India Rooftop Solar Market Size
| Study Period: | 2019 - 2028 |
| CAGR: | > 15 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Rooftop Solar Market Analysis
The Indian rooftop solar market is expected to record a CAGR of more than 15% over the forecast period.
The Indian rooftop solar market was mainly unaffected by the COVID-19 pandemic and even witnessed growth during 2020.
- Over the long term, factors such as rising environmental concerns, favorable government policies, incentives and tax benefits for solar panel installation, and the high cost of grid expansion, especially in rural areas, are expected to be significant drivers for the market.
- On the other hand, a lack of general awareness will likely restrain the growth of the Indian rooftop solar market over the coming years.
- Nevertheless, the decentralization of electricity due to rooftop solar generation would enable residential & industrial customers to rely less on central grids, which is seen as an opportunity during the forecast period.
India Rooftop Solar Industry Segmentation
Rooftop solar PV is a photovoltaic system with electricity-generating solar panels mounted on the rooftop of a commercial or residential building. It captures the sun's light energy and converts it into electrical energy.
Indian rooftop solar market is segmented by end-use and grid type. By end use, the market is segmented into commercial, industrial, and residential. By grid type, the market is segmented into on-grid and off-grid. For each segment, the market sizing and forecasts have been done based on installed capacity (MW).
| End Use | |
| Industrial | |
| Commercial | |
| Residential |
| Grid Type | |
| On-grid | |
| Off-grid |
India Rooftop Solar Market Trends
This section covers the major market trends shaping the India Rooftop Solar Market according to our research experts:
Industrial Sector to Dominate the Market
- The cumulative rooftop solar capacity across all segments of consumers stood at 11GW in December 2021, as per Insitute for Energy Economics and Financial Analysis (IEEFA).
- Due to the rise of industrial activity in India, industry power demand will increase. As a result, rooftop solar installations would provide a robust option for enterprises to become self-reliant, which is expected to increase the rooftop solar market in India.
- The states such as Gujarat, Haryana, and Maharashtra exhibits attractiveness for rooftop solar installations as these states offer feasible policies for net metering and easy subsidy-related process. This would facilitate rooftop solar installation by consumers of the Industrial segment in a more accessible manner.
- The installed solar PV energy capacity in 2021 was 49.34 GW, an increase of 26.3% from the previous year. It is expected to increase further owing to the rise in rooftop solar installations by various states in the coming months.
- Due to lower Levelized tariffs of solar energy than grid-based tariffs in India, industrial consumers opt to consume electricity at a more competitive cost. Other factors, such as generation-based incentives, third-party power sale mechanisms, and preferential tariffs, as facilitated by the government, would enable the expansion of the rooftop solar market.
- In January 2023, the Delhi government announced diving into the community solar rooftops. It would allow companies and organizations to generate electricity without access to rooftop space. Further, Rajasthan Electronics and Instruments (REIL), a joint venture of the Rajasthan & Union governments, invited bids to commission 50MW of grid-connected rooftop & small ground-mounted solar, which occurs an opportunity for industries in India to install rooftop projects.
- Considering the above trends, the industrial segment will likely dominate the rooftop solar market in India.
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Increasing Demand for Clean Energy to Drive the Market
- India usually holds a massive electricity demand due to its rapidly growing economy. The country is committed to achieving its sustainable development goals, envisaging incorporating a large share of renewable energy resources to generate electricity. In recent years, electricity generation from renewable energy has seen a manifold increase. As per Central Electricity Authority (CEA), in FY 2021-2022, renewable energy generation reached 170.91 Billion Units (BU), a 16% increase from FY 2020-21, almost two times more since FY 2014-2015.
- Indian government pledged to achieve net-zero emissions by 2070 in COP26, and the purview of it net 50% of the cumulative power capacity would consist of electricity generation from non-fossil fuel-based sources by 2030. It provides immense potential for the rooftop solar market in India.
- In October 2022, TATA Power announced it to set up a 1000MW rooftop solar project in Rajasthan in the next five years. Similarly, in association with Union Bank, TATA Power announced installing rooftop solar to help the Micro, Small & Medium Enterprises (MSME) sector from the stress of higher power costs and grid exigencies. In the same year, Uttar Pradesh Government planned to develop rooftop solar projects on government & semi-government buildings & offices.
- Technological advancements also provide an edge to the rooftop solar market as high-wattage modules, and integrated battery energy storage have enhanced electricity generation. India's rooftop solar market would likely expand with an adequate number and variety of high-quality rooftop solar offerings.
- Hence, due to clean energy programmes, targets and rooftop solar projects in pipeline, India's rooftop solar market is likely to expand in upcoming years
India Rooftop Solar Industry Overview
The Indian rooftop solar market is fragmented. Some key players in this market (in no particular order) include Fourth Partner Energy Pvt. Ltd, Amplus Solar Power Pvt. Ltd, Tata Power Solar Systems Limited, Orb Energy, and Adani Solar, among others.
India Rooftop Solar Market Leaders
Fourth Partner Energy Pvt Ltd
Amplus Solar Power Pvt Ltd
Tata Power Solar Systems Limited
Adani Solar
Orb Energy
*Disclaimer: Major Players sorted in no particular order
India Rooftop Solar Market News
- In January 2023, the Ministry of New and Renewable Energy (MNRE) announced to hike in rooftop solar subsidies for the residential category. MNRE has hiked Central Financial Assistance (CFA) to install Rooftop Solar (RTS) in the residential sector across India. The new subsidy rates would apply to the North East regions.
- In January 2023, Telangana State Renewable Energy Development Corporation Ltd. (TSREDCO) will install solar panels on 500 school buildings to promote decentralized electricity generation and avoid power shedding issues. TSREDCO aims to complete the work by March 2023.
India Rooftop Solar Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in MW, till 2028
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 PESTLE Analysis
5. MARKET SEGMENTATION
5.1 End Use
5.1.1 Industrial
5.1.2 Commercial
5.1.3 Residential
5.2 Grid Type
5.2.1 On-grid
5.2.2 Off-grid
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Cleantech Solar Energy India Pvt. Ltd
6.3.2 Fourth Partner Energy Pvt. Ltd
6.3.3 Amplus Solar Power Pvt. Ltd
6.3.4 Clean Max Enviro Energy Solutions Pvt. Ltd
6.3.5 Sunsource Energy Pvt. Ltd
6.3.6 Orb Energy
6.3.7 Tata Power Solar Systems Limited
6.3.8 Mahindra Susten Pvt. Ltd
6.3.9 Growatt New Energy Technology Co. Ltd
6.3.10 Sungrow Power Supply Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
India Rooftop Solar Market Research FAQs
What is the study period of this market?
The India Rooftop Solar Market is studied from 2019 - 2028.
What is the growth rate of India Rooftop Solar Market?
The India Rooftop Solar Market is growing at a CAGR of >15% over the next 5 years.
Who are the key players in India Rooftop Solar Market?
Fourth Partner Energy Pvt Ltd, Amplus Solar Power Pvt Ltd, Tata Power Solar Systems Limited, Adani Solar, Orb Energy are the major companies operating in India Rooftop Solar Market.
India Rooftop Solar Industry Report
Statistics for the 2023 India Rooftop Solar market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Rooftop Solar analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
India Rooftop Solar Report Snapshots
