India Solar Rooftop Market, By Capacity (<10 kW, 11 kW–100 kW, >100 kW); By Connectivity (On-Grid, Off-Grid); By End User (Residential, Commercial, Industrial); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
India Solar Rooftop Market Size Sizzling at Significant CAGR of almost 8% to Touch Hot Value of USD 6.2 Billion by 2030
India Solar Rooftop Market is flourishing due to a spurring demand for renewable energy driven by the government’s supportive subsidies and net metering policies, growing adoption of advancements in solar technology enhancing efficiency and affordability, and an increasing cost of electricity from conventional energy sources.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Solar Rooftop Market size by value at USD 5.23 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Solar Rooftop Market size to expand at a CAGR of 7.88% reaching a value of USD 6.19 billion by 2030. Solar Rooftop in India is propelled by the rising demand in the commercial and industrial sectors, along with government initiatives promoting renewable energy integration. Solar Rooftop installations empower individuals and businesses to embrace clean and sustainable electricity generation, fostering energy independence and environmental well-being. Also, growing consumer and business awareness regarding the detrimental effects of fossil fuels is propelling market expansion. Solar energy emerges as the clean, sustainable answer, mitigating greenhouse gas emissions and lessening reliance on non-renewable resources. Technological advancements and economies of scale have slashed solar panel costs in recent years, making this clean energy solution more financially attractive for homeowners and businesses, thereby accelerating its market adoption.
Opportunity – Significant potential for solar Rooftop adoption in MSME sector
The India Solar Rooftop Market is poised for unprecedented growth, with an anticipated addition of 4 GW capacity in FY 2024, as per industry estimates. While the commercial and industrial (C&I) segment shows saturation, micro, small, and medium-sized enterprises (MSMEs) present a vast, untapped opportunity. The next phase of growth hinges on MSMEs, yet financing products tailored to their needs are still emerging. However, perceptions of risk persist among financiers. State-level policies play a crucial role in fostering solar Rooftop adoption, with Gujarat, Andhra Pradesh, Telangana, and Delhi leading the way. Encouraging policies and streamlined approvals from electricity distribution companies (DISCOMs) are imperative nationwide to unlock the full potential of MSMEs in the solar Rooftop market.
Impact of Escalating Geopolitical Tensions on India Solar Rooftop Market
Geopolitical tensions can have a multifaceted impact on the India Solar Rooftop Market. Such tensions may disrupt supply chains, leading to shortages of critical components like solar panels and inverters. Additionally, heightened uncertainties can deter foreign investment, slowing down the pace of project development. Instability can also result in fluctuating currency exchange rates, increasing project costs. Moreover, geopolitical conflicts may divert government attention and resources away from renewable energy initiatives, delaying policy implementations and regulatory support for the solar sector. Consequently, the solar Rooftop market in India may experience slowdowns or setbacks due to escalating geopolitical tensions.
India Solar Rooftop Market
Segmental Coverage
India Solar Rooftop Market – By End User
Based on end user, the India Solar Rooftop Market is divided into Residential, Commercial, and Industrial segments. The residential segment holds the highest share in the India Solar Rooftop Market by end user. Residential consumers increasingly seek sustainable and cost-effective energy solutions, with solar Rooftop installations offering them the opportunity to generate their own clean energy and reduce electricity bills. Government incentives and subsidy programs specifically target residential installations, making them more financially accessible. Advancements in solar technology have also made solar Rooftop systems more efficient, affordable, and aesthetically appealing, further driving residential adoption. Overall, a combination of environmental consciousness, financial incentives, and technological advancements makes the residential segment the leading choice for solar Rooftop adoption in India.
India Solar Rooftop Market – By Region
Geographically, the India Solar Rooftop Market is divided into North India, South India, East India, and West India regions. South India region holds the highest share in the India Solar Rooftop Market. It is primarily driven by its substantial solar and wind energy potential. States like Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, and Telangana boast significant renewable energy resources, totaling 1,526 GW of solar energy potential and 1,124 GW of wind energy potential. However, realizing this potential necessitates substantial investments in strengthening intra-region transmission infrastructure. Collaborative efforts among policymakers, industry stakeholders, and civil society are crucial to accelerate South India's transition to net-zero emissions, positioning it as a leader in solar Rooftop adoption and contributing significantly to India's renewable energy targets by 2030.
