India Solar PV Module Market, By Type (Monocrystalline, Polycrystalline, Thin-Film), By End User (Residential, Commercial, Utility-Scale), By Application (Grid-Connected and Off-Grid)

India Solar PV Module Market, By Type (Monocrystalline, Polycrystalline, Thin-Film), By End User (Residential, Commercial, Utility-Scale), By Application (Grid-Connected and Off-Grid)

India has been a leader in solar adoption due to its abundant solar resources and supportive policies for promoting renewable energy usage. Solar photovoltaic (PV) technology has emerged as one of the most promising renewable energy sources for catering to India's energy needs. Rising electricity demand, issues with fossil fuel imports and climate change concerns have encouraged the government to push for higher solar PV adoption targets. Solar PV modules are a key component in the solar power value chain. Lower module prices globally have made large-scale solar projects more economically viable in India.

Market Dynamics:

India solar PV module market growth is driven by factors like rising renewable energy targets by government, lower module prices globally making solar projects more cost-competitive, abundant solar resources, and growing emphasis on offsetting fossil fuel imports. However, intermittent nature of solar power generation, high initial capital costs for deploying large solar projects and technology performance risks can hamper the market growth. Policy and regulatory uncertainties with regard to land availability and power evacuation infrastructure can also hamper the market growth. The production-linked incentive (PLI) scheme for solar modules manufacturing presents opportunities for attracting investments and strengthening domestic manufacturing capabilities in the near future.

Key features of the study:

This report provides in-depth analysis of the India solar PV module market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

It profiles key players in the India solar PV module market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

Key companies covered as a part of this study include Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd., Moser Baer Solar, Websol Energy System Ltd., Photon Energy Systems Ltd., SWELECT Energy Systems Ltd., Premier Solar Systems Pvt. Ltd., Surana Ventures Ltd., Jupiter Solar Power Ltd., Sova Solar, KSK Energy Ventures

Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

The report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the India solar PV module market

Detailed Segmentation:

By Type Insights (Revenue, USD Bn, 2019 - 2031)

Monocrystalline

Polycrystalline

Thin-Film

By End User Insights (Revenue, USD Bn, 2019 - 2031)

Residential

Commercial

Utility-Scale

By Application Insights (Revenue, USD Bn, 2019 - 2031)

Grid-Connected

Off-Grid

Key Players Insights

Tata Power Solar

Adani Solar

Waaree Energies

Vikram Solar

RenewSys

Emmvee

Azure Power

Jakson

Goldi Solar

Servotech Power Systems

Saatvik Green Energy Pvt. Ltd.

Moser Baer Solar

Websol Energy System Ltd.

Photon Energy Systems Ltd.

SWELECT Energy Systems Ltd.

Premier Solar Systems Pvt. Ltd.

Surana Ventures Ltd.

Jupiter Solar Power Ltd.

Sova Solar

KSK Energy Ventures