Report Description

Forecast Period

2025-2029

Market Size (2023)

75.23 GW

Largest Market

South India

CAGR (2024-2029)

25.46%

Fastest Growing Segment

Industrial

India Solar Energy Market is anticipated to grow at a steady pace in the forecast period, 2025-2029, due to the favorable government regulations and rising number of solar PV system. The fourth most desirable renewable energy market in the world is located in India. As of 2020, India's installed capacity for renewable energy was in fourth place. The installed capacity for renewable energy has increased over the last several years, with a CAGR of 15.92% between 2016 and 2022. The market for renewable power is expanding most rapidly in India, where new capacity additions are anticipated to triple by 2026. The government's enhanced support and the economy's improvement have made the industry more appealing to investors. Renewable energy is going to be essential as India attempts to satisfy its own energy requirement, which is further anticipated to total 15,820 TWh, by 2040.

Solar energy is the term used to describe the energy derived from solar radiation, which can be captured and transformed into a variety of types, including heat and electricity. This energy is abundant and sustainable, making it a desirable replacement for conventional fossil fuels that are limited and cause climate change. Different technologies can be used to capture solar energy, including photovoltaic cells, and concentrated solar power systems, which turn sunlight directly into electricity, that utilize the heat of the sun to produce energy for a number of purposes like electricity generation and others. Utilizing solar energy provides a variety of advantages, such as lowering greenhouse gas emissions and reliance on fossil fuels, while also promoting a cleaner and more sustainable energy future.

Government Promoting High-Efficiency Solar PV Module Policies Driving the Market Growth

Recently, several government measures were planned to boost solar energy's future contribution to India's mix of renewable energy sources. In April 2021, a Production Linked Incentive (PLI) Scheme called the "National Programme on High-Efficiency Solar PV Modules" was authorized by MNRE with an investment of INR 4,500 crore. (USD 545.1 Million) by providing Production Linked Incentive (PLI) on sales of such solar PV modules. The plan offers a number of rewards to stimulate the development of integrated manufacturing facilities for high-efficiency solar PV modules. The goal is to increase local manufacturing capacity and exports in the upcoming years.

Additionally, the 300 MW defense programme, the 500 MW VGF (Viability Gap Funding) programme, and the Solar Park Programme, are some of the other examples of government initiatives towards Solar Energy. The Ministry of New and Renewable Energy (MNRE) was conducted during the past three years and consequently, India announced an ambitious goal of 450 GW of renewable energy by 2030, in January 2020.

The Gujarat government launched "the Surya Urja Rooftop Yojana" project in December 2020 with the goal of installing solar roofs for 8 lakh household users. This programme provides a 40% state subsidy for installing systems up to 3 kW and a 20% state subsidy for larger systems. Owing to these latest motions in energy sector, the India Solar Energy Market is expected to register a high CAGR in the forecast period.

Reduction in the Cost of Solar PV Technology

The prospects for the industry are anticipated to arise from an increase in off-grid solar utilization driven by reducing costs of solar PV technology and favorable national attempts to reduce carbon emissions. For instance, in India, the Department of Energy's (DOE) SunShot Initiative depends on the development of more effective, inexpensive photovoltaics (PV) and concentrating solar power (CSP) technologies with less cost. Solar power installed capacity has increased by more than 18 times, from 2.63 GW in March 2014 to 49.3 GW at the end of 2021. In 2022, till November, India has added 12 GW of solar power capacity. The projects' objectives are to: Boost efficiency, cut expenses, and Improve dependability.

To reduce carbon emission, India has set goals to reach net-zero % carbon emissions target by 2070 and to achieve cumulative 50% of renewable energy installations by 2030, lowering the carbon intensity of the country's economy by less than 45%. Additionally, by 2030, India aims to possess produced five million tons of renewable hydrogen. A total of 125 GW of renewable energy capacity and now 57 solar parks with a combined capacity of 39.28 GW have been authorized.

Growing Awareness of Solar Projects & Latest Investments in Renewable Energy

India is moving towards renewable energy consumption, owing to the growing carbon emission awareness. For instance, the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA) launched a bidding procedure in January 2022, and SJVN (Satluj Jal Vidyut Nigam Ltd) won the contract for a 125 MW solar project in Uttar Pradesh. It consists of a 50 MW and a 75 MW grid-connected solar project in the Kanpur Dehat and Jalaun districts, respectively. Additionally, the largest solar plus battery project in India will be completed by Tata Power in December 2021, according to the Solar Energy Corporation of India. The agreement covers both a 120 MWh utility-scale battery energy storage system and a 100 MW EPC solar project. About INR 945 crore (USD 114.4 Million) was spent on the project, overall.


