Solar Power Market in India by End-user and Application - Forecast and Analysis 2022-2026

The solar power market share in India is expected to increase by USD 240.42 billion from 2021 to 2026, at a CAGR of 35.24%.

This solar power market in India research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar power market segmentation in India by end-user (utility and rooftop) and application (grid-connected and off-grid). The solar power market in India report also offers information on several market vendors, including ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., juwi AG, and Sterling and Wilson Solar Ltd. among others.

What will the Solar Power Market Size in India be During the Forecast Period?

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Solar Power Market in India: Key Drivers, Trends, and Challenges

The increasing investments in renewable energy is notably driving the solar power market growth in India, although factors such as presence of other energy sources may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar power industry in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar Power Market Driver in India

One of the key factors driving growth in the solar power market in India is the increasing investments in renewable energy. The global energy mix has changed significantly over the past two decades. Improvement in energy efficiency played a vital role in balancing the energy supply and demand. The total cost of producing electricity using renewables is relatively higher than that of conventional sources. However, renewable technology is evolving and giving competition to fossil fuel-based power plants. With the increased support of the government and improved economics, the sector has become attractive from an investors? perspective. Low carbon emissions from renewable sources and growing concerns regarding environmental protection drove the adoption of renewable sources of energy, which led to an increase in investments in renewable energy across the world. The increased focus on renewable energy sources is raising the investments in the country's solar energy sector, which will drive the growth of the solar power market in India during the forecast period.

Key Solar Power Market Trend in India

The declining costs of solar energy sources is another factor supporting the solar power market share growth in India. In the past, high cost and intermittency have affected the adoption of renewable sources of energy. The intermittent nature of solar energy can be overcome by integrating energy storage with the system, which increases the adoption of renewable energy in hybrid systems. Renewable energy prices in India have been reducing gradually. The Government of India is also providing tax incentives to users, which reduces the installation costs and results in the reduction of the final cost of solar energy. As a result, solar power has been giving tough competition to fossil fuels such as coal-based power in the country. As India is a potential market for solar power, it could import solar panels from China at significantly low prices, which would spur the demand for solar power among renewables and increase the sales of solar power systems in India. Therefore, the declining costs of solar energy will drive the growth of the solar power market in India during the forecast period.

Key Solar Power Market Challenge in India

The presence of other energy sources will be a major challenge for the solar power market in India during the forecast period. Globally, people prefer using traditional fossil fuels rather than renewable energy due to their abundant availability for generating electricity. In addition, the cost of establishing renewable energy farms for power production is expensive, and the power output from renewable sources is not at par with the output from fossil fuels. Among renewables, solar power faces competition from hydropower, wind power, and biomass. Biomass power has also been growing rapidly over the past few years in India. This growth in biomass power consumption impedes the solar power market in India to a certain extent. In 2017, the solar power generation capacity accounted for around one-fifth of the total cumulative renewable energy generation capacity, whereas hydropower accounted for more than half of the cumulative capacity and wind power accounted for around one-fourth of the capacity. Therefore, the presence of other energy sources such as fossil fuels and other renewable sources is significantly impeding the growth of the solar power market in India.

This solar power market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the solar power market in India as a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar power market in India during the forecast period.

Who are the Major Solar Power Market Vendors in India?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ABB Ltd.
• ACME Solar
• Adani Enterprises Ltd.
• Azure Power
• Canadian Solar Inc.
• GCL System Integration Technology Co. Ltd.
• Huawei Investment and Holding Co. Ltd.
• JA Solar Technology Co. Ltd.
• juwi AG
• Sterling and Wilson Solar Ltd.

This statistical study of the solar power market in India encompasses successful business strategies deployed by the key vendors. The solar power market in India is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• ABB Ltd. - The company offers solar power services that provides electrical power which includes energy production, power transmission, transportation, process automation and pollution control, under the brand name of ABB Ltd.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar power market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Solar Power Market in India Value Chain Analysis

Our report provides extensive information on the value chain analysis for the solar power market in India, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the renewable electricity market includes the following core components:

• Inputs
• Electricity generation
• Electricity transmission
• Electricity distribution
• End-users
• Innovation

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

What are the Revenue-generating End-user Segments in the Solar Power Market in India?

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The solar power market share growth in India by the utility segment will be significant during the forecast period. A utility-scale solar power plant has been producing clean and dependable energy over the last few decades. It gives the benefit of fixed electricity prices when the prices of electricity generated from fossil fuels are high during peak demand periods. It can also be stored in energy storage systems for using it when there is no sunlight. These factors will drive the adoption of utility-scale solar power in the country.

This report provides an accurate prediction of the contribution of all the segments to the growth of the solar power market size in India and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Solar Power Market in India Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive solar power market growth in India during the next five years
• Precise estimation of the solar power market size in India and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the solar power industry in India
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of solar power market vendors in India

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