Solar Industry in India Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The India solar energy market is segmented by technology [solar photovoltaic (PV) and concentrated solar power (CSP)]. The report offers the installed capacity and forecasts in gigawatts (GW) for all the above segments.

Solar in India Market Size

India Solar Energy Market Summary
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Study Period 2019- 2028
Base Year For Estimation 2022
Forecast Data Period 2023 - 2028
Historical Data Period 2018 - 2021
CAGR 19.80 %
Market Concentration Low

Major Players

India Solar Energy Market Major Players

*Disclaimer: Major Players sorted in no particular order


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Solar in India Market Analysis

India's solar market is estimated to be at 79.07 GW by the end of this year and is projected to reach 195.11 GW after five years, registering a CAGR of 19.8% during the forecast period.

  • Over the medium term, the Indian solar energy market is growing owing to the cost of solar power technology declining, solar systems becoming more flexible, and solar power is a greener way to make electricity. The market is also propelled by supportive government policies, particularly the Ministry of New and Renewable Energy (MNRE) plans to encourage renewable-based power generation.
  • On the other hand, the solar energy market is restrained by issues like transmission and distribution losses and unpredictability in the continuity of power supply.
  • Nevertheless, India has a lot of solar irradiance and gets solar energy all year. This means there are many places in the sunniest parts of the country, like Rajasthan, Gujarat, and Andhra Pradesh, where solar energy can be used. This, along with foreign investment and a lot of research and development projects to improve the technology, gives the Indian solar energy market a lot of chances to grow.

Solar in India Market Trends

Solar PV Segment is Expected to Dominate the Market

  • The solar PV segment is expected to have the biggest market share during the forecast period. This is because the cost of solar modules is decreasing, and these systems can be used for many different things, like making electricity and heating water.
  • As per IRENA, India's installed solar PV capacity was around 62.8 GW in 2022, up from 49.3 GW in 2021. This was an increase of approximately 31% over the year. India put in a lot of solar PV installations, especially for utility projects, which led to growth. The Government of India plans to increase the solar PV installed capacity.
  • The National Thermal Power Corporation Limited (NTPC) turned on a solar PV project near Hazira in Surat in August 2022. The Kawas solar PV project has a capacity of 56 MW; with this project, NTPC will increase its solar footprint to 68,454 MW of group-installed and commercial capacity. With the completion of these types of projects, the share of the solar PV segment in the Indian solar energy market is expected to increase in the forecast period.
  • In January 2022, Reliance Industries (RIL) signed a pact with the Gujarat government to invest USD 80.61 billion in Gujarat over ten to fifteen years to set up 100 GW of renewable energy power plants and a green hydrogen ecosystem. At the utility scale, renewable energy power plants include solar power plants. RIL is expected to invest USD 8.12 billion in setting up manufacturing facilities for solar PV modules, electrolyzers, batteries, and fuel cells for upcoming renewable projects.
  • Because of these changes, the solar PV segment is expected to have the biggest market share in India over the next few years.
India Solar Energy Market - Cumulative Solar Installed Capacity

Supportive Government Policies to Drive the Market

  • In Recent years, the country planned various government initiatives to increase the solar energy share of India's future renewable power generation mix. According to Ministry of New and Renewable Energy, as of February 2023, the solar energy constitutes 66.70 GW installed capacity in 2022.
  • According to the Ministry of New and Renewable Energy's (MNRE) national wind-solar hybrid policy, this policy is a framework for promoting large grid-connected wind-solar PV hybrid systems. These systems will reduce the unpredictability of renewable energy generation and improve grid stability while using land and transmission infrastructure best.
  • Some other schemes implemented by the Ministry of New and Renewable Energy (MNRE) over the last three years are the Solar Park Scheme, the 300 MW Defense Scheme, and the 500 MW VGF (Viability Gap Funding) Scheme.
  • The Delhi government approved its Solar Policy 2022 plan in December 2022. The plan calls for the installed capacity to go from 2,000 MW to 6,000 MW in the two years.Delhi's new solar policy aims to install 6,000 MW of solar capacity in the two years. This will likely bring the share of solar energy in Delhi's annual electricity demand from 9% to 25% in three years.
  • Thus, with the upcoming government projects and supportive policies, solar energy developments are expected to boost the Indian solar energy market in the coming years.
India Solar Energy Market - Renewable Power Generation Mix

Solar in India Industry Overview

The Indian solar energy market is fragmented. Some of the major companies operating in the market (not in particular order) include Adani Enterprises Ltd., Emmvee Photovoltaic Power Private Limited, Azure Power Global Limited, JinkoSolar Holdings Co. Ltd., and First Solar Inc., among others.

