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Solar Power Market in India 2024-2028

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    Report

  • 138 Pages
  • September 2024
  • Region: India
  • TechNavio
  • ID: 5550404
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The solar power market in india is forecasted to grow by USD 792.5 billion during 2023-2028, accelerating at a CAGR of 52.07% during the forecast period. The report on the solar power market in india provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.

The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment. The market is driven by increasing investments in renewable energy, favorable government regulations for solar energy, and increased adoption of microgrids.

The solar power market in india is segmented as below:

By Application

  • Grid-connected
  • Off-grid

By End-user

  • Utility
  • Rooftop

By Geographical Landscape

  • APAC
This study identifies the declining costs of solar energy as one of the prime reasons driving the solar power market in india growth during the next few years. Also, rising adoption of floating solar power plants and development of smart cities will lead to sizable demand in the market.

The report on the solar power market in india covers the following areas:

  • Solar power market in india sizing
  • Solar power market in india forecast
  • Solar power market in india industry analysis
A robust vendor analysis within the report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading solar power market in india vendors that include ABB Ltd., ACME Solar, Adani Group, Azure Power Global Ltd., Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., ReNew Energy Global Plc, Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy Ltd. Also, the solar power market in india analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.

The report presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. The market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.

Table of Contents

1 Executive Summary
1.1 Market overview
  • Executive Summary - Chart on Market Overview
  • Executive Summary - Data Table on Market Overview
  • Executive Summary - Chart on Country Market Characteristics
  • Executive Summary - Chart on Market Segmentation by Application
  • Executive Summary - Chart on Market Segmentation by End-user
  • Executive Summary - Chart on Company Market Positioning
2 Market Landscape
2.1 Market ecosystem
  • Parent Market
  • Data Table on - Parent Market
2.2 Market characteristics
  • Market characteristics analysis
2.3 Value chain analysis
  • Value Chain Analysis
3 Market Sizing
3.1 Market definition
  • Offerings of companies included in the market definition
3.2 Market segment analysis
  • Market segments
3.3 Market size 2023
3.4 Market outlook: Forecast for 2023-2028
  • Chart on India - Market size and forecast 2023-2028 ($ billion)
  • Data Table on India - Market size and forecast 2023-2028 ($ billion)
  • Chart on India: Year-over-year growth 2023-2028 (%)
  • Data Table on India: Year-over-year growth 2023-2028 (%)
4 Historic Market Size
4.1 Solar Power Market in India 2018 - 2022
  • Historic Market Size - Data Table on Solar Power Market in India 2018 - 2022 ($ billion)
4.2 Application segment analysis 2018 - 2022
  • Historic Market Size - Application Segment 2018 - 2022 ($ billion)
4.3 End-user segment analysis 2018 - 2022
  • Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
5 Five Forces Analysis
5.1 Five forces summary
  • Five forces analysis - Comparison between 2023 and 2028
5.2 Bargaining power of buyers
  • Bargaining power of buyers - Impact of key factors 2023 and 2028
5.3 Bargaining power of suppliers
  • Bargaining power of suppliers - Impact of key factors in 2023 and 2028
5.4 Threat of new entrants
  • Threat of new entrants - Impact of key factors in 2023 and 2028
