India Solar Power Market Research Report, 2030

India’s solar power market has experienced rapid growth in recent years, driven by the country’s ambitious renewable energy goals and its vast potential for solar energy generation. As one of the sunniest countries in the world, India is well-positioned to capitalize on solar energy, particularly in regions such as Rajasthan, Gujarat, and Maharashtra, which receive high levels of solar radiation. The Indian government has set an ambitious target to install 100 GW of solar capacity by 2022, with plans to achieve 300 GW by 2030 as part of its commitment to reducing carbon emissions and transitioning to cleaner energy. The residential sector in India has seen a rise in solar adoption, as consumers increasingly turn to solar power to reduce electricity bills, particularly in rural and remote areas where grid access is limited. Government subsidies and incentives have made solar panels more affordable for households, driving greater adoption. The commercial and industrial sectors are also significant contributors to India’s solar market, with businesses adopting solar energy to reduce energy costs, enhance sustainability, and comply with environmental regulations. In recent years, large-scale solar projects have become a key part of India’s energy strategy, with utility-scale solar farms being developed across the country. India is now home to some of the world’s largest solar installations, and the government’s Solar Park Scheme has provided a platform for developers to set up massive solar power plants. These projects are helping India meet its growing energy demand while reducing its dependence on fossil fuels. The Indian government has introduced various policies, such as the National Solar Mission, to incentivize the development of solar power projects and attract investment in the sector. India’s solar market is expected to continue growing rapidly, with solar power playing a crucial role in the country’s energy transition. According to the research report " India Solar Power Market Research Report, 2030," published by Actual Market Research, the India Solar Power Market is anticipated to grow at more than 13.70% CAGR from 2024 to 2030. Technological advancements have played a vital role in the growth of India’s solar power market, with innovations in photovoltaic (PV) technology, energy storage, and grid integration driving efficiency and reducing costs. The cost of solar panels in India has declined significantly in recent years, making solar energy more accessible to a wide range of consumers. Photovoltaic systems are the most widely adopted solar technology in India, and the country is seeing increasing investment in research and development to improve the efficiency of solar cells and increase the overall performance of solar installations. The integration of energy storage systems, such as batteries, is helping to address the intermittent nature of solar power and ensure a more reliable energy supply, particularly in off-grid regions. Solar-plus-storage systems are gaining popularity, especially in rural areas, where electricity availability can be unreliable. In addition, the development of smart grids is enabling better integration of solar energy into India’s power infrastructure, allowing for more efficient energy distribution and balancing of renewable energy sources. India is also investing in the development of hybrid energy systems that combine solar power with wind or other renewable energy sources to create a more resilient and sustainable energy grid. The government’s focus on promoting solar energy as part of its larger renewable energy agenda, coupled with the increasing availability of affordable solar technologies, has created a thriving solar power market in India. As the country continues to scale up solar capacity, it is expected to play a key role in the global transition to clean energy and contribute significantly to the reduction of global carbon emissions.

