Enjoy complimentary customisation on priority with our Enterprise License!
The India - solar power market size is estimated to grow at a CAGR of 34.24% between 2022 and 2027. The market size is forecast to increase by USD 273.82 billion. The report includes historic market data from 2017 to 2021. The market is witnessing a growing demand for increasing investments in renewable energy, favourable government regulations, and the increased adoption of microgrids.
To learn more about this report, View Report Sample
A key factor shaping the India solar power market growth is the rising adoption of floating solar power plants. One of the emerging technologies that is at a primitive stage across the world is the floating solar power plant. The main advantage of a floating solar power plant is that it can be installed in human-made or natural water bodies such as dam reservoirs, lakes, municipality water storage ponds, and water treatment plants. Additionally, the performance of floating solar power systems is better than the arrays that are built on the land.
Moreover, these floating power plants are cooler than traditional solar power systems due to evaporating water which allows them to operate more efficiently. Some of the other advantages of floating power plants include longer module life and higher efficiency of solar panels due to the cooling effect. Hence, such factors are positively impacting the market which in turn will drive India solar power growth during the forecast period.
The main feature of the grid-connected segment is that it supplies solar energy directly to the building loads without the need for any energy storage system. Additionally, the segment is designed in such a way that the surplus energy is fed back to the grid whereas the energy will be imported from the grid if there is any shortfall.
Get a glance at the market contribution of various segments View the PDF Sample
However, the expansion of this segment is significantly hindered by the unavailability of the land. The main challenge in India is the unavailability of land that can be dedicated exclusively for the installation of solar cells. Furthermore, several factors such as the increasing depletion of fossil fuels including coal, decreasing prices of solar energy, and favorable regulations and policies by the government such as the National Solar Mission are expected to fuel the growth of this segment. In addition, there are several schemes implemented by the Government of India in order to encourage the adoption of solar energy. For instance, a scheme for setting up 300 MW grid-connected solar PV projects by paramilitary forces and defense establishments with VGF is a major scheme announced by the Government of India. Hence, such factors are expected to fuel the growth of this segment which in turn will drive the India solar power market growth during the forecast period.
One of the key factors driving the Indian solar power market is the increasing investments in renewable energy. There has been a significant change in the global energy mix over the last decade with several improvements in energy efficiency playing a major role in balancing the energy supply and demand. As per the IEA, the cost of electricity production is comparatively higher than that of conventional sources. As a result, installed renewable power generation capacity has gained traction over the last few years.
Moreover, the sector has become increasingly attractive with the government's increased support and improved economics. As per the IEA, it is expected that India will meet its energy demand on its own by 2040 and renewable energy is expected to play a major role in meeting the demand for solar power in the nation. Hence, such factors are positively impacting the India - solar power market. Therefore, it is expected to drive the India solar power market growth during the forecast period.
The low conversion efficiency of solar PVs is one of the key challenges hindering India solar power market growth. One of the essential requirements of an off-grid system is that it must be self-sufficient in terms of capacity to meet its overall needs. However, a majority of grid sources in several off-grid projects are highly unreliable. Thus, it is necessary to have a sizable PV system and energy storage to produce and store enough power to meet the total electricity needs.
Moreover, solar power is considered as a clean and abundant source of energy but it is low on efficiency. Therefore as solar power is required to charge the battery in a hybrid system, the low efficiency will need more solar PV panels, which will increase the cost of the entire system. Hence, such factors are negatively impacting the India - solar power market growth. Therefore, it is expected to hinder India solar power growth during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Solar Power Market in India Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
ABB Ltd: The company offers solar power such as solar products, solar systems, solar solutions, and services to optimize performance.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The India solar power market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
|
Solar Power Market In India Scope |
|
|
Report Coverage |
Details |
|
Page number |
133 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 34.24% |
|
Market growth 2023-2027 |
USD 273.82 billion |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
36.31 |
|
Regional analysis |
India |
|
Performing market contribution |
APAC at 100% |
|
Key countries |
India and APAC |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
ABB Ltd., ACME Solar, Adani Group, Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Lanco Infratech Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling and Wilson Renewable Energy Ltd., Sungrow Power Supply Co. Ltd., Sunsure Energy, Suzlon Energy Ltd., and ReNewPower |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
