Press release
India Solar Rooftop Market to Hit $6.17 Billion by 2030, Growing at 15.19% CAGR
India Solar Rooftop Market
The India Solar Rooftop Market is experiencing rapid expansion, driven by increasing government initiatives, cost reductions in solar technology, and growing consumer awareness about sustainable energy solutions. The market size, valued at USD 5.36 Billion in 2023, is expected to grow at a CAGR of 15.19 %, reaching USD 6.17 Billion by 2030. The surge in demand is primarily driven by industrial and commercial sectors, while residential adoption is also gaining traction.
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Competitive Landscape
The Indian solar rooftop market is highly competitive, with key players striving to expand their market share through technological advancements and strategic partnerships. Major companies operating in the sector include Tata Power Solar Systems Ltd, Adani Green Energy Ltd, Azure Power, Waaree Energies Ltd, ReNew Power, and Vikram Solar. These companies are actively investing in research and development to improve solar efficiency and affordability.
Regional Insights
Solar Rooftop Growth in the United States
The United States is witnessing a significant rise in solar rooftop installations, driven by favorable federal incentives and state-level renewable energy policies. Companies like Tesla Solar, Sunrun, and Vivint Solar are leading the market expansion through innovative financing options and technology-driven solutions. Recent mergers and acquisitions, such as Sunrun's acquisition of Vivint Solar, are further consolidating the industry.
Solar Rooftop Opportunities in Asia Pacific
Asia Pacific, particularly India, China, and Japan, is experiencing the fastest growth in the solar rooftop sector. India's PM-KUSUM scheme and other subsidy programs are propelling installations across the country. In China, government mandates on carbon neutrality are boosting rooftop solar investments, while Japan continues to integrate solar technology with advanced storage solutions. The region has witnessed several strategic acquisitions, with LONGi Solar expanding its footprint by acquiring local solar technology firms.
Solar Rooftop Trends in Europe
Europe remains a stronghold for solar rooftop installations, with countries like Germany, Spain, and the Netherlands leading the way. The European Green Deal and ambitious net-zero targets are accelerating investments in the sector. Iberdrola, Enel Green Power, and Vattenfall are actively investing in solar rooftop projects. Notable mergers include Iberdrola's acquisition of Infigen Energy, aimed at expanding its renewable portfolio.
Solar Rooftop Consolidation in the Middle East and Africa
The Middle East and Africa (MEA) region is gradually embracing solar rooftop technology, with countries like the UAE, Saudi Arabia, and South Africa investing heavily in renewable energy. The UAE's Shams Dubai Initiative is promoting solar rooftop adoption, while Saudi Arabia's Vision 2030 is encouraging private investments. Masdar and ACWA Power are leading the solar expansion through strategic collaborations. Recently, ACWA Power partnered with Dubai Electricity and Water Authority (DEWA) to develop new rooftop solar projects.
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Region-Specific Mergers, Acquisitions, and Key Developments
United States
Sunrun acquired Vivint Solar, strengthening its market position in residential solar solutions.
Tesla Solar introduced its solar roof tiles, expanding its innovative offerings in the rooftop segment.
Asia Pacific
LONGi Solar acquired regional solar technology firms to expand its manufacturing capabilities.
Tata Power Solar partnered with state governments to install large-scale rooftop solar projects across India.
Europe
Iberdrola acquired Infigen Energy, boosting its renewable energy assets.
Enel Green Power invested in smart solar grid solutions to optimize rooftop solar efficiency.
Middle East and Africa
ACWA Power partnered with DEWA to develop advanced rooftop solar systems.
Masdar expanded its renewable portfolio by investing in large-scale solar rooftop projects in North Africa.
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India Solar Rooftop Market Segmentation
by Capacity
1KW to 10 KW
11 KW to 100 KW
Above 100 KW
by Connectivity
On-Grid
Off-Grid
Hybrid
by End User
Residential
Commercial
Industrial
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Market Key Players
1. Tata Power Solar Systems Limited
2. Amplus Solar Power Pvt. Ltd.
3. Clean Max Enviro Energy Solutions Pvt. Ltd.
4. Sunsource Energy Pvt. Ltd.
5. Orb Energy Pvt. Ltd.
6. Fourth Partner Energy Pvt. Ltd.
7. Mahindra Susten Pvt. Ltd.
8. Growatt New Energy Technology Co. Ltd.
9. Roofsol Energy Pvt. Ltd.
10. Cleantech Energy Corporation Pte Ltd
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