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Recent Development:

  • The largest investment firm in Norway, KLP, and Norfund, which run the Norwegian Climate Investment Fund, entered into a deal in August 2022 to purchase a 49% stake in a 420 MW solar power facility in Rajasthan for Rs. 2.8 billion (USD 35.05 million).
  • The Indira Gandhi International Airport (IGIA) in Delhi is now the first airport in India to function solely on hydroelectric and solar energy. The onsite solar power plants provide around 6% of the airport's electrical needs.
  • In February 2022, Creduce Technologies-HCPL JV announced that it has won the bid for Satluj Jal Vidyut Nigam's project to produce more than 80 million carbon credits, which is India's largest hydropower carbon credits project.
  • The Maharashtra State Electricity Distribution Company Ltd. (MSEDCL) won a contract to Tata Power, the largest energy supplier in India, in December 2021 for the construction of a 300 MW wind-solar hybrid power plant.
  • Reliance New Energy Solar Ltd. (RNESL) announced two acquisitions in October 2021 to expand its capabilities. The two purchases, Sterling & Wilson Solar in India and REC Solar Holdings AS (REC Group), both topped USD 1 billion and are anticipated to help Reliance reach its goal of installing 100 GW of solar energy at Jamnagar, by 2030.
  • Copenhagen Infrastructure Partners (CIP) and Amp Energy India Private Ltd. announced an investment agreement in August 2021 to enable combined equity investments, totaling USD 200 million across Indian renewable energy projects.
  • National Thermal Power Corporation Renewable Energy Ltd. (NTPC REL), a fully owned subsidiary of NTPC, issued a tender in July 2021 for the construction of the nation's first environmentally friendly hydrogen refueling station in Leh, Ladakh.
  • By May or June 2022, 100 MW Floating Solar Power Project fully operationalized at NTPC-Ramagundam, capable of advanced technology and environment-friendly features. Total commercial operation of Floating Solar Capacity in Southern Region rises up to 217 MW.
  • Contracts for 47 parks with a total capacity of more than 25 GW have been given by the Solar Energy Corporation of India (SECI), which executed large-scale central auctions for solar parks.

Market Segmentation

India Solar Energy Market is segmented based on Technology, Solar Module, Application, End-Use and Region.  Based on Technology, the market is divided into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). Based on Solar Module, the market is divided into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. Based on Application, the market is divided into Residential, Commercial, and Industrial. Based on End-Use, the market is divided into Electricity Generation, Lighting, Heating, and Charging. Based on region, the market is divided into West, North, South and East.

Market Players

Major market players in the India Solar Energy Market are Adani Enterprises Ltd   Emmvee Photovoltaic Power Private Limited, Azure Power India Limited, JinkoSolar Holding Co., Ltd., NTPC Limited, The Tata Power Company Limited, Torrent Power Limited, Mahindra Susten Private Limited, Vikram Solar Limited, Vivaan Solar Private Limited.

Attribute

Details

Base Year

2023

Historic Data

2019 – 2022

Estimated Year

2024

Forecast Period

2025 – 2029

Quantitative Units

Capacity and CAGR for 2019-2023 and 2024-2029

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

Technology

Solar Module

Application

End-Use

Region

Region scope

West India, North India, South India, East India

Key companies profiled

Adani Enterprises Ltd., Emmvee Photovoltaic Power Private Limited, Azure Power India Pvt Ltd, JinkoSolar Holding Co., Ltd., NTPC Limited, The Tata Power Company Limited, Torrent Power Limited, Mahindra Susten Private Limited, Vikram Solar Limited, Vivaan Solar Private Limited.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the India Solar Energy Market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Solar Energy Market, By Technology:
    • Solar Photovoltaic (PV)
    • Concentrated Solar Power (CSP)
  • India Solar Energy Market, By Solar Module:
    • Monocrystalline
    • Polycrystalline
    • Cadmium Telluride
    • Amorphous Silicon Cells
    • Others
  • India Solar Energy Market, By Application:
    • Residential
    • Commercial
    • Industrial
  • India Solar Energy Market, By End-User:
    • Electricity Generation
    • Lighting
    • Heating
    • Charging
  • India Solar Energy Market, By Region:
    • West India
    • North India
    • South India
    • East India

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the India Solar Energy Market.

