India Solar PV Market Outlook, 2027-28

India Solar PV Market Size, Share, Outlook, Trend & Market Analysis By Type, By Distribution Channel, By End User, Competition, Forecast & Opportunities.

Featured Companies

  • 1. Alpex Exports Private Limited
  • 2. Emvee Photovoltaics Power Private Limited
  • 3. Havells India Limited
  • 4. Luminous Power Technologies Private Limited
  • 5. Microtek International Private Limited
  • 6. Moser Baer India Limited
  • More...

The report titled “India Solar PV Market Outlook, 2027-28” is anticipated to grow at CAGR of more than 13% during the forecast period. Solar Energy, one of the potential energy sources, is a fastest expanding renewable segment in India. Indian solar panel market has seen tremendous growth as the country has witnessed huge solar panel capacity additions in the last few years and the Ministry of New and Renewable Energy (MNRE) and government of India has taken many initiatives to putting out new schemes, projects, which, in turn, is expected to drive the market during the forecast period. Solar panel available in three major types in the Indian market i.e. Mono-crystalline, Poly Crystalline and Thin Film Solar panel. With mega solar power plants developing in India at a full swing backed by huge amount of domestic and foreign investments is good news for solar panel manufacturers and suppliers. This was also possible due to ease in land accession and other legal agreements from the both central and state government. The governance of the market is maintained by large domestic and international project developers with partial intervention of government. Solar energy in India is mainly divided into three parts i.e. On-Grid Solar, Off-Grid Solar and solar rooftop system. As per the report, in On-Grid/ Grid solar segment, state wise installed capacity in India is calculated in which Gujarat state is leading by the installed capacity. Off-Grid Solar further segregated into products i.e. Solar Street light, Solar Home light, Solar Pump and Solar Lamp. State wise installed capacity is calculated in off-grid solar. Solar Street light is the highest growing segment in the Off-Grid Solar. PM-KUSUM scheme is one of the largest initiatives in the world to provide clean energy to more than 4 million farmers by solarising their agriculture pumps. PM-KUSUM scheme aims to install grid connected ground mounted solar power plants install standalone solar pumps under and grid connected agricultural pumps. All components combined would support installation of additional solar capacity of more than 31 GW in India. India solar pump market is anticipated to grow at CAGR of more than 13% for 2022-23 to 2027-28. As demand of electricity is increasing day by day and resources are not abundant if compare with utilization of it. For people it becomes difficult to pay heavy electricity bills for their household usages. For that Government has launch Rooftop solar scheme, in which incentives and subsidies were provided for residential and social sectors. As per the report state wise installed capacity is calculated in Solar Rooftop. Solar rooftop is segmented into state wise installation, in which Gujarat is leading by installed capacity in India. Furthermore, West region is the highest capacity installed region whereas east having lowest installed capacity in India. Solar Panel market in India have been adversely impacted by the Covid-19 pandemic and lockdowns. However, due to pandemic situation, it is anticipated that the 2020-21 year would be a challenging year for the solar industry as various firms would be airlifting component solar cells and other solar panel elements from foreign countries. However, the pandemic situation affected the construction and the availability of the solar panels resulting in project delays. But, this situation is expected to recover in the upcoming years. The solar energy market in India is crippled. Some of the major firms operating in the solar panel market include Tata Power Solar System, Waree Energies Limited, Adani Green Energy Limited. Tata Power Solar System is leading the market in India with highest revenue from the solar panel market. Considered for the Report: Geography: India Base Year: 2021-22 Estimated Year: 2022-23 Forecasted Year: 2027-28 Objective of the study: • To present an Indian outlook on Solar Panel Market. • To analyze and forecast the market size of India Solar Panel, in terms of value as well as volume. • To define, classify and forecast India Solar Panel market on the basis of segments like On Grid, Off Grid and Rooftop Solar Panel. • To further define and forecast India Solar Panel Market on the basis of product type Mono Crystalline, Poly Crystalline and Thin Film Solar Panel. • To strategically profile leading players, which are, operating in the Solar Panel industry in Indian market. Approach for the Report: Bonafide Research performed primary as well as secondary research for this study. Initially, a list of manufacturers and suppliers operating in the Solar Panel market of India were sourced through secondary sources. With the identified companies and consumers, primary research was carried out which included conducting online surveys, competitor analysis and exhaustive personal interviews - both face to face as well as telephonic basis, to extract maximum information from participants like industry executives/ distributors or consumers. Primary research gave us an idea of segmental revenues, export, pricing, geographical presence, channel partner model, USP etc. Bonafide Research seeks secondary data from third-party sources such as published articles, company websites, magazine articles, associations, trade journals, annual reports, government official websites and other paid database sources. In addition, data is also mined from a host of reports in our repository, as well as a number of paid databases of Indian government. Using both primary and secondary information, Bonafide Research calculated the market size through a bottom-up approach, where manufacturers’ value sales data for different types of Solar Panels were recorded and subsequently forecasted for the future years. Scope of the Report: “India Solar PV Market Outlook, 2027-28'” discusses the following aspects of Solar Panel market in India: • India Solar Panel Market Size By Value, By Volume with Forecast, Market Share By Segment • India On-Grid Solar Panel Market Size By Value, By Volume with Forecast • India On-Grid Solar Panel Market Segmental Analysis: By Product, By Region, By States, • India Off-Grid Solar Panel Market Size By Value, By Volume with Forecast • India Off-Grid Solar Panel Market Segmental Analysis: By Product, By Region, By States, • India Solar Street Light, Home Light, Pump and Lamp Market Size By Value and Volume Forecast • India Solar Rooftop Market Size By Value and Volume Forecast • India Off-Grid Solar Panel Market Segmental Analysis: By Region, By States, • Product Price Variant Analysis • Key vendors in this market space Intended Audience: This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to air conditioning industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.

