India Solar PV Module Market, By Type (Monocrystalline, Polycrystalline, Thin-Film), By End User (Residential, Commercial, Utility-Scale), By Application (Grid-Connected and Off-Grid)

Description

India solar PV module market is estimated to be valued at USD 8.05 Bn in 2024 and is expected to reach USD 15.19 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

Report Coverage		Report Details
Base Year:	2023	Market Size in 2024:	US$ 8.05 Bn
Historical Data for:	2019 to 2023	Forecast Period:	2024 to 2031
Forecast Period 2024 to 2031 CAGR:	9.50%	2031 Value Projection:	US$ 15.19 Bn

Figure. India Solar PV Module Market Share (%), By Type, 2024

India has been a leader in solar adoption due to its abundant solar resources and supportive policies for promoting renewable energy usage. Solar photovoltaic (PV) technology has emerged as one of the most promising renewable energy sources for catering to India's energy needs. Rising electricity demand, issues with fossil fuel imports and climate change concerns have encouraged the government to push for higher solar PV adoption targets. Solar PV modules are a key component in the solar power value chain. Lower module prices globally have made large-scale solar projects more economically viable in India.

Market Dynamics:

India solar PV module market growth is driven by factors like rising renewable energy targets by government, lower module prices globally making solar projects more cost-competitive, abundant solar resources, and growing emphasis on offsetting fossil fuel imports. However, intermittent nature of solar power generation, high initial capital costs for deploying large solar projects and technology performance risks can hamper the market growth. Policy and regulatory uncertainties with regard to land availability and power evacuation infrastructure can also hamper the market growth. The production-linked incentive (PLI) scheme for solar modules manufacturing presents opportunities for attracting investments and strengthening domestic manufacturing capabilities in the near future.

Key features of the study:

This report provides in-depth analysis of the India solar PV module market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2024-2031), considering 2023 as the base year
It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
It profiles key players in the India solar PV module market based on the following parameters - company highlights, products portfolio, key highlights, financial performance, and strategies
Key companies covered as a part of this study include Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd., Moser Baer Solar, Websol Energy System Ltd., Photon Energy Systems Ltd., SWELECT Energy Systems Ltd., Premier Solar Systems Pvt. Ltd., Surana Ventures Ltd., Jupiter Solar Power Ltd., Sova Solar, KSK Energy Ventures
Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
The report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the India solar PV module market

Detailed Segmentation:

By Type Insights (Revenue, USD Bn, 2019 - 2031)
- Monocrystalline
- Polycrystalline
- Thin-Film
By End User Insights (Revenue, USD Bn, 2019 - 2031)
- Residential
- Commercial
- Utility-Scale
By Application Insights (Revenue, USD Bn, 2019 - 2031)
- Grid-Connected
- Off-Grid
Key Players Insights
- Tata Power Solar
- Adani Solar
- Waaree Energies
- Vikram Solar
- RenewSys
- Emmvee
- Azure Power
- Jakson
- Goldi Solar
- Servotech Power Systems
- Saatvik Green Energy Pvt. Ltd.
- Moser Baer Solar
- Websol Energy System Ltd.
- Photon Energy Systems Ltd.
- SWELECT Energy Systems Ltd.
- Premier Solar Systems Pvt. Ltd.
- Surana Ventures Ltd.
- Jupiter Solar Power Ltd.
- Sova Solar
- KSK Energy Ventures

Product Code: CMI7314

1. Research Objectives and Assumptions

Research Objectives
Assumptions
Abbreviations

2. Market Purview

Report Description
- Market Definition and Scope
Executive Summary
- India Solar PV Module Market, By Type
- India Solar PV Module Market, By End User
- India Solar PV Module Market, By Application

3. Market Dynamics, Regulations, and Trends Analysis

Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER's Analysis
Merger and Acquisition Scenario

4. India Solar PV Module Market, By Type, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Monocrystalline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Polycrystalline
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Thin-Film
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

5. India Solar PV Module Market, By End User, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Residential
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Commercial
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Utility-Scale
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

6. India Solar PV Module Market, By Application, 2019-2031, (USD Bn)

Introduction
- Market Share Analysis, 2024 and 2031 (%)
- Y-o-Y Growth Analysis, 2020 - 2031
- Segment Trends
Grid-Connected
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)
Off-Grid
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2019-2031, (USD Bn)

7. Competitive Landscape

Tata Power Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Adani Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Waaree Energies
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Vikram Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
RenewSys
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Emmvee
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Azure Power
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Jakson
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Goldi Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Servotech Power Systems
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Saatvik Green Energy Pvt. Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Moser Baer Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Websol Energy System Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Photon Energy Systems Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
SWELECT Energy Systems Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Premier Solar Systems Pvt. Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Surana Ventures Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Jupiter Solar Power Ltd.
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
Sova Solar
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies
KSK Energy Ventures
- Company Highlights
- Product Portfolio
- Key Developments
- Financial Performance
- Strategies

8. Analyst Recommendations

Wheel of Fortune
Analyst View
Coherent Opportunity Map

9. References and Research Methodology

References
Research Methodology
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