5.5 Threat of substitutes
  • Threat of substitutes - Impact of key factors in 2023 and 2028
5.6 Threat of rivalry
  • Threat of rivalry - Impact of key factors in 2023 and 2028
5.7 Market condition
  • Chart on Market condition - Five forces 2023 and 2028
6 Market Segmentation by Application
6.1 Market segments
  • Chart on Application - Market share 2023-2028 (%)
  • Data Table on Application - Market share 2023-2028 (%)
6.2 Comparison by Application
  • Chart on Comparison by Application
  • Data Table on Comparison by Application
6.3 Grid-connected - Market size and forecast 2023-2028
  • Chart on Grid-connected - Market size and forecast 2023-2028 ($ billion)
  • Data Table on Grid-connected - Market size and forecast 2023-2028 ($ billion)
  • Chart on Grid-connected - Year-over-year growth 2023-2028 (%)
  • Data Table on Grid-connected - Year-over-year growth 2023-2028 (%)
6.4 Off-grid - Market size and forecast 2023-2028
  • Chart on Off-grid - Market size and forecast 2023-2028 ($ billion)
  • Data Table on Off-grid - Market size and forecast 2023-2028 ($ billion)
  • Chart on Off-grid - Year-over-year growth 2023-2028 (%)
  • Data Table on Off-grid - Year-over-year growth 2023-2028 (%)
6.5 Market opportunity by Application
  • Market opportunity by Application ($ billion)
  • Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by End-user
7.1 Market segments
  • Chart on End-user - Market share 2023-2028 (%)
  • Data Table on End-user - Market share 2023-2028 (%)
7.2 Comparison by End-user
  • Chart on Comparison by End-user
  • Data Table on Comparison by End-user
7.3 Utility - Market size and forecast 2023-2028
  • Chart on Utility - Market size and forecast 2023-2028 ($ billion)
  • Data Table on Utility - Market size and forecast 2023-2028 ($ billion)
  • Chart on Utility - Year-over-year growth 2023-2028 (%)
  • Data Table on Utility - Year-over-year growth 2023-2028 (%)
7.4 Rooftop - Market size and forecast 2023-2028
  • Chart on Rooftop - Market size and forecast 2023-2028 ($ billion)
  • Data Table on Rooftop - Market size and forecast 2023-2028 ($ billion)
  • Chart on Rooftop - Year-over-year growth 2023-2028 (%)
  • Data Table on Rooftop - Year-over-year growth 2023-2028 (%)
7.5 Market opportunity by End-user
  • Market opportunity by End-user ($ billion)
  • Data Table on Market opportunity by End-user ($ billion)
8 Customer Landscape
8.1 Customer landscape overview
  • Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Opportunity/Restraints
9.1 Market drivers
9.2 Market challenges
9.3 Impact of drivers and challenges
  • Impact of drivers and challenges in 2023 and 2028
9.4 Market opportunities/restraints
10 Competitive Landscape
10.1 Overview
10.2 Competitive Landscape
  • Overview on criticality of inputs and factors of differentiation
10.3 Landscape disruption
  • Overview on factors of disruption
10.4 Industry risks
  • Impact of key risks on business
11 Competitive Analysis
11.1 Companies profiled
  • Companies covered
11.2 Market positioning of companies
  • Matrix on companies position and classification
11.3 ABB Ltd.
  • ABB Ltd. - Overview
  • ABB Ltd. - Business segments
  • ABB Ltd. - Key news
  • ABB Ltd. - Key offerings
  • ABB Ltd. - Segment focus
11.4 ACME Solar
  • ACME Solar - Overview
  • ACME Solar - Product / Service
  • ACME Solar - Key offerings
11.5 Adani Group
  • Adani Group - Overview
  • Adani Group - Product / Service
  • Adani Group - Key news
  • Adani Group - Key offerings
11.6 Azure Power Global Ltd.
  • Azure Power Global Ltd. - Overview
  • Azure Power Global Ltd. - Product / Service
  • Azure Power Global Ltd. - Key offerings
11.7 Canadian Solar Inc.
  • Canadian Solar Inc. - Overview
  • Canadian Solar Inc. - Business segments
  • Canadian Solar Inc. - Key news
  • Canadian Solar Inc. - Key offerings
  • Canadian Solar Inc. - Segment focus
11.8 GCL System Integration Technology Co. Ltd.
