India rooftop solar market is set to grow, driven by rising environmental concerns and supportive government policies during the forecast period 2030.
According to the TechSci Research report, “India Rooftop Solar Market – By Region, Competition, Forecast & Opportunities, 2030,” the rooftop solar market in India is expected to experience significant growth during the forecast period. This growth is attributed to the abundance of solar energy available during the day and the increasing reliance on renewable energy sources for electricity generation.
Rooftop solar PV systems offer customers a way to protect their investments from fluctuating electricity prices. End-use industries can better estimate their electricity generation costs, as the cost of electricity produced by photovoltaics is easy to calculate. This trend is expected to positively impact the market in the coming years.
For instance, in October 2022, TATA Power announced plans to build a 1,000 MW rooftop solar project in Rajasthan over the next five years. Similarly, TATA Power collaborated with Union Bank to install rooftop solar systems, aiming to reduce the financial burden on micro, small, and medium enterprises (MSMEs) facing rising power costs and grid demands. Additionally, the Uttar Pradesh government revealed plans to implement rooftop solar projects for government and semi-government buildings in 2022.
The India rooftop solar market is segmented by technology, grid type, end-use, and region. The technology segment includes thin-film and crystalline silicon. The grid-type segment is divided into grid-connected and off-grid systems. The end-use segment includes residential, commercial, and industrial sectors. Regionally, the market is divided into North India, South India, West India, and East India.
In terms of technology, the market is split between crystalline silicon PV and thin-film PV. The crystalline silicon PV segment holds the largest market share and is expected to grow significantly in the future due to its higher efficiency and reliability. Crystalline panels are the preferred choice for both residential and commercial applications.
The industrial sector is projected to dominate the market in the coming years. The expansion of the business and industrial sectors is supported by advancements in technology and favorable policies. Indian officials are focusing on rooftop solar systems that can be easily integrated into industrial buildings to optimize energy use.
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Rooftop solar systems are a cost-effective alternative to diesel generators and conventional grid supply, generating electricity at a lower cost. The commercial and industrial sectors are expected to see substantial market growth due to the affordability and demand for new technology. These sectors typically face high electricity costs, and rooftop solar systems can significantly reduce their energy expenses. Additionally, many commercial properties in India are opting to lease spaces with permanent rooftops suitable for solar installations.
Key market players in the India rooftop solar market include:
- Cleantech Solar Energy India Pvt. Ltd
- Fourth Partner Energy Pvt. Ltd
- Amplus Solar Power Pvt. Ltd
- Clean Max Enviro Energy Solutions Pvt. Ltd
- Sunsource Energy Pvt. Ltd
- Orb Energy Private Limited
- Tata Power Solar Systems Limited
- Mahindra Susten Pvt. Ltd
- Growatt New Energy Technology Co. Ltd
- Sungrow Power Supply Co. Ltd
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“The India rooftop solar market is expected to expand during the next few years. High-wattage modules and integrated battery energy storage have enhanced electricity generation, driving the rooftop solar market in the country. India’s housetop sunlight-based market would certainly extend with a sufficient number and assortment of excellent rooftop solar plates. The market is likely to benefit from clean energy programs, targets, and projects in the pipeline, as innovation and advancements in products increase, and more home machines that utilize power become accessible. There is a rise in the preference for housetop sun-oriented photovoltaic frameworks in private structures to lessen the expense,” said Mr. Karan Chechi, Research Director at TechSci Research, a research-based global management consulting firm.
India Rooftop Solar Market By Technology (Thin Film, Crystalline Silicon), by Grid-type (Grid Connected, Off-grid), by End-use (Residential, Commercial, Industrial), By Region, Competition, Forecast, and Opportunities, 2029 has evaluated the future growth potential of India rooftop solar market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the India rooftop solar market.
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