India Solar Energy Market is set to grow due to increasing awareness of reduced carbon emissions and supportive government regulations during the forecast period.
According to the TechSci Research report, “India Solar Energy Market – By Region, Competition, Forecast & Opportunities, 2029F,” the India Solar Energy Market is expected to experience strong growth from 2025 to 2029. Between 2014 and 2021, renewable energy in India saw a remarkable 250% growth, as highlighted by Prime Minister Narendra Modi in June 2022. In 2021, India launched the Mission Innovation Cleantech Exchange to further accelerate clean energy development.
As of October 2022, India’s total installed renewable energy capacity (including hydro) reached 165.94 GW, accounting for 40.6% of the country’s total installed power capacity. With ongoing government initiatives and an expanding renewable energy infrastructure, the India Solar Energy Market is set to register a significant CAGR in the forecast period.
Additionally, the rising demand for electricity is a major factor driving market growth. The Central Electricity Authority projects that India’s electricity demand will reach 817 GW by 2030, with the real estate and transportation sectors expected to be the primary drivers of this demand.
For more insights, browse detailed market data, charts, and a comprehensive table of contents in the “India Solar Energy Market” report.
https://www.techsciresearch.com/report/india-solar-energy-market/15652.html
India Solar Energy Market is segmented based on Technology, Solar Module, Application, End-Use, and Region. Based on region, the market is divided into West, North, South and East.
Based on Technology, the market is divided into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP). Solar Photovoltaic (PV) segment is expected to dominate the market in the forecast period. The market for solar energy benefits from the rapid expansion of electric vehicle use by increasing demand for solar-powered EV charging infrastructure. In addition, lowering costs and government incentives have helped the PV system industry in India grow significantly in the recent years. Furthermore, solar energy is likely to become more popular as governments all over the world give it a higher priority, opening up prospects for industry innovation and expansion.
Based on Solar Module, the market is divided into Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. By gaining more than half of the market shares for solar energy in 2022, the polycrystalline sector was the industry-leading sector, nationally, and it is predicted that this pattern would continue throughout the forecast period. This can be attributed to the fact that now a days calculators and smartwatches are often made in the electronics sector using new multi-Si (mc-Si) technology. Additionally, consumers’ rising standard of living and rising disposable income have increased the need for electronics and smart devices, which is anticipated to drive up the demand for polycrystalline module.
Based on Application, the market is divided into Residential, Commercial, and Industrial. In terms of application, the industrial sector captured more than two-fifths of the solar energy market share in 2022, and it is predicted that this trend would continue over the course of the projection period. The nation’s rapid industrialization and population growth have increased demand for a variety of commercial products. -.
Based on End-Use, the market is divided into Electricity Generation, Lighting, Heating, and Charging, where Electricity Generation segment is expected to dominate the market in the forecast period. Solar concentrators were developed as a result of the hunt for alternate power-generating methods brought on by the rising awareness of the environmental effects of greenhouse gases. Furthermore, the lack of fossil fuel resources in developing nations like India has prompted the development of solar-powered power plants as an alternative way of generating electricity.
Key market players in the India Solar Energy Market include:
- Adani Enterprises Limited
- Emmvee Photovoltaic Power Private Limited
- Azure Power India Pvt Ltd.
- JinkoSolar Holding Co., Ltd.
- NTPC Limited
- The Tata Power Company Limited
- Torrent Power Limited
- Mahindra Susten Private Limited
- Vikram Solar Limited
- Vivaan Solar Private Limited
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“India’s solar energy market is expanding as a result of rising energy consumption driven by the country’s expanding population. Additionally, rise in demand for renewable energy sources has been seen across the country, along with supportive government laws that have sped up industry expansion. These laws emphasize lowering reliance on fossil fuels and aid in reducing environmental pollution. Thus, the demand for renewable energy sources like solar energy is consequently boosted.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Solar Energy Market by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Solar Module (Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Application (Residential, Commercial, Industrial), By End-Use (Electricity Generation, Lighting, Heating, Charging), By Region, Size, Share, Trends, Opportunity, and Forecast, 2029F”, has evaluated the future growth potential of India Solar Energy 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 Solar Energy Market
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