  • GCL System Integration Technology Co. Ltd. - Overview
  • GCL System Integration Technology Co. Ltd. - Product / Service
  • GCL System Integration Technology Co. Ltd. - Key offerings
11.9 Huawei Technologies Co. Ltd.
  • Huawei Technologies Co. Ltd. - Overview
  • Huawei Technologies Co. Ltd. - Product / Service
  • Huawei Technologies Co. Ltd. - Key news
  • Huawei Technologies Co. Ltd. - Key offerings
11.10 JA Solar Technology Co. Ltd.
  • JA Solar Technology Co. Ltd. - Overview
  • JA Solar Technology Co. Ltd. - Product / Service
  • JA Solar Technology Co. Ltd. - Key news
  • JA Solar Technology Co. Ltd. - Key offerings
11.11 Larsen and Toubro Ltd.
  • Larsen and Toubro Ltd. - Overview
  • Larsen and Toubro Ltd. - Business segments
  • Larsen and Toubro Ltd. - Key news
  • Larsen and Toubro Ltd. - Key offerings
  • Larsen and Toubro Ltd. - Segment focus
11.12 Mahindra and Mahindra Ltd.
  • Mahindra and Mahindra Ltd. - Overview
  • Mahindra and Mahindra Ltd. - Business segments
  • Mahindra and Mahindra Ltd. - Key news
  • Mahindra and Mahindra Ltd. - Key offerings
  • Mahindra and Mahindra Ltd. - Segment focus
11.13 MVV Energie AG
  • MVV Energie AG - Overview
  • MVV Energie AG - Business segments
  • MVV Energie AG - Key offerings
  • MVV Energie AG - Segment focus
11.14 Reliance Industries Ltd.
  • Reliance Industries Ltd. - Overview
  • Reliance Industries Ltd. - Business segments
  • Reliance Industries Ltd. - Key news
  • Reliance Industries Ltd. - Key offerings
  • Reliance Industries Ltd. - Segment focus
11.15 ReNew Energy Global Plc
  • ReNew Energy Global Plc - Overview
  • ReNew Energy Global Plc - Business segments
  • ReNew Energy Global Plc - Key offerings
  • ReNew Energy Global Plc - Segment focus
11.16 Risen Energy Co. Ltd.
  • Risen Energy Co. Ltd. - Overview
  • Risen Energy Co. Ltd. - Product / Service
  • Risen Energy Co. Ltd. - Key news
  • Risen Energy Co. Ltd. - Key offerings
11.17 Sterling and Wilson Renewable Energy Ltd
  • Sterling and Wilson Renewable Energy Ltd - Overview
  • Sterling and Wilson Renewable Energy Ltd - Business segments
  • Sterling and Wilson Renewable Energy Ltd - Key offerings
  • Sterling and Wilson Renewable Energy Ltd - Segment focus
12 Appendix
12.1 Scope of the report
12.2 Inclusions and exclusions checklist
  • Inclusions checklist
  • Exclusions checklist
12.3 Currency conversion rates for US$
  • Currency conversion rates for US$
12.4 Research methodology
  • Research methodology
12.5 Data procurement
  • Information sources
12.6 Data validation
  • Data validation
12.7 Validation techniques employed for market sizing
  • Validation techniques employed for market sizing
12.8 Data synthesis
  • Data synthesis
12.9 360 degree market analysis
  • 360 degree market analysis
12.10 List of abbreviations
  • List of abbreviations
List of Exhibits
Exhibits 1: Executive Summary - Chart on Market Overview
Exhibits 2: Executive Summary - Data Table on Market Overview
Exhibits 3: Executive Summary - Chart on Country Market Characteristics
Exhibits 4: Executive Summary - Chart on Market Segmentation by Application
Exhibits 5: Executive Summary - Chart on Market Segmentation by End-user
Exhibits 6: Executive Summary - Chart on Company Market Positioning
Exhibits 7: Parent Market
Exhibits 8: Data Table on - Parent Market
Exhibits 9: Market characteristics analysis
Exhibits 10: Value Chain Analysis
Exhibits 11: Offerings of companies included in the market definition
Exhibits 12: Market segments
Exhibits 13: Chart on India - Market size and forecast 2023-2028 ($ billion)
Exhibits 14: Data Table on India - Market size and forecast 2023-2028 ($ billion)
Exhibits 15: Chart on India: Year-over-year growth 2023-2028 (%)
Exhibits 16: Data Table on India: Year-over-year growth 2023-2028 (%)
Exhibits 17: Historic Market Size - Data Table on Solar Power Market in India 2018 - 2022 ($ billion)
