Report Description

Forecast Period


Market Size (2022)

USD 8.62 Billion

CAGR (2023-2028)


Market Size (2028)

USD 18.10 Billion

Fastest Growing Segment


Largest Market

South India

India Solar Photovoltaic Equipment Market is growing owning 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 have led to an increased focus on renewable energy solutions such as photovoltaic cells. Many enterprises are adopting solar photovoltaic equipment as a cost effective solution. Moreover, government assistance in the form of installation cost subsidies and tax breaks, high reliability and efficiency, modular structure with reduced maintenance requirements, performance enhancement through technological advancements; and increased penetration of rooftop installation systems in developing economies are driving the market. Moreover, it is predicted that the use of solar power equipment in non-residential, residential, and utility applications would increase soon, which positively affects the market’s growth and is expected to boost the India solar photovoltaics equipment market during the forecast period.

Solar photovoltaics is a form of technology involving a system that generates electric power by using solar cells to convert energy from the sun rays into the flow of electrons by the photovoltaic effect. Solar photovoltaic (PV) systems are a potential renewable technology that has been expanding rapidly in recent years. It is a type of renewable, inexhaustible, and non-polluting energy that can be produced in a variety of facilities ranging from modest self-consumption generators to big solar plants. A basic PV cell is basically a diode made of p-type and n-type semiconductor materials. Semiconductor materials within a photovoltaic system can vary from silicon, polycrystalline thin films, or single-crystalline thin films. The solar panel in a solar PV system acts as a receptacle for sunlight and transforms incoming photons to electric power. The energy produced by the panel is then converted from direct current (DC) to alternating current (AC) using a solar inverter. The process of energy conversion is mainly occurring in two stages: the generation of electron-hole pairs through light absorption in semiconductor material and the subsequent separation of electrons to the negative terminal and holes to the positive terminal by the structure of the device to supply electricity. A variety of solar PV system designs in various sizes have been created internationally for various uses due to its adaptability and flexibility in building electric energy systems. Solar photovoltaic energy does not produce greenhouse gases that contribute to global warming during the energy generating process, making it the cleanest and most practical option for preventing environmental deterioration. Solar PV systems can be installed on the roofs of residential, commercial, and industrial structures.

The Growth in Investments in Renewable Energy

The rapid growth in investment in renewable power generation capacities is expected to drive the India solar photovoltaic market during the forecast period. The rapid expansion of the market is attributed to the large number of power generation enterprises that are investing in renewable energy sources, especially in the country. For instance, according to the India Brand Equity Foundation (IBEF), renewable energy for new power generation capacity attracted an investment in renewable energy in India of around USD 14.5 Billion in 2022, an increase of 125% over 2021 and 72% higher than in the pre-pandemic period of the 2019-20 financial year. Additionally, to support and promote the development of high-efficiency solar photovoltaic (PV) modules, the government of India started the Production Linked Incentive Scheme (PLI) in 2021 with an investment of INR 4,500 crore or USD 615.71 Million for enhancing India’s manufacturing capabilities and enhancing exports. The government- based on “National Programme on High-Efficiency Solar PV Modules” allocated an additional INR 19,500 crore or USD 2,668 Million in 2022 to lessen reliance on imports. Thus, growing investment in renewable energy has anticipated the demand of solar photovoltaics equipment in the market.