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According to the latest research report titled, “India Solar Energy Market (2024 – 2029)” by Mordor Intelligence, the India Solar Energy Market is estimated at 79.07 GW in 2024 and growing at a CAGR of 19.80% during the forecast period. 

In the foreseeable future, the Indian solar energy sector is on a trajectory of robust expansion, driven by several key factors. Foremost among these is the declining cost of solar power technology, rendering it increasingly competitive. Additionally, the growing flexibility of solar systems enhances their attractiveness as a viable energy solution. Moreover, the environmental advantages of solar power, being a greener alternative to conventional electricity generation, further bolster its appeal. 

Supportive governmental initiatives, particularly spearheaded by the Ministry of New and Renewable Energy (MNRE), play a pivotal role in fostering the growth of the solar energy market. These initiatives aim to incentivize and promote renewable-based power generation, providing a conducive environment for industry players. 

However, India benefits from abundant solar irradiance throughout the year, making it conducive for solar energy utilization. Regions such as Rajasthan, Gujarat, and Andhra Pradesh, known for their ample sunshine, offer ideal conditions for solar energy harnessing. This geographical advantage, combined with significant foreign investment and extensive research and development initiatives aimed at technology enhancement, presents numerous opportunities for the expansion of the Indian solar energy market. 

Report Summary 

• Market Size (2024): 195.11 GW 
• Market Size (2029): 79.07 GW 
• CAGR (2024 – 2029): 19.80% 
• Study Period: (2020-2029) 
• Report Scope: Market Dynamics, Revenue Forecast & Segmentation, Competitive Landscape & Recent Developments, Market Growth, Future Opportunities, and Trends    
• Market Drivers: Supportive Government Policies for Developing Solar Energy and Declining Cost of Solar Power Technology 

Which are the Top Companies in the India Solar Energy Market?     

The Indian solar energy market exhibits fragmentation, with several key companies operating within the sector. 

Prominent players in the India Solar Energy Market: 

• Domestic Players 
• Adani Solar 
• Emmvee Solar 
• Mahindra Susten Pvt. Ltd. 
• Sterling and Wilson Pvt. Ltd. 
• Tata Power Solar Systems Ltd. 
• Vikram Solar Limited 
• ReNew Power Pvt. Ltd. 
• NTPC Ltd. 
• Azure Power Global Ltd. 
• Foreign Players 
• JinkoSolar Holdings Co. Ltd. 
• First Solar Inc. 
• Hanwha Q Cells Co. Ltd. 
• SMA Solar Technology AG 
• Trina Solar Limited 

Other Reports that Might be of Your Interest 

• Austria Solar Energy Market Report: The Austria Solar Energy Market size is estimated at 4.46 gigawatt in 2024, and is expected to reach 9.98 gigawatt by 2029, growing at a CAGR of 17.47% during the forecast period (2024-2029) 
• Spain Solar Energy Market Report: The Spain Solar Energy Market size in terms of installed base is expected to grow from 34.49 gigawatt in 2024 to 72.32 gigawatt by 2029, at a CAGR of 15.96% during the forecast period (2024-2029) 

Key Highlights from the India Solar Energy Market Report 

1. Forecast: Solar PV Set to Reign Supreme in Indian Energy Market 

• The solar PV segment is expected to have the biggest market share during the forecast period. 
• This is because the cost of solar modules is decreasing, and these systems can be used for many different things, like making electricity and heating water. 
• As per IRENA, India’s installed solar PV capacity was around 62.8 GW in 2022, up from 49.3 GW in 2021. This was an increase of approximately 31% over the year.  
• India put in a lot of solar PV installations, especially for utility projects, which led to growth. The Government of India plans to increase the solar PV installed capacity. 
• The National Thermal Power Corporation Limited (NTPC) turned on a solar PV project near Hazira in Surat in August 2022. 
• The Kawas solar PV project has a capacity of 56 MW; with this project, NTPC will increase its solar footprint to 68,454 MW of group-installed and commercial capacity. 
• With the completion of these types of projects, the share of the solar PV segment in the Indian solar energy market is expected to increase in the forecast period.  

2. Energizing Growth: Government Policies Fueling India’s Solar Market 

Recent years have witnessed a surge in governmental initiatives aimed at augmenting India’s solar energy contribution to the future renewable power generation mix. According to data from the Ministry of New and Renewable Energy (MNRE) as of February 2023, the installed capacity of solar energy reached 66.70 GW in 2022. 

One significant initiative outlined by the MNRE is the national wind-solar hybrid policy, designed to promote the deployment of large grid-connected wind-solar PV hybrid systems. These integrated systems are envisioned to mitigate the variability of renewable energy generation, enhance grid stability, and optimize land and transmission infrastructure utilization. 

Additionally, the MNRE has implemented several schemes in the past three years to bolster the solar energy sector. These include the Solar Park Scheme, the 300 MW Defense Scheme, and the 500 MW Viability Gap Funding (VGF) Scheme. 

Thus, with the upcoming government projects and supportive policies, solar energy developments are expected to boost the Indian solar energy market in the coming years. 

What are the Latest Developments in the India Solar Energy Market?    

• In December 2022: The Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements for a USD 150 million International Bank for Reconstruction and Development (IBRD) loan, a USD 28 million Clean Technology Fund (CTF) loan, and a USD 22 million CTF grant to assist India in increasing its power generation capacity through cleaner and renewable energy sources. 
• In September 2022: Amazon India announced three solar farm projects in Rajasthan with a total combined clean energy capacity of 420 megawatts (MW). The company’s set of utility-scale renewable energy projects in India included a 210 MW project to be developed by ReNew Power, a 100 MW project by Amp Energy India, and a 110 MW project to be developed by Brookfield Renewable. 

Mordor Intelligence Report on the India Solar Energy Market segments the market based on product type, application, and geography: 

• By Technology 

• Solar Photovoltaic (PV)  
• Concentrated Solar Power (CSP)  

In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the India Solar Energy Industry. Get a glance at the India Solar Energy Market Report (2024 – 2029) 

About Mordor Intelligence 

Mordor Intelligence is a trusted partner for businesses seeking comprehensive and actionable market intelligence. Our global reach, expert team, and tailored solutions empower organizations and individuals to make informed decisions, navigate complex markets, and achieve their strategic goals.  

With a team of over 550 domain experts and on-ground specialists spanning 150+ countries, Mordor Intelligence possesses a unique understanding of the global business landscape. This expertise translates into comprehensive syndicated and custom research reports covering a wide spectrum of industries, including aerospace & defense, agriculture, animal nutrition and wellness, automation, automotive, chemicals & materials, consumer goods & services, electronics, energy & power, financial services, food & beverages, healthcare, hospitality & tourism, information & communications technology, investment opportunities, and logistics.   

Other Related Reports that Might be of Interest 

• Thailand Solar Energy Market Report: The Thailand Solar Energy Market size in terms of installed base is expected to grow from 3.9 gigawatt in 2024 to 5.52 gigawatt by 2029, at a CAGR of 7.20% during the forecast period (2024-2029) 
• Egypt Renewable Energy Market Report: The Egypt Renewable Energy Market size is estimated at 13.23 gigawatt in 2024, and is expected to reach 19.23 gigawatt by 2029, growing at a CAGR of 7.80% during the forecast period (2024-2029) 

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