Exhibits 18: Historic Market Size - Application Segment 2018 - 2022 ($ billion)
Exhibits 19: Historic Market Size - End-user Segment 2018 - 2022 ($ billion)
Exhibits 20: Five forces analysis - Comparison between 2023 and 2028
Exhibits 21: Bargaining power of buyers - Impact of key factors 2023 and 2028
Exhibits 22: Bargaining power of suppliers - Impact of key factors in 2023 and 2028
Exhibits 23: Threat of new entrants - Impact of key factors in 2023 and 2028
Exhibits 24: Threat of substitutes - Impact of key factors in 2023 and 2028
Exhibits 25: Threat of rivalry - Impact of key factors in 2023 and 2028
Exhibits 26: Chart on Market condition - Five forces 2023 and 2028
Exhibits 27: Chart on Application - Market share 2023-2028 (%)
Exhibits 28: Data Table on Application - Market share 2023-2028 (%)
Exhibits 29: Chart on Comparison by Application
Exhibits 30: Data Table on Comparison by Application
Exhibits 31: Chart on Grid-connected - Market size and forecast 2023-2028 ($ billion)
Exhibits 32: Data Table on Grid-connected - Market size and forecast 2023-2028 ($ billion)
Exhibits 33: Chart on Grid-connected - Year-over-year growth 2023-2028 (%)
Exhibits 34: Data Table on Grid-connected - Year-over-year growth 2023-2028 (%)
Exhibits 35: Chart on Off-grid - Market size and forecast 2023-2028 ($ billion)
Exhibits 36: Data Table on Off-grid - Market size and forecast 2023-2028 ($ billion)
Exhibits 37: Chart on Off-grid - Year-over-year growth 2023-2028 (%)
Exhibits 38: Data Table on Off-grid - Year-over-year growth 2023-2028 (%)
Exhibits 39: Market opportunity by Application ($ billion)
Exhibits 40: Data Table on Market opportunity by Application ($ billion)
Exhibits 41: Chart on End-user - Market share 2023-2028 (%)
Exhibits 42: Data Table on End-user - Market share 2023-2028 (%)
Exhibits 43: Chart on Comparison by End-user
Exhibits 44: Data Table on Comparison by End-user
Exhibits 45: Chart on Utility - Market size and forecast 2023-2028 ($ billion)
Exhibits 46: Data Table on Utility - Market size and forecast 2023-2028 ($ billion)
Exhibits 47: Chart on Utility - Year-over-year growth 2023-2028 (%)
Exhibits 48: Data Table on Utility - Year-over-year growth 2023-2028 (%)
Exhibits 49: Chart on Rooftop - Market size and forecast 2023-2028 ($ billion)
Exhibits 50: Data Table on Rooftop - Market size and forecast 2023-2028 ($ billion)
Exhibits 51: Chart on Rooftop - Year-over-year growth 2023-2028 (%)
Exhibits 52: Data Table on Rooftop - Year-over-year growth 2023-2028 (%)
Exhibits 53: Market opportunity by End-user ($ billion)
Exhibits 54: Data Table on Market opportunity by End-user ($ billion)
Exhibits 55: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
Exhibits 56: Impact of drivers and challenges in 2023 and 2028
Exhibits 57: Overview on criticality of inputs and factors of differentiation
Exhibits 58: Overview on factors of disruption
Exhibits 59: Impact of key risks on business
Exhibits 60: Companies covered
Exhibits 61: Matrix on companies position and classification
Exhibits 62: ABB Ltd. - Overview
Exhibits 63: ABB Ltd. - Business segments
Exhibits 64: ABB Ltd. - Key news
Exhibits 65: ABB Ltd. - Key offerings
Exhibits 66: ABB Ltd. - Segment focus
Exhibits 67: ACME Solar - Overview
Exhibits 68: ACME Solar - Product / Service
Exhibits 69: ACME Solar - Key offerings
Exhibits 70: Adani Group - Overview
Exhibits 71: Adani Group - Product / Service
Exhibits 72: Adani Group - Key news
Exhibits 73: Adani Group - Key offerings
Exhibits 74: Azure Power Global Ltd. - Overview
Exhibits 75: Azure Power Global Ltd. - Product / Service
Exhibits 76: Azure Power Global Ltd. - Key offerings
Exhibits 77: Canadian Solar Inc. - Overview
Exhibits 78: Canadian Solar Inc. - Business segments
Exhibits 79: Canadian Solar Inc. - Key news
Exhibits 80: Canadian Solar Inc. - Key offerings
Exhibits 81: Canadian Solar Inc. - Segment focus