Competitive Landscape
The India Solar Rooftop Market is fragmented, with numerous players serving the market. The key players dominating the India Solar Rooftop Market include Tata Power Solar, Adani Solar, Vikram Solar, Waaree Energies, Renew Power, Azure Power, CleanMax Solar, Hero Future Energies, Fourth Partner Energy, and Amplus Solar. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Solar Rooftop Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Solar Rooftop Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
- 1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
- 2. Executive Summary
- 3. India Solar Rooftop Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Subsidies and net metering policies
- 3.2.1.2. Increasing cost of conventional electricity
- 3.2.1.3. Growing Demand for Clean Energy
- 3.2.1.4. Advancements in solar technology enhancing efficiency and affordability
- 3.2.2. Restrains
- 3.2.2.1. Impact of changes in government policies or subsidies
- 3.2.2.2. Effects of global supply chain disruptions on project timelines and costs
- 3.2.2.3. Need for careful planning and investment for large-scale Solar Rooftop integration into the existing grid infrastructure
- 3.2.3. Opportunities
- 3.2.3.1. Significant potential for Solar Rooftop adoption in MSME sector
- 3.2.3.2. Peer-to-peer trading incentives
- 3.2.3.3. Development of innovative financing solutions to reduce upfront installation costs
- 3.2.3.4. Smart grid integration
- 3.2.4. Challenges
- 3.2.4.1. High upfront installation costs
- 3.2.4.2. Limited awareness of benefits and economics of Solar Rooftop
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter’s Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
- 4. India Solar Rooftop Market: Pricing Analysis
- 5. India Solar Rooftop Market: Marketing Strategies
- 6. India Solar Rooftop Market Overview
- 6.1. Market Size & Forecast, 2019–2030
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Capacity
- 6.2.1.1. <10 kW
- 6.2.1.2. 11–100 kW
- 6.2.1.3. >100 kW
- 6.2.2. By Connectivity
- 6.2.2.1. On-Grid
- 6.2.2.2. Off-Grid
- 6.2.3. By End User
- 6.2.3.1. Residential
- 6.2.3.2. Commercial
- 6.2.3.3. Industrial
- 6.2.4. By Region
- 6.2.4.1. North India
- 6.2.4.2. South India
- 6.2.4.3. East India
- 6.2.4.4. West India
- 7. North India Solar Rooftop Market
- 7.1. Market Size & Forecast, 2019–2030
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Capacity
- 7.2.2. By Connectivity
- 7.2.3. By End User
- 8. South India Solar Rooftop Market
- 8.1. Market Size & Forecast, 2019–2030
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Capacity
- 8.2.2. By Connectivity
- 8.2.3. By End User
- 9. East India Solar Rooftop Market
- 9.1. Market Size & Forecast, 2019–2030
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Capacity
- 9.2.2. By Connectivity
- 9.2.3. By End User
- 10. West India Solar Rooftop Market
- 10.1. Market Size & Forecast, 2019–2030
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Capacity
- 10.2.2. By Connectivity
- 10.2.3. By End User
- 11. Competitive Landscape
- 11.1. List of Key Players and Their Products
- 11.2. India Solar Rooftop Company Market Share Analysis, 2023
- 11.3. Competitive Benchmarking, By Operating Parameters
- 11.4. Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- 12. Impact of Escalating Geopolitical Tensions on India Solar Rooftop Market
- 13. Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
- 13.1. Tata Power Solar
- 13.2. Adani Solar
- 13.3. Vikram Solar
- 13.4. Waaree Energies
- 13.5. Renew Power
- 13.6. Azure Power
- 13.7. CleanMax Solar
- 13.8. Hero Future Energies
- 13.9. Fourth Partner Energy
- 13.10. Amplus Solar
- 13.11. Other Prominent Players
- 14. Key Strategic Recommendations
- 15. Research Methodology
- 15.1. Qualitative Research
- 15.1.1. Primary & Secondary Research
- 15.2. Quantitative Research
- 15.3. Market Breakdown & Data Triangulation
- 15.3.1. Secondary Research
- 15.3.2. Primary Research
- 15.4. Breakdown of Primary Research Respondents
- 15.5. Assumptions & Limitations
- *Financial information of non-listed companies can be provided as per availability.
- **The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
- List of Figures
- Figure 1 India Solar Rooftop Segmentation
- Figure 2 India Solar Rooftop Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Solar Rooftop Market Size, By Value (USD Billion), 2019–2030
- Figure 5 India Solar Rooftop Market Share, By Type, By Value (USD Billion), 2019–2030
- Figure 6 India Solar Rooftop Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030
- Figure 7 India Solar Rooftop Market Share, By Technology, By Value (USD Billion), 2019–2030
- Figure 8 India Solar Rooftop Market Share, By End User, By Value (USD Billion), 2019–2030
- Figure 9 India Solar Rooftop Market Share, By Purchase Type, By Value (USD Billion), 2019–2030
- List of Tables
- Table 1 India Solar Rooftop Market Size, By Value (USD Billion), 2019–2030
- Table 2 India Solar Rooftop Market Share, By Type, By Value (USD Billion), 2019–2030
- Table 3 India Solar Rooftop Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030
- Table 4 India Solar Rooftop Market Share, By Technology, By Value (USD Billion), 2019–2030
- Table 5 India Solar Rooftop Market Share, By End User, By Value (USD Billion), 2019–2030
- Table 6 India Solar Rooftop Market Share, By Purchase Type, By Value (USD Billion), 2019–2030
- Table 7 Tata Power Solar Company Overview
- Table 8 Tata Power Solar Financial Overview
- Table 9 Adani Solar Company Overview
- Table 10 Adani Solar Financial Overview
- Table 11 Vikram Solar Company Overview
- Table 12 Vikram Solar Financial Overview
- Table 13 Waaree Energies Company Overview
- Table 14 Waaree Energies Financial Overview
- Table 15 Renew Power Company Overview
- Table 16 Renew Power Financial Overview
- Table 17 Azure Power Company Overview
- Table 18 Azure Power Financial Overview
- Table 19 CleanMax Solar Company Overview
- Table 20 CleanMax Solar Financial Overview
- Table 21 Hero Future Energies Company Overview
- Table 22 Hero Future Energies Financial Overview
- Table 23 Fourth Partner Energy Company Overview
- Table 24 Fourth Partner Energy Financial Overview
- Table 25 Amplus Solar Company Overview
- Table 26 Amplus Solar Financial Overview
- Table 27 Other Prominent Players Company Overview
- Table 28 Other Prominent Players Financial Overview
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