India Solar Power Equipment Market to Reach USD 27.7 Billion by 2033, Growing at 8.26% CAGR - IMARC Group

NOIDA, INDIA - IMARC Group, a leading market research company, has released a new report titled "India Solar Power Equipment Market Size, Share, Trends and Forecast by Equipment, Application, and Region, 2025-2033." The study offers a comprehensive analysis of the industry, covering market share, growth, trends, and regional insights.

Market Growth and Outlook: According to the report, the India solar power equipment market was valued at USD 13.6 billion in 2024. Looking forward, IMARC Group expects the market to reach USD 27.7 billion by 2033, exhibiting a growth rate (CAGR) of 8.26% during the forecast period of 2025-2033.

Free Sample Download PDF: https://www.imarcgroup.com/india-solar-power-equipment-market/requestsample (Note: We are currently updating our reports to the 2026-2034 period. Click the link above to get the latest data, information, and industry insights.)

Factors Driving the India Solar Power Equipment Market: The market is witnessing significant growth primarily due to India's aggressive renewable energy targets and the increasing demand for clean and affordable energy.

• Government Policy and Regulatory Support: The strong push from the government via national renewable energy programs is a major catalyst. Policies aimed at increasing procurement of solar equipment for both utility-scale and rooftop projects are creating a conducive environment for market expansion.

• "Make in India" & Domestic Manufacturing: There is a growing focus on reducing import dependence. Initiatives promoting domestic manufacturing of PV modules and inverters are localizing the supply chain, attracting investments, and driving the equipment market forward.

• Declining Costs & Economic Viability: The declining costs of solar technology, driven by economies of scale and technological improvements, have made solar power systems cost-competitive with conventional energy, boosting adoption across residential, commercial, and industrial sectors.

Significant Market Trends:

• Expansion of Rooftop and Distributed Solar: A major trend in the market is the rapid uptake of rooftop and distributed solar systems. Residential households and small-scale commercial setups are increasingly adopting solar PV systems to cut energy bills. This shift is diversifying demand beyond large solar farms, significantly boosting the market for specific equipment like mounting structures and smaller inverters.

• Integration of Energy Storage and Grid Stability: As solar capacity expands, the intermittency of solar power has necessitated better grid integration solutions. Consequently, there is a rising trend in demand for advanced inverters, battery storage systems, and grid-stabilizing BOS components. This integration is critical for ensuring reliable power supply and improving the overall infrastructure readiness for renewable energy.

• Technological Advancements and Efficiency Upgrades: The market is witnessing continuous technological upgrades, particularly in PV module efficiency and inverter innovations. Manufacturers are focusing on high-efficiency modules and advanced balance-of-system components that improve the Return on Investment (ROI) for end-users. These advancements make solar installations more attractive and cost-effective, accelerating their deployment across the country.

• Surging Commercial and Industrial (C&I) Adoption: Businesses and industries are increasingly installing captive solar power systems to meet sustainability commitments and reduce operational costs. This growing uptake in the C&I segment is a key trend fueling the demand for reliable and high-capacity solar equipment.

Speak to Analyst or Any Inquiry, Before Buying the Report: https://www.imarcgroup.com/request?type=report&id=22006&flag=C

Comprehensive Market Report Highlights & Segmentation Analysis:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India Solar Power Equipment Market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Equipment Insights:

• Solar Panels
• Mounting, Racking, and Tracking System
• Storage System
• Others

Application Insights:

• Residential
• Non-residential
• Utility

Regional Insights:

• North India
• West and Central India
• South India
• East and Northeast India

Ask Analyst for Customization: https://www.imarcgroup.com/request?type=report&id=22006&flag=E

Competitor Landscape:

The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

Other key areas covered in the report:

• COVID-19 Impact on the Market
• Porter's Five Forces Analysis
• Strategic Recommendations
• Market Dynamics
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape
• Top Winning Strategies
• Recent Industry News
• Key Technological Trends & Development

Frequently Asked Questions:

Q1. What was the size of the India Solar Power Equipment Market in 2024?
A1. The market was valued at USD 13.6 billion in 2024.

Q2. What is the forecast value of this market by 2033?
A2. It is projected to reach USD 27.7 billion by 2033, at a CAGR of 8.26%.

Q3. What does "solar power equipment" include?
A3. Equipment includes PV modules (solar panels), inverters, batteries/energy storage, mounting structures, wiring & BOS components - all necessary to harness solar energy and integrate with the grid.

Q4. What are the main factors fueling the growth of the solar power equipment market in India?
A4. Key factors include supportive government policies, declining costs of solar technology, increasing adoption across sectors (residential, commercial, industrial), growing demand for clean energy, and localization of manufacturing. (As outlined in "Growth Drivers" above.)

Q5. Which segments (users) drive the demand for solar equipment?
A5. Demand comes from utility-scale solar projects, commercial and industrial installations, rooftop systems for residential and commercial buildings, and emerging distributed energy and off-grid systems.

Q6. How is the policy environment shaping this market's growth?
A6. National renewable energy policies, incentives for solar deployment, support for domestic manufacturing, and regulatory frameworks supporting grid integration and solar installations contribute significantly to market expansion.

Explore More Reports & Get Your Free Sample Now!

• India Circuit Breaker Market https://www.imarcgroup.com/india-circuit-breaker-market/requestsample

• India Renewable Energy Equipment Market https://www.imarcgroup.com/india-renewable-energy-equipment-market/requestsample

• India Thermal Energy Storage Market https://www.imarcgroup.com/india-thermal-energy-storage-market/requestsample

• India Gas Genset Market https://www.imarcgroup.com/india-gas-genset-market/requestsample

• India LNG Bunkering Market https://www.imarcgroup.com/india-lng-bunkering-market/requestsample

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: sales@imarcgroup.com
Tel No:(D) +91 120 433 0800
United States: +1-201971-6302

IMARC Group is a global management consulting firm that helps the world's most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services.

IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

This release was published on openPR.