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The National Institute of Solar Energy (NISE) has evaluated that India has a solar capacity potential of approximately 748 GW, considering that 3% of the unused land can be utilized for Solar PV installations. Solar energy holds a pivotal role in India's National Action Plan on Climate Change, prominently featured through initiatives like the National Solar Mission (NSM).
According to the Ministry of Power and New & Renewable Energy, India has recently exceeded the milestone of 70,000 Megawatts in solar power generation capacity in 2023. Among all states, Rajasthan stands out with the largest installed base of renewable energy technology and Gujarat stands at second position thus boosting the India solar photovoltaic (PV) market.
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
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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