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India Solar Photovoltaic (PV) Market Share, Size, Forecast: By Product Type: Ground Mounted, Rooftop; By Technology: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2024-2032
India Solar Photovoltaic (PV) Market Size
The India solar photovoltaic (PV) market reached 18.11 GW in 2023. The market is expected to grow at a CAGR of 13.1% between 2024 and 2032, reaching almost 54.83 GW by 2032.
Key Takeaways:
- The Institute for Energy Economics and Financial Analysis (IEEFA) predicts that by 2026, India will emerge as the World’s second-largest manufacturer of solar photovoltaic (PV) technology globally.
- The National Institute of Solar Energy (NISE) estimated that India could harness around 748 GW of solar capacity, factoring in the utilization of 3% of unused land for Solar PV installations.
- In 2023, India surpassed the 70,000 Megawatts milestone in solar power generation capacity, as reported by the Ministry of Power and New & Renewable Energy.
A photovoltaic (PV) cell, also referred to as a solar cell, is a device that converts sunlight directly into electricity, operating without mechanical components. Some PV cells can also convert artificial light into electrical energy. Sunlight is made up of photons, which are particles carrying solar energy. These photons have varying energy levels corresponding to the different wavelengths present in the solar spectrum.
According to the India solar photovoltaic (PV) market report, solar photovoltaics (PV) is a highly versatile technology that can be manufactured in large-scale facilities to achieve cost efficiencies, while also being capable of deployment in small quantities for a wide range of applications. These applications span from small residential rooftop systems to large utility-scale power generation installations.
According to the Institute for Energy Economics and Financial Analysis (IEEFA), India has the potential to become the second-largest manufacturer of solar photovoltaic (PV) technology globally by 2026.
India Solar Photovoltaic (PV) Market Report Snapshots
India Solar Photovoltaic (PV) Market Size
India Solar Photovoltaic (PV) Market Trends
India Solar Photovoltaic (PV) Companies
India Solar Photovoltaic (PV) Market Regional Analysis
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 India Solar Photovoltaic (PV) Market Overview
8.1 Key Industry Highlights
8.2 India Solar Photovoltaic (PV) Historical Market (2018-2023)
8.3 India Solar Photovoltaic (PV) Market Forecast (2024-2032)
9 India Solar Photovoltaic (PV) Market by Product Type
9.1 Ground Mounted
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Rooftop
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 India Solar Photovoltaic (PV) Market by Technology
10.1 Monocrystalline Silicon
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Thin Film
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Polycrystalline Silicon
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Others
11 India Solar Photovoltaic (PV) Market by Region
11.1 East India
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 West India
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 South India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 North India
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Value Chain Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Tata Power Solar Systems Limited
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Vikram Solar Pvt Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 WAAREE Energies Ltd.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 EMMVEE Photovoltaic Power Private Limited
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Loom Solar Pvt Ltd
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Websol Energy Systems Limited
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.4 Demographic Reach and Achievements
14.2.6.5 Certifications
14.2.7 Adani Group
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Saatvik Group
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Demographic Reach and Achievements
14.2.8.4 Certifications
14.2.9 Jakson Group
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. India Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2032
2. India Solar Photovoltaic (PV) Historical Market: Breakup by Product Type (GW), 2018-2023
3. India Solar Photovoltaic (PV) Market Forecast: Breakup by Product Type (GW), 2024-2032
4. India Solar Photovoltaic (PV) Historical Market: Breakup by Technology (GW), 2018-2023
5. India Solar Photovoltaic (PV) Market Forecast: Breakup by Technology (GW), 2024-2032
6. India Solar Photovoltaic (PV) Historical Market: Breakup by Region (GW), 2018-2023
7. India Solar Photovoltaic (PV) Market Forecast: Breakup by Region (GW), 2024-2032
8. India Solar Photovoltaic (PV) Market Structure
Key Questions Answered in the Report
The market was estimated to be valued at 18.11 GW in 2023.
The market is projected to grow at a CAGR of 13.1% between 2024 and 2032.
The India solar photovoltaic (PV) market is expected to reach 54.83 GW in 2032.
The market is being driven by government initiatives, environmental consciousness, technological progress, and affordability.
The solar photovoltaic (PV) market is categorised according to its product type, which includes ground-mounted and rooftop.
Key players in the industry are Tata Power Solar Systems Limited, Vikram Solar Pvt Ltd, WAAREE Energies Ltd., EMMVEE Photovoltaic Power Private Limited, Loom Solar Pvt Ltd, Websol Energy Systems Limited, Adani Group, Saatvik Group, and Jakson Group among others.
Based on the technology, the market is divided into monocrystalline silicon, thin film, polycrystalline silicon, and others.
The major market areas include East India, West India, South India and North India.
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