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 Code: CMI23465

Published Date: May 2023

Pages: 220+

Category: Renewable Energy

Report Snapshot

CAGR: 40%
38B
2022
58B
2023
238B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: India
Largest Market: India

Major Players

  • ABB Ltd.
  • Adani Enterprises Ltd.
  • ACME Solar
  • Azure Power
  • Canadian Solar Inc.
  • Others

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Reports Description

The India Solar Energy Market was estimated at USD 38 billion in 2022 and is anticipated to reach around USD 238 billion by 2030, growing at a CAGR of roughly 40% between 2023 and 2032. 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.

  • Due to its size and tremendous potential for growth and development, India’s energy demand is anticipated to rise more than any other nation in the next decades. The majority of this additional energy demand must therefore be satisfied by renewable, low-carbon sources. A significant turning point in the global fight to tackle climate change has been reached with India’s announcement that it plans to attain net zero carbon emissions by 2070 as well as to meet 50% of its electricity needs from renewable sources by 2030.
  • India’s market for renewable energy ranks fourth globally in terms of attractiveness. As of 2020, India’s installed capacity for renewable energy was fourth overall, sixth for solar power and fourth for wind power. With a CAGR of 15.92% between FY16 and FY22, installed renewable power generation capacity has accelerated during the past several years. With new capacity predicted to double by 2026, India is the market with the fastest growth in renewable electricity.
  • By 2030, the nation wants to have installed 450 Gigawatts (GW) of renewable energy, of which 280 GW (more than 60%) will be solar. Between March 2014 and March 2021, the installed capacity of solar energy expanded by more than 18 times, from 2.63 GW to 49.3 GW. India has increased its solar power capacity by 12 GW through November 2022.
  • Some of the recent key investments and developments in India’s renewable energy sector are:
    • The largest pension company in Norway, KLP, and Norfund, which run the Norwegian Climate Investment Fund, entered into a deal in August 2022 to purchase a 49% stake in a 420 MW solar power facility in Rajasthan for Rs. 2.8 billion (US$ 35.05 million).
    • In the first half of 2022, India produced 47.64 BU of solar energy, a 34% YoY increase.
    • A record US$ 14.5 billion was invested in renewable energy in India in FY22, a 125% increase over FY21.
    • The Indira Gandhi International Airport in Delhi is now the first airport in India to run solely on hydroelectric and solar energy.
    • The onsite solar power plants provide about 6% of the airport’s electricity needs.
    • With an investment of Rs. 12,000 crores (US$1.53 billion), Ayana Renewable Power Pvt Ltd (Ayana) announced intentions to build 2 GWs of renewable energy projects in Karnataka.
    • On the EY Renewable Energy Country Attractive Index 2021, India came third.

Report Scope

The India Solar Energy market research report offers an in-depth analysis of the country’s market size, which is further segmented into segmentation market growth. Also, it provides the market share, sales analysis, competitive landscape, the impact of domestic and global market participants, trade regulations, value chain optimization, recent key developments, strategic market growth analysis, opportunities analysis, product launches, and technological innovations. The scope of the study includes market sizing and forecast for segmentation by technology and application.

Report Scope

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
Base Year 2022
Forecast Period 2023-2032
Key Segment By Technology, Application, and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope India
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Key Market Dynamics

  • Over the past two decades, there has been a substantial shift in the world’s energy balance. Energy supply and demand were balanced as a result of increased energy efficiency. Utilizing renewable energy sources has a greater overall cost than conventional energy sources.
  • But as renewable technology advances, it is challenging fossil fuel-based power plants.
  • From an investor’s point of view, the sector has become more appealing due to the government’s enhanced assistance and improved economic conditions. Renewable energy adoption was prompted by low carbon emissions from these sources and rising environmental protection concerns, which increased global investments in renewable energy. The country’s solar energy sector is receiving more investments as a result of the growing emphasis on renewable energy sources, which will fuel the expansion of the Indian solar power market throughout the course of the forecast period.
  • High costs and unpredictability have hampered the use of renewable energy sources. By incorporating energy storage into the system, it is possible to overcome the intermittent nature of solar energy, increasing the use of renewable energy in hybrid systems. In India, the cost of renewable energy has been steadily declining. Additionally, the Indian government offers tax breaks to customers, lowering installation expenses and the overall cost of solar energy. As a result, solar energy has been providing fossil fuels like coal-based power in the nation’s fierce competition.
  • India is a prospective market for solar energy and may import solar panels from China at incredibly low prices, which would enhance solar power system sales in India and boost demand for solar energy among renewable sources. As a result, during the projection period, the growing solar power market in India would be fueled by the falling costs of solar energy.

