India Solar Photovoltaic (PV) Market Size

India Solar Photovoltaic Market Analysis

The India Solar Photovoltaic (PV) market is expected to grow at a CAGR of areound 8.9% during the forecast period of 2022-2027. The COVID-19 outbreak has shown a negative impact on India's Solar Photovoltaic Market. The national-wide lockdown has halted construction works of solar PV projects totaling about 5 GW, which is, in turn,would delay to meet the country's target of 100 gigawatts (GW) installed solar energy capacity by 2022. Factors such as favorable government schemes for small-scale solar power generation, and upcoming large-scale solar power projects, are expected to drive the market. However, the solar energy market is also hampered by issues like T&D losses (Transmission & Distribution losses), and unpredictability in the continuity of power supply.

• The solar PV rooftop segment is expected to dominate the market during the forecast period. Owing to increasing solar PV installations in the commercial and industrial segment during recent years.
• India has an abundance of solar irradiance and receives solar energy throughout the year. This has created umpteen opportunities to exploit solar energy from the sunniest sites in the country, especially Rajasthan, Gujarat, and Andhra Pradesh. The factor mentioned above, clubbed with foreign investment and extensive R&D projects to improve the technology, provides ample opportunities for the growth of the solar energy market in India.
• The market is also propelled by supportive government policies, particularly the plans formulated by the Ministry of New & Renewable Energy (MNRE) to encourage renewables-based power generation.