Solar in India Market Leaders

  1. Adani Enterprises Ltd

  2. Jinko Solar Holdings Co. Ltd

  3. First Solar Inc.

  4. Azure Power Global Limited

  5. Emmvee Photovoltaic Power Private Limited

*Disclaimer: Major Players sorted in no particular order

India Solar Energy Market Concentration

Solar in India Market News

  • December 2022: The Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements for a USD 150 million International Bank for Reconstruction and Development (IBRD) loan, a USD 28 million Clean Technology Fund (CTF) loan, and a USD 22 million CTF grant to assist India in increasing its power generation capacity through cleaner and renewable energy sources. The agreement reaffirmed India's goal of reaching 500 gigatons (GW) of renewable energy by 2030.
  • September 2022: Amazon India announced three solar farm projects in Rajasthan with a total combined clean energy capacity of 420 megawatts (MW). The company's set of utility-scale renewable energy projects in India included a 210 MW project to be developed by ReNew Power, a 100 MW project by Amp Energy India, and a 110 MW project to be developed by Brookfield Renewable.
  • January 2022: SJVN (Satluj Jal Vidyut Nigam Ltd) was awarded a 125-megawatt solar project in Uttar Pradesh following a bidding procedure conducted by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The project included a 75 MW grid-connected solar project in Jalaun and a 50 MW solar project in the Kanpur and Dehat districts.

Solar in India Market Report - Table of Contents


    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions




    1. 4.1 Introduction

    2. 4.2 Solar Energy Installed Capacity and Forecast, in GW, till 2028

    3. 4.3 Government Policies and Regulations

    4. 4.4 Recent Trends and Developments

    5. 4.5 Market Dynamics

      1. 4.5.1 Drivers

        1. Supportive Government Policies for Developing Solar Energy

        2. Declining Cost of Solar Power Technology

      2. 4.5.2 Restraints

        1. Unpredictability in the Continuity of Power Supply

    6. 4.6 Supply Chain Analysis

    7. 4.7 PESTLE Analysis


    1. 5.1 Technology

      1. 5.1.1 Solar Photovoltaic (PV)

      2. 5.1.2 Concentrated Solar Power (CSP)


    1. 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Company Profiles

      1. 6.3.1 Domestic Players

        1. Adani Solar

        2. Emmvee Solar

        3. Mahindra Susten Pvt. Ltd.

        4. Sterling and Wilson Pvt. Ltd.

        5. Tata Power Solar Systems Ltd.

        6. Vikram Solar Limited

        7. ReNew Power Pvt. Ltd.

        8. NTPC Ltd.

        9. Azure Power Global Ltd.

      2. 6.3.2 Foreign Players

        1. JinkoSolar Holdings Co. Ltd.

        2. First Solar Inc.

        3. Hanwha Q Cells Co. Ltd.

        4. SMA Solar Technology AG

        5. Trina Solar Limited

    4. *List Not Exhaustive

    1. 7.1 Rising Research and Development Projects to Improve the Solar Technology

**Subject to Availability

Solar in India Industry Segmentation

Solar power is the conversion of solar energy into thermal or electrical energy. Solar energy is the cleanest and most abundant renewable energy source accessible, and it may be used to generate electricity, provide light or a comfortable interior environment, and heat water for home, commercial, or industrial purposes.

The Indian solar energy market is segmented by technology into solar photovoltaic (PV) and concentrated solar power (CSP). For each segment, the installed capacity and forecasts have been done based on gigawatts (GW).

Solar Photovoltaic (PV)
Concentrated Solar Power (CSP)

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Solar in India Market Research FAQs

The India Solar Energy Market is studied from 2019 - 2028.

The India Solar Energy Market is growing at a CAGR of 19.8% over the next 5 years.

Adani Enterprises Ltd, Jinko Solar Holdings Co. Ltd, First Solar Inc., Azure Power Global Limited, Emmvee Photovoltaic Power Private Limited are the major companies operating in India Solar Energy Market.

India Solar Industry Report

Statistics for the 2023 India Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Solar Energy analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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