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Companies Mentioned

  • Alpex Exports Private Limited
  • Emvee Photovoltaics Power Private Limited
  • Havells India Limited
  • Luminous Power Technologies Private Limited
  • Microtek International Private Limited
  • Moser Baer India Limited
  • Renewsys India Private Limited
  • Tata Power Solar Private Limited
  • Vikram Solar Limited
  • Waaree Energies Limited
  • XL Energy Limited
  • Goldi Solar Pvt. Ltd
  • Amrut Energy Pvt. Ltd.
  • Loom Solar Pvt. Ltd.
  • Northgreen Energy Private Limited

Table of Contents

  • Table of Content
  • 1. Executive Summary
  • 2. Market Structure
  • 2.1. Market Considerate
  • 2.2. Assumptions
  • 2.3. Limitations
  • 2.4. Abbreviations
  • 2.5. Sources
  • 2.6. Definitions
  • 2.7. India Macro Economic Indicators
  • 2.8. Demographics Insight
  • 3. Research Methodology
  • 3.1. Secondary Research
  • 3.2. Primary Data Collection
  • 3.3. Market Formation & Validation
  • 3.4. Report Writing, Quality Check & Delivery
  • 4. India Energy Market Outlook
  • 5. India Renewable Energy Market Outlook
  • 5.1. Investment in Renewable Energy Sector
  • 5.2. Market Size By Cumulative Capacity
  • 5.2.1. Total Capacity
  • 5.2.2. Wind Power Capacity
  • 5.2.3. Solar Power Capacity
  • 5.2.4. Biomass Capacity
  • 5.2.5. Small Hydro Power (SHP) Capacity
  • 5.3. Market Size By New Installed Capacity
  • 5.4. Market Share
  • 5.4.1. By Region
  • 5.4.2. By State
  • 5.4.3. By Type
  • 6. India Solar Power Market Outlook
  • 7. India Solar Photovoltaic Market Outlook
  • 7.1. Market size By Value
  • 7.2. Market Share By State
  • 8. On-Grid Solar Photovoltaic Market Outlook
  • 8.1. Cumulative installed capacity
  • 8.2. New Installed Capacity
  • 8.3. Market Size
  • 8.3.1. By Value
  • 8.3.2. By Volume (Units)
  • 8.4. Market Share
  • 8.4.1. By Region
  • 8.4.2. By State
  • 8.5. Product Price & Variant Analysis
  • 9. Roof-top/Hybrid Solar Photovoltaic Market Outlook
  • 9.1. Cumulative installed capacity
  • 9.2. New Installed Capacity
  • 9.3. Market Size
  • 9.3.1. By Value
  • 9.3.2. By Volume (Units)
  • 9.4. Market Share
  • 9.4.1. By Region
  • 9.4.2. By State
  • 9.5. Product Price & Variant Analysis
  • 10. Off grid / Portable Solar Photovoltaic Market Outlook
  • 10.1. Market Size
