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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.*
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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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United States (Head Office)
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+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61-448-061-727
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63-287-899-028, +63-967-048-3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84-865-399-124