India Solar Photovoltaic (PV) Market Report and Forecast 2023-2028

India Solar Photovoltaic (PV) Market Report and Forecast 2023-2028

Market Outlook

According to the report by Expert Market Research (EMR), the India solar photovoltaic (PV) market reached approximately 14.16 GW in 2022. Aided by the growing need for sustainable energy solutions and growing number of government initiatives and incentives, the market is projected to further grow at a CAGR of 13.10% between 2023 and 2028, reaching a value of 29.62 GW by 2028.

Solar photovoltaic systems use semiconductor material and the photovoltaic effect to convert sunlight directly into power. Solar PV is crucial for cutting carbon emissions, boosting energy security, and expanding the mix of power generation sources. It is a desirable option for a variety of applications, including residential, commercial, and utility-scale power generation, because it offers these crucial advantages in addition to a clean, decentralised source of energy.

The escalating demand for sustainable and renewable energy sources is driving the India solar photovoltaic (PV) market growth. A considerable shift towards clean energy solutions has resulted in a rise in demand for solar PV installations as a result of growing knowledge of the environmental advantages associated with solar power generation. Additionally, the urgent need to solve India's energy shortages has increased the demand of solar PV, making it a vital part of India's energy strategy.

The expanding applications of solar PV in various sectors also play a significant role in propelling the India solar photovoltaic (PV) market. Solar PV systems are used by the commercial sector to meet their energy needs, capturing solar energy for use in daily operations. Due to governmental programmes promoting solar installations, rooftop solar PV system use has also increased in the residential sector. Additionally, utility-scale solar farms are becoming more widespread and play a substantial role in India's overall power generation.

The growth of the market is being aided by innovations like the creation of ultralight fabric solar cells that can rapidly and readily convert any flat surface into a source of power. Furthermore, the government's increasing focus on promoting solar energy has led to an enhanced emphasis on solar PV as a viable solution for India's power needs. With the introduction of favourable policies, subsidies, and targets, solar PV has emerged as a critical player in India's renewable energy landscape, thereby propelling the India solar photovoltaic (PV) market expansion.

Market Segmentation

The market can be divided based on product type, technology, and region.

Market Breakup by Product Type

• Ground Mounted
• Rooftop

Market Breakup by Technology

• Monocrystalline Silicon
• Thin Film
• Polycrystalline Silicon
• Others

Market Breakup by Region

• East India
• West India
• South India
• North India

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the India solar photovoltaic (PV) companies. Some of the major key players explored in the report by Expert Market Research are as follows:

• Tata Power Solar
• Vikram Solar Pvt Ltd
• WAAREE Energies Ltd.
• EMMVEE Photovoltaic Power Private Limited
• Indosolar
• Webel Solar
• Adani Solar
• Kotak Urja Pvt. Ltd
• Jakson Group
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.