The solar photovoltaic (PV) module market in India has been witnessing significant growth over the past few years. Solar PV modules directly convert sunlight into electricity and are increasingly being used in both residential as well as utility-scale solar power projects. Advantages of using solar PV modules include reduced dependence on conventional energy sources, lower operating costs, and minimal environmental impact. The Government of India has set an ambitious target of achieving 100 gigawatts of solar installed capacity by 2022 to meet the growing demand for clean energy in the country.

India Solar PV Module Market is estimated to be valued at US$ 8.05 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the India solar PV module market are Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd.

Key opportunities in the India Solar PV Module Market Size include significant decline in solar module prices, supportive government policies, and emergence of innovative solar technologies. Various state governments in India offer attractive capital and interest subsidies for rooftop solar projects.

The India solar PV module market is witnessing rising global expansion as major international players are setting up large-scale manufacturing facilities in the country to cater to the rising domestic demand as well as export opportunities. India is becoming an increasingly important player in global solar photovoltaic supply chains.

Market drivers

Rising clean energy demand is one of the key drivers propelling growth of the India solar PV module market. Concerns around climate change and need for sustaining the environment have boosted adoption of solar energy in both utility-scale projects as well as rooftop installations. Rapid economic growth and urbanization are also contributing to increased power requirements which are being met increasingly through solar and other renewable sources.

PEST Analysis
Political: The Government has set a target to install 100 GW of solar power by 2022 to reduce dependence on fossil fuels and meet climate change commitments. It provides attractive financial incentives like generation based incentives for solar projects.

Economic: Lower prices of solar modules has improved the economics of solar power projects in India. Rising electricity demand and tariffs have also improved the viability of solar power projects. Declining cost of financing has also boosted investments.

Social: Rising environmental concerns have increased social acceptance for solar and renewable energy. More corporates and individuals are looking to adopt solar power to reduce carbon footprint and electricity bills.

Technological: Solar panel efficiency is increasing while costs are declining due to improvements in technologies like PERC cells and bifacial modules. Advances in solar inverters and other components have also improved the overall performance of solar power systems. Use of trackers and storage is also growing.

India's northern and western states like Rajasthan, Gujarat and Maharashtra currently account for more than 65% of the country's total installed solar capacity owing to favourable geography and solar radiation levels. States like Andhra Pradesh, Karnataka and Tamil Nadu in south India are also emerging as major solar markets.

The south Indian state of Tamil Nadu has been the fastest growing market for solar PV in recent years. Its growing industrial sector and favourable policies for solar rooftop projects have boosted installations. The state government's focus on attracting large solar parks and major investments from foreign developers is expected to further accelerate the growth of its solar market over the next few years.

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Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. (https://www.linkedin.com/in/ravina-pandya-1a3984191)