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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
India Solar Photovoltaic (PV) Market Analysis by Region
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 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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