India Solar Energy Market 2023–2032 (By Billion)

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Solar PV led the India Solar Energy Market in 2021

  • Due to the decreasing cost of solar modules and the adaptability of these systems for several uses, including electricity production and water heating, the solar PV category is anticipated to hold the biggest market share over the projection period.
  • The installed solar PV capacity in India increased from 34.86 GW in 2019 to around 38.98 GW in 2020, according to the International Renewable Energy Agency (IRENA), marking a gain of almost 11% over the course of the year. Large-scale solar PV installation deployments in India, notably for utility projects, were the cause of the growth. The Indian government has additional plans to boost the installed solar PV capacity.
  • In order to perform the evaluation research for Phase II of the Grid Connected Rooftop Solar Program, MNRE issued an Expression of Interest in December 2021.
  • The initiative is a component of the National Solar Mission, which seeks to develop grid-connected rooftop solar installation systems with a 40 GW capacity by 2022.
  • Reliance Industries and the Gujarat government entered into an agreement in January 2022 to invest INR 5 lakh crore in Gujarat over a 10- to 15-year period to build 100 GW of green energy power plants and a green hydrogen ecosystem. Utility-scale solar power plants are a type of renewable energy power plant. For the forthcoming renewable projects, RIL expects to spend INR 60,000 crore setting up production facilities for solar PV modules, batteries, electrolyzers, and fuel cells.
  • The solar PV category is anticipated to hold the largest market share in India during the forecast period as a result of these developments.

Competitive Landscape

The competitive landscape of the India Solar Energy industry gives information about the competitors. The company’s financials, revenue generated, market potential, investment in technology, presence, new market initiatives, players’ capacities, plant locations, company strengths and weaknesses, product release, product width and breadth, and application dominance are among the details that are included. The data points mentioned above only pertain to the companies’ market focus on India Solar Energy.

  • 2022: The Uttar Pradesh New and Renewable Energy Development Agency sponsored a bid process for a 125 MW solar project, and SJVN (Satluj Jal Vidyut Nigam Ltd) won it (UPNEDA). There are grid-connected solar projects totaling 75 MW in Jalaun and 50 MW in the Kanpur Dehat districts.

India Solar Energy Market 2023–2032 (By Technology)

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List of the prominent players in the India Solar Energy market:

  • 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
  • Others

The India Solar Energy market is segmented as follows:

By Technology

  • Solar Photovoltaic (PV)
  • Concentrated Solar Power (CSP)

