India Solar Energy Market Share, Trends, Growth Factors, Developments, Product Innovation and Forecast till 2032

Report Ocean, an esteemed firm specializing in comprehensive market research spanning across 150+ countries and producing an annual publication of over 100,000 reports, has recently unveiled an exhaustive research analysis and tailored strategies specifically for the "India Solar Energy Market" industry. Developed by a proficient team of subject matter experts, seasoned researchers, and market research professionals, this report assures the utilization of precise data derived from credible sources, ensuring the highest level of forecast accuracy.

The India solar energy market is projected to grow at a CAGR of 7.8% during the forecast period of 2022-2028. The market is driven by favorable government initiatives and the rising adoption of renewable energy in the country. India aims to achieve 450 GW of renewable energy capacity by 2030, with 280 GW coming from solar energy. Here are the key trends and factors driving the growth of India's solar energy market.

A recent study conducted by strategic consulting and market research firm Report Ocean highlights the growth potential of the India solar energy market. The market is experiencing positive growth due to an increasing number of renewable and solar energy projects and the growing adoption of renewable energy sources across the country. Environmental concerns and commitments to support sustainability have also played a significant role in driving the demand for solar energy in India. The country's geographical location and terrain make it ideal for solar power, providing a competitive advantage over other nations.

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The adoption rates of renewable energy, particularly solar energy, have been on the rise in India. Low prices for renewable energy sources have made India a hub for renewable energy consumption. According to the Ministry of New and Renewable Energy, India has witnessed a 226% growth in installed capacities for renewable energy sources, with more than 25.24% of the nation's installed capacity coming from renewable sources. The increasing adoption of renewable energy sources directly translates into a growing demand for solar energy, contributing to the expansion of the market.

The Indian government has embraced renewable energy on a large scale, making it a leader in the field. Numerous solar energy projects are being developed across the country, with India having the most renewable energy installations. The government's plans include generating solar and renewable energy capacities up to 25,750 MW by the end of 2022, with substantial investments exceeding USD 4.59 billion. These initiatives position India to become one of the world's largest solar energy installers.

In terms of deployment methods, rooftop solar energy has the largest share in the India solar energy market. Rooftop installations are favored in industries and households due to space limitations and the ability to maximize sunlight exposure. The agricultural sector predominantly relies on ground-mounted solar energy systems, particularly for irrigation technology. With the agriculture sector contributing significantly to India's GDP, the adoption of solar energy in this sector is expected to drive market growth.

In terms of regions, South India holds the largest share in the India solar energy market. The region has witnessed increased consumption and installation of solar energy capacities and energy storage systems. States like Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu have emerged as key players in the region, driving the growth of the market. The rising number of industrial projects and the increasing demand for electricity in these states contribute to the growing demand for solar energy.

Key players in the India solar energy market include Adani Group, Azure Power Global Limited, Mahindra Susten Private Limited, Sterling and Wilson Private Limited, Tata Power Solar Systems Limited, Bharat Heavy Electricals Limited, Solar Semiconductor Private Limited, Moser Baer Solar Limited, Central Electronics Limited, WAAREE, HHV Solar Technologies Private Limited, Lanco Solar Energy Private Limited, Jinko Solar Holdings Co. Limited, SMA Solar Technology AG, Trina Solar Limited, and other prominent players. The market is slightly fragmented, with several players focusing on solar module development and expanding their market share.

In November 2021, Adani Solar, a subsidiary of Adani Group, announced a collaboration with KSL Cleantech to expand their market presence in the renewable energy markets of Northeastern and Eastern India. Adani Solar also launched its retail distribution business for these regions, with KSL Cleantech as the official channel partner.

For businesses seeking opportunities in the India solar energy market, consulting analysts can provide valuable insights and support strategic decision-making. The comprehensive analysis offered in the report covers growth potential, emerging trends, and market statistics. It also examines the competitive landscape, challenges, and dynamics of the market, helping businesses stay ahead in this rapidly growing sector.

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Market Overview
Market Size & Forecast by Value, 2018-2028
By Value (USD Million)
Market Share & Forecast

By Technology
Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)

By Solar Module Type
Monocrystalline
Cadmium Telluride
Polycrystalline
Amorphous Silicon Cells
Others

By Application
Residential
Commercial
Others

By Deployment
Rooftop
Ground-Mounted

By Region
North
South
East
West

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This release was published on openPR.