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India's solar power market has experienced rapid growth in recent years, fueled by the government's commitment to renewable energy and increasing demand for cleaner, more sustainable energy sources. The country has made significant strides in adopting photovoltaic systems, which convert sunlight directly into electricity. Photovoltaic technology, including both monocrystalline and polycrystalline solar panels, is widely used due to its affordability and efficiency. In recent years, India has focused on expanding the capacity of photovoltaic systems, with large-scale projects being deployed across the country to meet the growing energy demands of both urban and rural areas. Monocrystalline solar panels, known for their high efficiency, are especially popular in urban areas where space is limited, and higher panel efficiency is necessary. Polycrystalline panels, while less efficient, are more cost-effective and are used for both residential and commercial installations. The country has also started exploring concentrated solar power (CSP) systems, which use mirrors or lenses to concentrate sunlight and generate heat for electricity production. CSP technology, while still in its nascent stages in India, holds promise for large-scale solar thermal plants, particularly in the desert regions of Rajasthan, where sunlight intensity is high. Additionally, thin-film solar panels are gaining traction due to their flexibility, light weight, and ability to be integrated into building materials such as roofs and facades. Solar thermal technologies, which focus on capturing heat from the sun to generate power, are primarily used for water heating, especially in residential and commercial applications. India’s push towards solar energy is also evident in its policy support, such as the ambitious National Solar Mission, which aims to make India a global leader in solar energy by deploying 100 GW of solar power capacity by 2022. The solar power market in India consists of a wide variety of products, including solar panels, charge controllers, batteries, inverters, and other related equipment. Solar panels, both monocrystalline and polycrystalline, are the most essential component of solar systems, and their demand continues to rise as India expands its solar capacity. The adoption of monocrystalline panels, which offer higher efficiency and better space utilization, is on the rise in both residential and commercial sectors. Polycrystalline panels are still a common choice for large-scale installations due to their lower cost. In addition to solar panels, charge controllers are vital components for managing the flow of electricity from solar panels to batteries or the grid. These devices ensure that energy is properly stored and prevent damage from overcharging. Batteries, especially lithium-ion and lead-acid batteries, are crucial for storing excess energy generated by solar systems, allowing for continued power supply during cloudy days or at night. As the demand for energy storage solutions grows, especially in off-grid and rural areas, the need for high-quality, durable batteries will increase. Inverters are also an essential component in the Indian solar market, as they convert the direct current (DC) electricity produced by solar panels into alternating current (AC), which is used by household appliances and businesses. With the rise of smart inverters, which offer real-time monitoring, energy management, and grid connectivity features, the Indian solar market is also witnessing innovations that enhance system performance and enable better integration into the national grid. Other products in the Indian solar power market include solar-powered water pumps, solar streetlights, and solar air conditioning systems, which are gaining popularity, particularly in rural areas and for agricultural applications. The Indian solar market is evolving rapidly, with technological advancements and government incentives playing a key role in accelerating adoption across various sectors. In India, solar power installations are classified into ground-mounted, roof-mounted, and other specialized systems, each of which caters to different needs and installation requirements. Ground-mounted solar systems are primarily used for utility-scale projects, where large solar farms are built to generate significant amounts of electricity. These installations are commonly deployed in rural areas or on land that is not being used for agricultural purposes. Given India’s vast land area, ground-mounted solar systems play a crucial role in the country’s solar energy growth, with many states such as Rajasthan, Gujarat, and Madhya Pradesh being home to large solar farms. These systems are critical for meeting India’s national renewable energy targets and reducing dependence on conventional energy sources. Roof-mounted solar systems are increasingly popular in India, especially among residential and commercial consumers who want to reduce their electricity bills and increase energy independence. As urbanization increases, the demand for roof-mounted solar systems has surged, especially in cities like Delhi, Mumbai, and Bangalore, where high electricity prices make solar energy an attractive option. Residential roof-mounted systems are incentivized by government schemes such as the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM), which supports the installation of solar panels for farmers and rural households. Commercial buildings are also adopting rooftop solar systems to cut down on their electricity costs and improve their sustainability profile. Additionally, building-integrated photovoltaics (BIPV), where solar panels are integrated into the building’s structure, are gaining traction, especially in new construction projects. BIPV systems not only generate energy but also contribute to the aesthetic appeal of buildings. Specialized solar installations, such as solar-powered water heaters, solar water pumps, and solar streetlights, are also growing in popularity in India, especially in rural areas where electricity supply may be inconsistent. These systems are essential for improving energy access in underserved regions and support India’s commitment to sustainable energy development.

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Nikita Jabrela

Business Development Manager

The solar power market in India is supported by a diverse range of end-use applications, including residential, commercial/industrial, and utility-scale sectors. The residential solar market is expanding rapidly, driven by rising electricity prices, government subsidies, and growing awareness of environmental concerns. Indian homeowners are increasingly installing solar systems to reduce their reliance on the national grid, which can be expensive and unreliable in certain areas. Rooftop solar installations are particularly common in urban areas, where space is limited, and residents are looking for alternative energy sources. Government incentives, such as tax rebates and subsidies under the Jawaharlal Nehru National Solar Mission, have made it more affordable for homeowners to invest in solar technology. Energy storage solutions like batteries are also gaining popularity in residential applications, as they enable households to store excess energy generated during the day for use at night or during cloudy periods. In the commercial and industrial sectors, businesses are turning to solar energy as a means of reducing their operational costs and achieving sustainability goals. Commercial solar installations are especially prevalent in areas with high electricity tariffs, where the savings from solar energy can be significant. In addition to traditional rooftop solar systems, large commercial buildings and factories are increasingly adopting solar energy as part of their corporate social responsibility initiatives. The utility-scale solar sector is a major contributor to India’s renewable energy capacity, with large solar farms and solar parks being developed to provide clean energy to the grid. India is home to some of the largest solar projects in the world, and the government’s commitment to expanding renewable energy capacity is a key driver for utility-scale installations. As India continues to focus on energy transition and sustainability, the solar power market will continue to grow across residential, commercial, industrial, and utility-scale sectors, contributing to the country’s efforts to reduce carbon emissions and achieve its renewable energy targets. Major Companies present in the market: Canadian Solar Inc., Trina Solar Co., Limited, Jinko Solar Holding Co., Limited, Longi Green Energy Technology Co., Limited, JA Solar Technology Co., Limited, Sunpower Corporation, First Solar Inc., Hanwha Corporation, Abengoa, S.A., Engie SA Considered in this report • Historical year: 2018 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030

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Aspects covered in this report • Solar power market with its value and forecast along with its segments • Region-wise solar power market analysis • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation Regions covered in the report • North America • Europe • Asia-Pacific • Latin America • Middle-East & Africa Types of Technology in the report: • Solar Photovoltaic • Concentrated Solar Power (CSP) • Others By Product • Solar Panels • Charge Controllers • Batteries • Inverters • Others By Installation • Ground mounted • Roof mounted • Others By Application in the report: • Residential • Commercial/ Industrial • Others The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to solar power industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.