Exhibits 82: GCL System Integration Technology Co. Ltd. - Overview
Exhibits 83: GCL System Integration Technology Co. Ltd. - Product / Service
Exhibits 84: GCL System Integration Technology Co. Ltd. - Key offerings
Exhibits 85: Huawei Technologies Co. Ltd. - Overview
Exhibits 86: Huawei Technologies Co. Ltd. - Product / Service
Exhibits 87: Huawei Technologies Co. Ltd. - Key news
Exhibits 88: Huawei Technologies Co. Ltd. - Key offerings
Exhibits 89: JA Solar Technology Co. Ltd. - Overview
Exhibits 90: JA Solar Technology Co. Ltd. - Product / Service
Exhibits 91: JA Solar Technology Co. Ltd. - Key news
Exhibits 92: JA Solar Technology Co. Ltd. - Key offerings
Exhibits 93: Larsen and Toubro Ltd. - Overview
Exhibits 94: Larsen and Toubro Ltd. - Business segments
Exhibits 95: Larsen and Toubro Ltd. - Key news
Exhibits 96: Larsen and Toubro Ltd. - Key offerings
Exhibits 97: Larsen and Toubro Ltd. - Segment focus
Exhibits 98: Mahindra and Mahindra Ltd. - Overview
Exhibits 99: Mahindra and Mahindra Ltd. - Business segments
Exhibits 100: Mahindra and Mahindra Ltd. - Key news
Exhibits 101: Mahindra and Mahindra Ltd. - Key offerings
Exhibits 102: Mahindra and Mahindra Ltd. - Segment focus
Exhibits 103: MVV Energie AG - Overview
Exhibits 104: MVV Energie AG - Business segments
Exhibits 105: MVV Energie AG - Key offerings
Exhibits 106: MVV Energie AG - Segment focus
Exhibits 107: Reliance Industries Ltd. - Overview
Exhibits 108: Reliance Industries Ltd. - Business segments
Exhibits 109: Reliance Industries Ltd. - Key news
Exhibits 110: Reliance Industries Ltd. - Key offerings
Exhibits 111: Reliance Industries Ltd. - Segment focus
Exhibits 112: ReNew Energy Global Plc - Overview
Exhibits 113: ReNew Energy Global Plc - Business segments
Exhibits 114: ReNew Energy Global Plc - Key offerings
Exhibits 115: ReNew Energy Global Plc - Segment focus
Exhibits 116: Risen Energy Co. Ltd. - Overview
Exhibits 117: Risen Energy Co. Ltd. - Product / Service
Exhibits 118: Risen Energy Co. Ltd. - Key news
Exhibits 119: Risen Energy Co. Ltd. - Key offerings
Exhibits 120: Sterling and Wilson Renewable Energy Ltd - Overview
Exhibits 121: Sterling and Wilson Renewable Energy Ltd - Business segments
Exhibits 122: Sterling and Wilson Renewable Energy Ltd - Key offerings
Exhibits 123: Sterling and Wilson Renewable Energy Ltd - Segment focus
Exhibits 124: Inclusions checklist
Exhibits 125: Exclusions checklist
Exhibits 126: Currency conversion rates for US$
Exhibits 127: Research methodology
Exhibits 128: Information sources
Exhibits 129: Data validation
Exhibits 130: Validation techniques employed for market sizing
Exhibits 131: Data synthesis
Exhibits 132: 360 degree market analysis
Exhibits 133: List of abbreviations

Executive Summary

The following companies are recognized as the key players in the global solar power market in india: ABB Ltd., ACME Solar, Adani Group, Azure Power Global Ltd., Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., ReNew Energy Global Plc, Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy Ltd..

Commenting on the report, an analyst from the research team said: "The latest trend gaining momentum in the market is declining costs of solar energy."

According to the report, one of the major drivers for this market is the increasing investments in renewable energy.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • ABB Ltd.
  • ACME Solar
  • Adani Group
  • Azure Power Global Ltd.
  • Canadian Solar Inc.
  • GCL System Integration Technology Co. Ltd.
  • Huawei Technologies Co. Ltd.
  • JA Solar Technology Co. Ltd.
  • Larsen and Toubro Ltd.
  • Mahindra and Mahindra Ltd.
  • MVV Energie AG
  • Reliance Industries Ltd.
  • ReNew Energy Global Plc
  • Risen Energy Co. Ltd.
  • SMA Solar Technology AG
  • Sterling and Wilson Renewable Energy Ltd
  • Sungrow Power Supply Co. Ltd.
  • Sunsure Energy
  • Suzlon Energy Ltd.