Industrial Application Segment Led the India Solar Energy Market in 2021
The India Solar Energy Market was estimated at USD 38 billion in 2021 and is anticipated to reach around USD 238 billion by 2030, growing at a CAGR of roughly 40% between 2022 and 2030. Our research report offers a 360-degree view of the India Solar Energy market’s drivers and restraints, coupled with the impact they have on demand during the projection period. Also, the report examines opportunities and competitive analysis for the India Solar Energy market.
India Solar Energy Market: Overview
In 2021, the overall increase in the amount of power produced by solar energy sources quickened. The lowering cost of solar power technology, the adaptability of these systems, and a greener form of power generation are key factors influencing the Indian solar energy market. The market for solar energy is, however, constrained by problems like T&D losses (Transmission & Distribution) and unpredictable power supply continuity.
Browse the full “India Solar Energy Market Size, Trends and Insights By Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP)), By Application (Residential, Commercial, Industrial), and By Region – Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032″ report at https://www.custommarketinsights.com/report/india-solar-energy-market/
The study covers all the key trends and important driving factors that will have an impact on the expansion of the India Solar Energy industry throughout the anticipated time period. It also emphasizes the challenges and opportunities anticipated to have an impact on the market within the aforementioned time period.
The Indian government’s favorable policies for the generation of solar electricity are one of the main industry growth drivers. For instance, in April 2021, MNRE authorized a Production Linked Incentive (PLI) Scheme with an investment of INR 4,500 crore called the “National Program on High-Efficiency Solar PV Modules.”
The program offers Production Linked Incentive (PLI) on sales of high-efficiency solar PV modules as one of its many measures to stimulate the establishment of integrated manufacturing facilities. In the upcoming years, it seeks to improve both domestic manufacturing capacity and exports. Additionally, the Solar Energy Corporation of India, which is currently in charge of the development of the whole renewable energy industry, received an allocation of Rs. 1,000 crores (US$ 132 million) in the Union Budget 2022–23. The government included $2.57 billion (Rs. 19,500 crores) in the budget for a PLI program to increase the production of high-efficiency solar modules.
The market for India Solar Energy is segmented into technology and application. Based on technology, the market is bifurcated into solar photovoltaic and solar power. The solar photovoltaic segment dominated the market in 2021. Based on the application, the market is categorized into commercial, industrial, and residential.
The industrial segment led the India Solar Energy market in 2021. The industrial sector’s rapid growth and the availability of affordable renewable energy have created enormous growth potential for the use of solar power in the industrial sector. However, the residential market is the one that is expanding the fastest. This is because more people are becoming aware of solar electricity’s health and environmental advantages, which is anticipated to encourage market expansion in the residential sector.
|Feature of the Report||Details|
|Market Size in 2023||USD 58 Billion|
|Projected Market Size in 2032||USD 238 Billion|
|Market Size in 2022||USD 38 Billion|
|CAGR Growth Rate||40% CAGR|
|Key Segment||By Technology, Application, and Region|
|Report Coverage||Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends|
|Buying Options||Request tailored purchasing options to fulfil your requirements for research.|
Competitive Landscape/ Key Players Insights
Our market analysis includes a section specifically devoted to key players operating in the India Solar Energy market. Our analysts give an overview of each player’s financial statements, along with product benchmarking and SWOT analysis. The competitive landscape section includes key development strategies, market share analysis, and market positioning analysis of the mentioned competitors.
- 2022: India’s first large-sized monocrystalline silicon ingot has been released by Adani Solar, the Adani Group’s production and research division for photovoltaics.
- 2022: A 450MW hybrid power plant in Jaisalmer, Rajasthan, India, has been put into operation by Adani Green Energy (AGEL), the renewables division of the Adani Group, based in India. This project serves as AGEL’s third wind-solar hybrid power plant in the state.
- 2021: The Maharashtra State Electricity Distribution Company Limited (MSEDCL) awarded the largest energy provider in India, Tata Power, a contract to build a 300 MW wind-solar hybrid power plant.
- 2021: In order to expand its capabilities, Reliance New Energy Solar Ltd. announced two acquisitions. The two purchases, Sterling & Wilson Solar in India and REC Solar Holdings AS (REC Group), exceeded US$ 1 billion and are anticipated to help Reliance achieve its goal of installing 100 GW of solar energy at Jamnagar by 2030.
Some of the prominent players
- ABB Ltd.
- Adani Enterprises Ltd.
- ACME Solar
- Azure Power
- Canadian Solar Inc.
- Huawei Investment and Holding Co. Ltd.
- GCL System Integration Technology Co. Ltd.
- JA Solar Technology Co. Ltd.
- Sterling and Wilson Solar Ltd.
- juwi AG
The India Solar Energy market is segmented as follows:
- Solar Photovoltaic (PV)
- Concentrated Solar Power (CSP)
On the basis of Geography