India Solar Photovoltaic (PV) Market to Grow at a CAGR of 13.1% During 2024-2032, Aided by the Rising Consumer Preference for Renewable Energy Options due to Environmental Concerns

The implementation of several initiatives by the Government of India aimed at increasing the supply of domestically manufactured solar photovoltaic (PV) modules as well as boosting demand for locally produced products is favouring the India solar photovoltaic (PV) market growth.

While the Production Linked Incentive (PLI) scheme focuses on enhancing supply, other measures have been established to drive greater demand. One such measure is the inclusion of domestic content requirements (DCR) for solar power within numerous government programmes. Programmes such as the Pradhan Mantri Kisan Urja Suraksha Evam Utthaan Mahabhiyan (PM-KUSUM) Scheme and the Central Public Sector Undertaking (CPSU) Scheme now mandate certain percentages of locally made components, including solar PV modules, be used in supported projects.

India's policies have strongly supported domestic manufacturing, and the government has not only attempted to limit PV imports but also taken actions to enhance manufacturing. It began with imposing a safeguard duty in 2018. Over the years, it has established several tariff barriers like basic customs duties as well as non-tariff barriers such as the Approved List of Models and Manufacturers.

Concurrently, the Indian government also advanced domestic manufacturing of PV modules through its production-linked incentive program, with a total budget of approximately USD 3.2 billion across two phases.

The effects of the Indian government's policy initiatives are already apparent. For instance, the nameplate capacity for PV cells and modules in India has more than doubled, reaching 6.6GW of cells and 38GW of modules in 2023, though they operate at only 50-60% capacity.

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Market Breakup by Product Type and Technology:

• On the basis of the product type, the market is bifurcated into ground mounted and rooftop. 

• The market is segmented based on technology into monocrystalline silicon, thin film, and polycrystalline silicon, among others.

Key Findings of the Report:

• The production-linked incentive (PLI) scheme aims to stimulate growth across India's entire photovoltaic (PV) manufacturing sector. In addition to expanding infrastructure for all phases of PV production from polysilicon through modules, the PLI scheme is also expected to help develop domestic markets for PV ancillary components like glass, ethylene vinyl acetate (EVA), and backsheets. This aims to strengthen the nation's renewable energy infrastructure and independence.

• The results from both stages of the Production-Linked Incentive (PLI) scheme indicate that India will see an increase of 51.6 gigawatts in solar module capacity and at least 27.4 gigawatts in integrated "polysilicon-to-module" capacity over the next three to four years.

• India is expected to become self-sufficient in solar photovoltaic (PV) module manufacturing in the coming years. With over 110 gigawatts (GW) of new PV module production capacity expected to come online in the next three years, India is expected to surpass all other countries besides China to become the second-largest global producer of solar PV modules by 2026.

This significant increase in domestic PV manufacturing capabilities is expected to allow India to reliably meet the growing national demand for solar energy and reduce reliance on international PV imports, propelling the India solar photovoltaic (PV) market expansion. This is also anticipated to enhance the country's energy independence through the expansion of sustainable homegrown solar power generation.

Key Offerings of the Report:

• The EMR report gives an overview of the India solar photovoltaic (PV) Market for the periods (2018-2023) and (2024-2032). 

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the product types and technologies of solar photovoltaic (PV) in India.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the India solar photovoltaic (PV) market are Tata Power Solar Systems Limited, Vikram Solar Pvt Ltd., WAAREE Energies Ltd., EMMVEE Photovoltaic Power Private Limited,  Loom Solar Pvt Ltd, Websol Energy Systems Limited, Adani Group, Saatvik Group, and Jakson Group, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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