India Solar Energy Market - Growth, Trends, and Forecast (2020 - 2025)

The market is segmented by Technology (Solar Photovoltaic (PV) and Concentrated Solar Power (CSP))

Market Snapshot

Study Period:


Base Year:


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Market Overview

The renewable energy contributed around 18.79 % of the total electricity produced. The solar contribution stood at 5.44% as of 2018. Major factors driving the market studied are the declining cost of the solar module and the government policies like allowing 100% FDI under automatic route for renewable power generation and distribution projects which is expected to increase the participation from global players into the Indian market. The sharp decline in prices of solar technologies in the recent years by about 52% between 2010 and 2015 (in kWh terms) has been one of the biggest drivers in the adoption of solar PV in the country. The cost of modules produced in China is 8-10% cheaper than the one manufactured in India. About 80-85% of the solar modules used in India are manufactured in China. The huge dependency on import, has affected the domestic manufacturing in the country.

  • The solar PV segment dominated the market share in 2018.
  • India has abundant availability of solar irradiance and receives solar energy throughout the year. This has created enormous opportunities to exploit solar energy from the sunniest sites in the country, especially, Rajasthan, Gujarat and Andhra Pradesh. The aforementioned factor clubbed with foreign investment and extensive R&D projects provides an opportunity for the growth of the solar energy market in India.

Scope of the Report

The India solar energy market report include:

By Technology
Solar Photovoltaic (PV)
Market Overview
Historic Installed Capacity and Forecast until 2024
Key Project Information
Existing Projects
Projects in Pipeline
Upcoming Projects
Concentrated Solar Power (CSP)
Market Overview
Historic Installed Capacity and Forecast until 2024
Key Project Information
Existing Projects
Projects in Pipeline
Upcoming Projects

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Key Market Trends

Increasing Demand for the Solar PV

  • India is endowed with a very vast solar energy potential. Average solar radiation incident over the land is in the range of 4-7 kWh per day. Solar power played an almost non-existent role in the Indian energy mix until 2007.
  • Moreover, Solar energy is becoming inexpensive in comparison to other conventional energy sources due to innovations in the solar sector that has reduced the global average selling prices of solar PV. With the anticipated improvements in technology and increased supply of panels from China/Europe, the capital costs are expected to stabilize at lower levels. As a result, investors/developers are expected to focus on commercial viability of solar projects.
  • With government promoting the solar installation in rural area by providing subsidized solar panels and other incentive, the solar PV installation is ought to increase during the forecast period and is expected to drive the market.
  • So far, only five CSP projects, namely, ACME solar tower (2.5 MW), Dhursar (125 MW), Godawari solar project (50 MW), Megha solar plant (50 MW), and national solar thermal power facility (1 MW) have started operations in India. Owing to factors, such as, huge capital expenditure, difficulty in securing land and water, and insufficient DNI data, other projects have been delayed.

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Competitive Landscape

The India solar energy market is fragmented. Some of the major companies includes Adani Group, EMMVEE SOLAR, Azure Power Global Limited, JinkoSolar Holdings Co. Ltd, and First Solar Inc.

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Table Of Contents


    1. 1.1 Scope of the Report

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

    4. 1.4 Study Deliverables

    5. 1.5 Research Phases




    1. 4.1 Introduction

    2. 4.2 Evolution of the Solar Power Market in India

    3. 4.3 Installed Power Generating Capacity in MW, by Type

    4. 4.4 Supply and Demand of Electricity

    5. 4.5 Installed Capacity and Forecast in MW Until 2024

    6. 4.6 Government Policies and Regulations

    7. 4.7 Recent Trends and Developments

    8. 4.8 Market Dynamics

      1. 4.8.1 Drivers

      2. 4.8.2 Restraints

    9. 4.9 Supply Chain Analysis

    10. 4.10 Porter's Five Forces Analysis

      1. 4.10.1 Bargaining Power of Suppliers

      2. 4.10.2 Bargaining Power of Consumers

      3. 4.10.3 Threat of New Entrants

      4. 4.10.4 Threat of Substitutes Products and Services

      5. 4.10.5 Intensity of Competitive Rivalry


    1. 5.1 By Technology

      1. 5.1.1 Solar Photovoltaic (PV)

        1. Market Overview

        2. Historic Installed Capacity and Forecast until 2024

        3. Key Project Information

          1. Existing Projects

          2. Projects in Pipeline

          3. Upcoming Projects

      2. 5.1.2 Concentrated Solar Power (CSP)

        1. Market Overview

        2. Historic Installed Capacity and Forecast until 2024

        3. Key Project Information

        4. Existing Projects

          1. Projects in Pipeline

          2. Upcoming Projects


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

    2. 6.2 Strategies Adopted by Leading Players

    3. 6.3 Key Company Profiles

      1. 6.3.1 Domestic Players

        1. ACME Solar

        2. Adani Group

        3. Azure Power Global Limited

        4. EMMVEE SOLAR

        5. Mahindra Susten Pvt. Ltd

        6. Sterling And Wilson Pvt. Ltd

        7. Tata Power Solar Systems Ltd

        8. Vikram Solar Limited

      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

  7. *List Not Exhaustive

** Subject to Availability

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