Market Size of India Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR (2024 - 2029) | 19.80 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Solar in India Market Analysis
The India Solar Energy Market is expected to register a CAGR of 19.80% during the forecast period.
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.
- 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.