  • 10.1.1. By Value
  • 10.1.2. By Volume (Units)
  • 10.2. Market Share
  • 10.2.1. By Region
  • 10.2.2. By State
  • 10.3. Solar Street light market Outlook
  • 10.3.1. Market Size
  • 10.3.1.1. By Value
  • 10.3.1.2. By Volume (Units)
  • 10.3.2. Market Share By State
  • 10.4. Solar Pump light market Outlook
  • 10.4.1. Market Size
  • 10.4.1.1. By Value
  • 10.4.1.2. By Volume (Units)
  • 10.4.2. Market Share By State
  • 10.5. Solar Home Light market Outlook
  • 10.5.1. Market Size
  • 10.5.1.1. By Value
  • 10.5.1.2. By Volume (Units)
  • 10.5.2. Market Share By State
  • 10.6. Solar Lamp light market Outlook
  • 10.6.1. Market Size
  • 10.6.1.1. By Value
  • 10.6.1.2. By Volume (Units)
  • 10.6.2. Market Share By State
  • 11. Pricing By Net Metering
  • 12. State Wise Tariffs (Grid Connected)
  • 13. Indian Economic Snapshot
  • 14. Government Policy and Regulations for Solar Power
  • 15. Trade Dynamics of Solar Cells/ Photovoltaic Cells
  • 15.1. Import
  • 15.2. Export
  • 16. PEST Analysis
  • 17. Market Trends & Developments
  • 17.1. Falling Per Unit Tariffs and Module Prices
  • 17.2. Solar Panel Cleaning
  • 17.3. Solar Photovoltaic and Solar Thermal Technologies
  • 17.4. Solar Heating and Cooling Developments
  • 17.5. Backsheet Technology
  • 18. Competitive Landscape
  • 18.1. Porter's Five Forces
  • 18.2. Company Profiles
  • 18.2.1. Vikram Solar Private Limited
  • 18.2.1.1. Company Snapshot
  • 18.2.1.2. Company Overview
  • 18.2.1.3. Financial Highlights
  • 18.2.1.4. Geographic Insights
  • 18.2.1.5. Business Segment & Performance
  • 18.2.1.6. Product Portfolio
  • 18.2.1.7. Key Executives
  • 18.2.1.8. Strategic Moves & Development
  • 18.2.2. Waaree Energies Limited
  • 18.2.3. Tata Power Solar System Limited
  • 18.2.4. Moser Bear Solar Limited
  • 18.2.5. XL Energy Limited
  • 18.2.6. Alpex Exports Private Limited
  • 18.2.7. Renewsys India Private Limited
  • 18.2.8. Emvee Photovoltaics Power Private Limited
  • 18.2.9. Microtek International Pvt. Ltd.
  • 18.2.10. Goldi Solar Pvt. Ltd
  • 18.2.11. Luminous Power Technologies Pvt. Ltd.
  • 18.2.12. Havells India Limited
  • 18.2.13. Amrut Energy Pvt. Ltd.
  • 18.2.14. Loom Solar Pvt. Ltd.
  • 18.2.15. Northgreen Energy Private Limited
  • 19. Strategic Recommendations
  • 20. Disclaimer