Available Customizations:

India Solar Energy Market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

India Solar Energy Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.3.  Markets Covered

1.4.  Years Considered for Study

1.5.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

4.    Voice of Customers

5.    India Solar Energy Market Outlook

5.1.  Market Size & Forecast

5.1.1.    By Capacity

5.2.  Market Share & Forecast

5.2.1.    By Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))

5.2.2.    By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others)

5.2.3.    By Application (Residential, Commercial, Industrial)

5.2.4.    By End-Use (Electricity Generation, Lighting, Heating, Charging)

5.2.5.    By Region

5.3.  By Company (2023)

5.4.  Market Map

6.    West India Solar Energy Market Outlook

6.1.  Market Size & Forecast

6.1.1.    By Capacity

6.2.  Market Share & Forecast

6.2.1.    By Technology

6.2.2.    By Solar Module

6.2.3.    By Application

6.2.4.    By End-Use

7.    North India Solar Energy Market Outlook

7.1.  Market Size & Forecast

7.1.1.    By Capacity

7.2.  Market Share & Forecast

7.2.1.    By Technology

7.2.2.    By Solar Module

7.2.3.    By Application

7.2.4.    By End-Use

8.    South India Solar Energy Market Outlook

8.1.  Market Size & Forecast

8.1.1.    By Capacity

8.2.  Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Solar Module

8.2.3.    By Application

8.2.4.    By End-Use

9.    East India Solar Energy Market Outlook

9.1.  Market Size & Forecast

9.1.1.    By Capacity

9.2.  Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Solar Module

9.2.3.    By Application

9.2.4.    By End-Use

10. Market Dynamics

10.1.             Drivers

10.2.             Challenges

11. Market Trends & Developments

12. Policy & Regulatory Landscape

13. Company Profiles

13.1.             Adani Enterprises Ltd   

13.1.1. Business Overview

13.1.2. Key Revenue and Financials (If Available)

13.1.3. Recent Developments

13.1.4. Key Personnel

13.1.5. Key Product/Services

13.2.             Emmvee Photovoltaic Power Private Limited

13.2.1. Business Overview

13.2.2. Key Revenue and Financials (If Available)

13.2.3. Recent Developments

13.2.4. Key Personnel

13.2.5. Key Product/Services

13.3.             Azure Power India Pvt. Ltd

13.4.   Business Overview

13.4.1. Key Revenue and Financials (If Available)

13.4.2. Recent Developments

13.4.3. Key Personnel

13.4.4. Key Product/Services

13.5.             JinkoSolar Holding Co., Ltd.

13.5.1. Business Overview

13.5.2. Key Revenue and Financials (If Available)

13.5.3. Recent Developments

13.5.4. Key Personnel

13.5.5. Key Product/Services

13.6.             NTPC Limited

13.6.1. Business Overview

13.6.2. Key Revenue and Financials (If Available)

13.6.3. Recent Developments

13.6.4. Key Personnel

13.6.5. Key Product/Services

13.7.             The Tata Power Company Limited

13.7.1. Business Overview

13.7.2. Key Revenue and Financials (If Available)

13.7.3. Recent Developments

13.7.4. Key Personnel

13.7.5. Key Product/Services

13.8.             Torrent Power Limited

13.8.1. Business Overview

13.8.2. Key Revenue and Financials (If Available)

13.8.3. Recent Developments

13.8.4. Key Personnel

13.8.5. Key Product/Services

13.9.             Mahindra Susten Private Limited

13.9.1. Business Overview

13.9.2. Key Revenue and Financials (If Available)

13.9.3. Recent Developments

13.9.4. Key Personnel

13.9.5. Key Product/Services

13.10.          Vikram Solar Limited

13.10.1.              Business Overview

13.10.2.              Key Revenue and Financials (If Available)

13.10.3.              Recent Developments

13.10.4.              Key Personnel

13.10.5.              Key Product/Services

13.11.          Vivaan Solar Private Limited

13.11.1.              Business Overview

13.11.2.              Key Revenue and Financials (If Available)

13.11.3.              Recent Developments

13.11.4.              Key Personnel

13.11.5.              Key Product/Services

14. Strategic Recommendations

15. About Us & Disclaimer

Figures and Tables

Frequently asked questions

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The key players profiled in the report include Adani Enterprises Ltd., Emmvee Photovoltaic Power Private Limited, Azure Power India Ltd, JinkoSolar Holding Co., Ltd., NTPC Limited, The Tata Power Company Limited, Torrent Power Limited, Mahindra Susten Private Limited, Vikram Solar Limited, Vivaan Solar Private Limited.

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India's solar energy industry is expanding as a result of rising energy consumption brought on by the country's expanding population. Additionally, a rise in demand for renewable energy sources has been seen across the country, along with supportive government laws that have sped up industry expansion.

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Solar water heating, solar house heating, solar distillation, solar pumping, sunlight for the drying crop and animal products, solar furnaces, and many more, are some of the main applications of solar energy.

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Large-scale clearing of land and use for solar-generating plants have the potential to negatively impact local flora and animals in several ways, including habitat loss, disruption of rainfall and drainage, or direct contact that results in harm or death. These factors are restraining the market growth in the future period.

profile

Parvati Sharma

Account Manager BD
Press Release

India Solar Energy Market is Expected to Grow at a Robust CAGR.

Jan, 2024

Growing awareness of less carbon emission and favorable government regulations are the factors driving the market growth in the forecast period.