According to the report, the India solar photovoltaic (PV) market reached approximately 14.16 GW in 2022. Aided by the growing need for sustainable energy solutions and growing number of government initiatives and incentives, the market is projected to further grow at a CAGR of 13.10% between 2023 and 2028, reaching a value of 29.62 GW by 2028.
Solar photovoltaic systems use semiconductor material and the photovoltaic effect to convert sunlight directly into power. Solar PV is crucial for cutting carbon emissions, boosting energy security, and expanding the mix of power generation sources. It is a desirable option for a variety of applications, including residential, commercial, and utility-scale power generation, because it offers these crucial advantages in addition to a clean, decentralised source of energy.
The escalating demand for sustainable and renewable energy sources is driving the India solar photovoltaic (PV) market growth. A considerable shift towards clean energy solutions has resulted in a rise in demand for solar PV installations as a result of growing knowledge of the environmental advantages associated with solar power generation. Additionally, the urgent need to solve India's energy shortages has increased the demand of solar PV, making it a vital part of India's energy strategy.
The expanding applications of solar PV in various sectors also play a significant role in propelling the India solar photovoltaic (PV) market. Solar PV systems are used by the commercial sector to meet their energy needs, capturing solar energy for use in daily operations. Due to governmental programmes promoting solar installations, rooftop solar PV system use has also increased in the residential sector. Additionally, utility-scale solar farms are becoming more widespread and play a substantial role in India's overall power generation.
The growth of the market is being aided by innovations like the creation of ultralight fabric solar cells that can rapidly and readily convert any flat surface into a source of power. Furthermore, the government's increasing focus on promoting solar energy has led to an enhanced emphasis on solar PV as a viable solution for India's power needs. With the introduction of favourable policies, subsidies, and targets, solar PV has emerged as a critical player in India's renewable energy landscape, thereby propelling the India solar photovoltaic (PV) market expansion.
These high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Solar photovoltaic systems use semiconductor material and the photovoltaic effect to convert sunlight directly into power. Solar PV is crucial for cutting carbon emissions, boosting energy security, and expanding the mix of power generation sources. It is a desirable option for a variety of applications, including residential, commercial, and utility-scale power generation, because it offers these crucial advantages in addition to a clean, decentralised source of energy.
The escalating demand for sustainable and renewable energy sources is driving the India solar photovoltaic (PV) market growth. A considerable shift towards clean energy solutions has resulted in a rise in demand for solar PV installations as a result of growing knowledge of the environmental advantages associated with solar power generation. Additionally, the urgent need to solve India's energy shortages has increased the demand of solar PV, making it a vital part of India's energy strategy.
The expanding applications of solar PV in various sectors also play a significant role in propelling the India solar photovoltaic (PV) market. Solar PV systems are used by the commercial sector to meet their energy needs, capturing solar energy for use in daily operations. Due to governmental programmes promoting solar installations, rooftop solar PV system use has also increased in the residential sector. Additionally, utility-scale solar farms are becoming more widespread and play a substantial role in India's overall power generation.
The growth of the market is being aided by innovations like the creation of ultralight fabric solar cells that can rapidly and readily convert any flat surface into a source of power. Furthermore, the government's increasing focus on promoting solar energy has led to an enhanced emphasis on solar PV as a viable solution for India's power needs. With the introduction of favourable policies, subsidies, and targets, solar PV has emerged as a critical player in India's renewable energy landscape, thereby propelling the India solar photovoltaic (PV) market expansion.
Market Segmentation
The market can be divided based on product type, technology, and region.Market Breakup by Product Type
- Ground Mounted
- Rooftop
Market Breakup by Technology
- Monocrystalline Silicon
- Thin Film
- Polycrystalline Silicon
- Others
Market Breakup by Region
- East India
- West India
- South India
- North India
Competitive Landscape
The report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India solar photovoltaic (PV) companies.Some of the major key players explored in the report are as follows:
- Tata Power Solar
- Vikram Solar Pvt Ltd
- WAAREE Energies Ltd.
- EMMVEE Photovoltaic Power Private Limited
- Indosolar
- Webel Solar
- Adani Solar
- Kotak Urja Pvt. Ltd
- Jakson Group
- Others
About the Analyst
Acquire unparalleled access to critical industry insights with our comprehensive market research reports, meticulously prepared by a team of seasoned experts. These reports are designed to equip decision-makers with an in-depth understanding of prevailing market trends, competitive landscapes, and growth opportunities.These high-quality, data-driven analyses provide the essential framework for organisations seeking to make informed and strategic decisions in an increasingly complex and rapidly evolving business environment. By investing in our market research reports, you can ensure your organisation remains agile, proactive, and poised for success in today's competitive market.
Don't miss the opportunity to elevate your business intelligence and fortify your strategic planning. Secure your organisation's future success by acquiring one of these reports today.
The analyst always strives to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.
Table of Contents
1 Preface2 Report Coverage - Key Segmentation and Scope4 Key Assumptions6 Market Snapshot7 Opportunities and Challenges in the Market13 Value Chain Analysis15 Key Trends and Developments in the Market
3 Report Description
5 Executive Summary
8 India Solar Photovoltaic (PV) Market Overview
9 India Solar Photovoltaic (PV) Market by Product Type
10 India Solar Photovoltaic (PV) Market by Technology
11 India Solar Photovoltaic (PV) Market by Region
12 Market Dynamics
14 Competitive Landscape
List of Key Figures and Tables
Companies Mentioned
- Tata Power Solar
- Vikram Solar Pvt Ltd
- WAAREE Energies Ltd.
- EMMVEE Photovoltaic Power Private Limited
- Indosolar
- Webel Solar
- Adani Solar
- Kotak Urja Pvt. Ltd
- Jakson Group
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 165 |
Published | October 2023 |
Forecast Period | 2023 - 2028 |
Estimated Market Value in 2023 | 16.01 Gigawatts |
Forecasted Market Value by 2028 | 29.62 Gigawatts |
Compound Annual Growth Rate | 13.1% |
Regions Covered | India |
No. of Companies Mentioned | 9 |