List of Tables
Table 1: List of HS Codes in India Solar Cells 2016 to 2021
Table 2: Import Duty Structure for Solar Cells in India 2016 to 2021
Table 3: Import By Product for Solar Cells in India 2016-2021 (By Value – INR Crore)
Table 4: Import By Product for Solar Cells in India 2016-2021 (By Volume – in Thousand)
Table 5: Export By Product for Solar Cells in India 2016-2021 (By Value – INR Crore)
Table 6: Export By Product for Solar Cells in India 2016-2021 (By Volume – in Thousand)
Table 7: Key Facts of Vikram Solar Private Limited
Table 8: Key Facts of Waaree Energies Limited
Table 9: Key Facts of Tata Power Solar System Limited
Table 10: Key Facts of Moser Bear Solar Limited
Table 11: Key Facts of XL Energy Limited
Table 12: Key Facts of Alpex Exports Private Limited
Table 13: Key Facts of Renewsys India Private Limited
Table 14: Key Facts of Emvee Photovoltaics Power Private Limited
Table 15: Key Facts of Microtek International Private Limited
Table 16: Key Facts of Goldi Solar Private Limited
Table 17: Key Facts of Luminous Power Technologies Private Limited
Table 18: Key Facts of Havells India Limited
Table 19: Key Facts of Amrut Energy Private Limited
Table 20: Key Facts of Loom Solar Private Limited
Table 21: Key Facts of Northgreen Energy Private Limited

List of Figures
Figure 1: India Solar Photovoltaic Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 2: India Solar Photovoltaic Market Size – By Volume 2016-17 to 2027-28 (in Millions)
Figure 3: India Cumulative capacity
Figure 4: India New installed capacity
Figure 5: India On-Grid Solar Photovoltaic Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 6: India On-Grid Solar Photovoltaic Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 7: India On-Grid Solar Photovoltaic Market Share By Region
Figure 8: India On-Grid Solar Photovoltaic Market Share By State
Figure 9: India Cumulative capacity
Figure 10: India New installed capacity
Figure 11: India Roof-top/Hybrid Solar Photovoltaic Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 12: India Roof-top/Hybrid Solar Photovoltaic Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 13: India Roof-top/Hybrid Solar Photovoltaic Market Share By Region
Figure 14: India Roof-top/Hybrid Solar Photovoltaic Market Share By States
Figure 15: India Off grid / Portable Solar Photovoltaic Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 16: India Off grid / Portable Solar Photovoltaic Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 17: India Off grid / Portable Solar Photovoltaic Market Share By Region
Figure 18: India Off grid / Portable Solar Photovoltaic Market Share By States
Figure 19: India Street light Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 20: India Street light Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 21: India Street light Market Share By States
Figure 22: India Solar Pump Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 23: India Solar Pump Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 24: India Solar Pump Market Share By States
Figure 25: India Home light Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 26: India Home light Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 27: India Home light Market Share By States
Figure 28: India Solar Lamp Market Size – By Value 2016-17 to 2027-28 (INR Crore)
Figure 29: India Solar Lamp Market Size – By Volume 2016-17 to 2027-28 (in Millions Units)
Figure 30: India Solar Lamp Market Share By State

Feed Phosphate Market Research FAQs

The India Solar Panel Market is growing at a CAGR of more than 13% in value over the next 5 years.

The segments covered in the India Solar Panel Market report are based on Type, Product, Volume, Region, and Company.

West India Region is expected to hold the highest share in the Solar Panel market.

Tata Power Solar System, Waree Energies Limited, Adani Green Energy Limited, Luminous Power Technologies Pvt. Ltd., Renewsys india Pvt. Ltd., Emmvee Solar Systems Private Limited, Goldi Solar Pvt. Ltd., Microtek International Pvt. Ltd., Su-kam Power System Ltd., Loom Solar Pvt. Ltd., Amrut Energy Pvt. Ltd., Solaxon Renewable Energy Private Limited, Trina Solar

Solar Rooftop Market is anticipated to grow at CAGR of 20% in Value by 2027-28.
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India Solar PV Market Outlook, 2027-28

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