competition,” has evaluated the future growth potential of India solar
photovoltaics 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
photovoltaics equipment market.
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