According to the TechSci Research report, India Solar Energy Market - By Region, Competition, Forecast & Opportunities, 2029F, the India Solar Energy Market is expected to experience significant growth from 2025 to 2029. Between 2014 and 2021, the renewable energy prospects in India grew by 250%, as noted by Prime Minister Narendra Modi in June 2022. In 2021, India launched the Mission Innovation Cleantech Exchange, a global effort to accelerate the development of clean energy. As of October 2022, India’s installed renewable energy capacity, including hydro, reached 165.94 GW, accounting for 40.6% of the total installed power capacity. With continued government support and growing renewable energy capacity, the India Solar Energy Market is set to witness a high compound annual growth rate (CAGR) in the coming years.
Another key factor driving market growth is the increasing demand for electricity. According to the Central Electricity Authority, India's electricity demand is projected to rise and reach 817 GW by 2030, with the real estate and transportation sectors expected to be the largest contributors to this demand.
The India Solar Energy Market is segmented based on technology, solar module type, application, end-use, and region. Regionally, the market is divided into West, North, South, and East India.
In terms of technology, the market is split into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). The Solar PV segment is expected to dominate the market during the forecast period. The growth of electric vehicles and the increasing demand for solar-powered EV charging infrastructure have significantly boosted the PV system industry in India. Furthermore, lower costs and government incentives have driven substantial growth in this sector, with solar energy becoming a priority for governments worldwide, fostering industry innovation and expansion.
The market is also segmented based on solar modules, including Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and others. The polycrystalline sector led the market in 2022, holding over half of the market share. This trend is expected to continue, driven by the adoption of new multi-Si (mc-Si) technology used in electronic devices like calculators and smartwatches. As disposable incomes rise and the demand for electronics and smart devices increases, the demand for polycrystalline modules is expected to grow.
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In terms of application, the market is divided into Residential, Commercial, and Industrial sectors. The industrial sector accounted for more than two-fifths of the solar energy market share in 2022, and this trend is expected to continue throughout the forecast period. The rapid industrialization and population growth in India have increased demand for various commercial products, driving the growth of the industrial segment.
Regarding end-use, the market is divided into Electricity Generation, Lighting, Heating, and Charging. The Electricity Generation segment is projected to dominate the market during the forecast period. Solar concentrators, developed in response to growing environmental concerns over greenhouse gas emissions, have led to the development of solar-powered power plants. These plants provide an alternative to fossil fuels, particularly in developing nations like India, which lack abundant fossil fuel resources. As a result, solar energy plays a crucial role in electricity generation in India’s renewable energy landscape.
Key market players in the India Solar Energy Market include:
- Adani Enterprises Limited
- 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
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“India’s solar energy market is expanding as a result of rising energy consumption driven by the country's expanding population. Additionally, rise in demand for renewable energy sources has been seen across the country, along with supportive government laws that have sped up industry expansion. These laws emphasize lowering reliance on fossil fuels and aid in reducing environmental pollution. Thus, the demand for renewable energy sources like solar energy is consequently boosted.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Solar Energy Market by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Application (Residential, Commercial, Industrial), By End-Use (Electricity Generation, Lighting, Heating, Charging), By Region, Size, Share, Trends, Opportunity, and Forecast, 2029F”, has evaluated the future growth potential of India Solar Energy Market and provides statistics and information on market structure, size, share, and future growth. The report is intended 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 present in the India Solar Energy Market
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