By Application

  • Residential
  • Commercial
  • Industrial

On the basis of Geography

  • India

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market research methodology
  • Chapter 2. Executive Summary
    • 2.1 India Solar Energy Market, (2023 – 2032) (USD Billion)
    • 2.2 India Solar Energy Market : snapshot
  • Chapter 3. India Solar Energy Market – Industry Analysis
    • 3.1 India Solar Energy Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Indian government’s favorable policies for the generation of solar electricity
      • 3.2.2 Increase the production of high-efficiency solar modules.
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market attractiveness analysis By Technology
      • 3.7.2 Market attractiveness analysis By Application
  • Chapter 4. India Solar Energy Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 India Solar Energy Market: company market share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, cullaborations, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. India Solar Energy Market – Technology Analysis
    • 5.1 India Solar Energy Market overview: By Technology
      • 5.1.1 India Solar Energy Market share, By Technology, 2022 and 2032
    • 5.2 Solar Photovoltaic (PV)
      • 5.2.1 India Solar Energy Market by Solar Photovoltaic (PV), 2023 – 2032 (USD Billion)
    • 5.3 Concentrated Solar Power (CSP)
      • 5.3.1 India Solar Energy Market by Concentrated Solar Power (CSP), 2023 – 2032 (USD Billion)
  • Chapter 6. India Solar Energy Market – Application Analysis
    • 6.1 India Solar Energy Market overview: By Application
      • 6.1.1 India Solar Energy Market share, By Application, 2022 and 2032
    • 6.2 Residential
      • 6.2.1 India Solar Energy Market by Residential, 2023 – 2032 (USD Billion)
    • 6.3 Commercial
      • 6.3.1 India Solar Energy Market by Commercial, 2023 – 2032 (USD Billion)
    • 6.4 Industrial
      • 6.4.1 India Solar Energy Market by Industrial, 2023 – 2032 (USD Billion)
  • Chapter 7. India Solar Energy Market – Regional Analysis
    • 7.1 India Solar Energy Market Regional Overview
    • 7.2 India Solar Energy Market Share, by Region, 2022 & 2032 (USD Billion)
  • Chapter 8. Company Profiles
    • 8.1 ABB Ltd.
      • 8.1.1 Overview
      • 8.1.2 Financials
      • 8.1.3 Product Portfolio
      • 8.1.4 Business Strategy
      • 8.1.5 Recent Developments
    • 8.2 Adani Enterprises Ltd.
      • 8.2.1 Overview
      • 8.2.2 Financials
      • 8.2.3 Product Portfolio
      • 8.2.4 Business Strategy
      • 8.2.5 Recent Developments
    • 8.3 ACME Solar
      • 8.3.1 Overview
      • 8.3.2 Financials
      • 8.3.3 Product Portfolio
      • 8.3.4 Business Strategy
      • 8.3.5 Recent Developments
    • 8.4 Azure Power
      • 8.4.1 Overview
      • 8.4.2 Financials
      • 8.4.3 Product Portfolio
      • 8.4.4 Business Strategy
      • 8.4.5 Recent Developments
    • 8.5 Canadian Solar Inc.
      • 8.5.1 Overview
      • 8.5.2 Financials
      • 8.5.3 Product Portfolio
      • 8.5.4 Business Strategy
      • 8.5.5 Recent Developments
    • 8.6 Huawei Investment and Holding Co. Ltd.
      • 8.6.1 Overview
      • 8.6.2 Financials
      • 8.6.3 Product Portfolio
      • 8.6.4 Business Strategy
      • 8.6.5 Recent Developments
    • 8.7 GCL System Integration Technology Co. Ltd.
      • 8.7.1 Overview
      • 8.7.2 Financials
      • 8.7.3 Product Portfolio
      • 8.7.4 Business Strategy
      • 8.7.5 Recent Developments
    • 8.8 JA Solar Technology Co. Ltd.
      • 8.8.1 Overview
      • 8.8.2 Financials
      • 8.8.3 Product Portfolio
      • 8.8.4 Business Strategy
      • 8.8.5 Recent Developments
    • 8.9 Sterling and Wilson Solar Ltd.
      • 8.9.1 Overview
      • 8.9.2 Financials
      • 8.9.3 Product Portfolio
      • 8.9.4 Business Strategy
      • 8.9.5 Recent Developments
    • 8.10 juwi AG
      • 8.10.1 Overview
      • 8.10.2 Financials
      • 8.10.3 Product Portfolio
      • 8.10.4 Business Strategy
      • 8.10.5 Recent Developments
    • 8.11 Others
      • 8.11.1 Overview
      • 8.11.2 Financials
      • 8.11.3 Product Portfolio
      • 8.11.4 Business Strategy
      • 8.11.5 Recent Developments
List Of Figures

Figures No 1 to 14

List Of Tables

Tables No 1 to 2

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2030

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2030
  • Market revenue estimates and forecasts up to 2030, by technology
  • Market revenue estimates and forecasts up to 2030, by application
  • Market revenue estimates and forecasts up to 2030, by type
  • Market revenue estimates and forecasts up to 2030, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

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
  • Others

FAQs

The key factors driving the market are Indian government’s favorable policies for the generation of solar electricity and increase the production of high-efficiency solar modules.

The key players operating in the India Solar Energy market are 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, Others.

The India Solar Energy market is expanding growth with a CAGR of approximately 40% during the forecast period (2023 to 2032).

The India Solar Energy market size was valued at USD 38 Billion in 2022 and it is projected to reach around USD 238 Billion by 2032.

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