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India Solar Photovoltaic (PV) Market Share, Size, Analysis, Trends, Growth, Forecast: By Product Type: Ground Mounted, Rooftop; By Technology: Monocrystalline Silicon, Thin Film, Polycrystalline Silicon, Others; Regional Analysis; Market Dynamics: SWOT Analysis; Competitive Landscape; Key Trends and Developments in the Market; 2023-2028
India Solar Photovoltaic (PV) Market Outlook
The India solar photovoltaic (PV) market size reached approximately 16.01 GW in 2022. The market is expected to grow at a CAGR of 13.10% between 2023 and 2028, reaching a value of 26.42 GW by 2028.
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Key Trends in the Market
Solar photovoltaic (PV) refers to the conversion of energy received from the sun into electricity, which can be done through solar PV cells assembled into panels. The free energy obtained from the sun can be used for operating household appliances and unused electricity can be fed back into the grid. Solar photovoltaic panels are usually mounted on the roof of a building but can also be placed on the ground if the roof is unavailable. The panels should be to be cleaned regularly so as to ensure their proper working and functioning.
- Technological advancements along with growing consumer demand for clean energy sources are expected to contribute to the overall growth of the India solar photovoltaic (PV) market. Advancements such as development of ultralight fabric solar cells which can easily and quickly turn any plane surface into a source of power is enhancing the solar PV market growth.
- Government initiatives, incentives, and schemes including exemption of tax, and tariffs is strengthening the growing demand for solar photovoltaic energy from numerous consumers in India. Promotion of solar rooftops in the country with the help of various schemes such as solar subsidy schemes is also fuelling the India solar photovoltaic (PV) market growth.
- Easy availability of solar energy and cost-effectiveness of solar panels is increasing the utilisation of solar photovoltaic in India. As a largely tropical nation, various regions of the country receive extensive sunlight, making solar photovoltaic highly beneficial.
Market Analysis
Based on product type, the market is segmented into ground mounted and rooftop. On the basis of technology, the market is categorised into monocrystalline silicon, thin film, and polycrystalline silicone, among others. Based on region, the market is divided into East India, West India, South India, and North India.
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The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the India solar photovoltaic (PV) market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.
- Tata Power Solar
- Vikram Solar Pvt Ltd
- WAAREE Energies Ltd.
- EMMVEE Photovoltaic Power Private Limited
- Indosolar
- Webel Solar
- Adani Solar
- Kotak Urja Pvt. Ltd
- Jakson Group
- Others
Market Share by Product Type
Ground mounted product type accounted for a large share in the India solar photovoltaic (PV) market due to their superior efficiency in comparison to the rooftop solar PV. The ground mounted solar PV are considered more efficient because they can be adjusted for the ideal angle as and when needed and cleaned and repaired easily. Rising demand from utility and commercial projects for various uses such as solar cooling, lighting, pre-heating ventilation air, and water heating, among other applications, is increasing the demand for ground mounted solar photovoltaic.
Market Share by Technology
Monocrystalline silicon is occupies a sizable share in the solar PV market of India as they are used for large scale installations in residential, industrial, and commercial buildings. They require less space for set up and functioning compared to other technologies such as thin film, and polycrystalline silicone and hence, are considered highly space efficient. Meanwhile, thin film is anticipated to grow significantly in the forecast period as it is less costly as compared to other technologies.
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Competitive Landscape
Tata Power Solar is a solar energy company that was founded in 1989 with headquarters in Mumbai, Maharashtra. It manufactures solar cells, solar inverters, solar modules, solar rooftop, home automation, and EV charging stations, among other solar products.
Vikram Solar Pvt Ltd was established in 2006 and has its headquarters in Kolkata, West Bengal. It is a solar energy company that manufactures solar modules for consumers, aiming at delivering reliable solar solutions with the help of their specialised high efficiency photovoltaic module manufacturing.
WAAREE Energies Ltd was found in 1989 and has its headquarter located in Mumbai, Maharashtra. It is a solar electric power generation company that specialises in solar energy, renewable energy, energy storage solutions, and solar utility products.
Other market players include EMMVEE Photovoltaic Power Private Limited, Indosolar, Webel Solar, Adani Solar, Kotak Urja Pvt. Ltd, and Jakson Group, among others.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
|---|---|
| Base Year | 2022 |
| Historical Period | 2018-2022 |
| Forecast Period | 2023-2028 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Product Type |
|
| Breakup by Technology |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 India Solar Photovoltaic (PV) Market Overview
8.1 Key Industry Highlights
8.2 India Solar Photovoltaic (PV) Historical Market (2018-2022)
8.3 India Solar Photovoltaic (PV) Market Forecast (2023-2028)
9 India Solar Photovoltaic (PV) Market by Product Type
9.1 Ground Mounted
9.1.1 Historical Trend (2018-2022)
9.1.2 Forecast Trend (2023-2028)
9.2 Rooftop
9.2.1 Historical Trend (2018-2022)
9.2.2 Forecast Trend (2023-2028)
10 India Solar Photovoltaic (PV) Market by Technology
10.1 Monocrystalline Silicon
10.1.1 Historical Trend (2018-2022)
10.1.2 Forecast Trend (2023-2028)
10.2 Thin Film
10.2.1 Historical Trend (2018-2022)
10.2.2 Forecast Trend (2023-2028)
10.3 Polycrystalline Silicon
10.3.1 Historical Trend (2018-2022)
10.3.2 Forecast Trend (2023-2028)
10.4 Others
11 India Solar Photovoltaic (PV) Market by Region
11.1 East India
11.1.1 Historical Trend (2018-2022)
11.1.2 Forecast Trend (2023-2028)
11.2 West India
11.2.1 Historical Trend (2018-2022)
11.2.2 Forecast Trend (2023-2028)
11.3 South India
11.3.1 Historical Trend (2018-2022)
11.3.2 Forecast Trend (2023-2028)
11.4 North India
11.4.1 Historical Trend (2018-2022)
11.4.2 Forecast Trend (2023-2028)
12 Market Dynamics
12.1 SWOT Analysis
12.1.1 Strengths
12.1.2 Weaknesses
12.1.3 Opportunities
12.1.4 Threats
12.2 Porter’s Five Forces Analysis
12.2.1 Supplier’s Power
12.2.2 Buyer’s Power
12.2.3 Threat of New Entrants
12.2.4 Degree of Rivalry
12.2.5 Threat of Substitutes
12.3 Key Indicators for Demand
12.4 Key Indicators for Price
13 Value Chain Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Tata Power Solar
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Manufacturing Capabilities
14.2.1.4 Demographic Reach and Achievements
14.2.1.5 Certifications
14.2.2 Vikram Solar Pvt Ltd
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Manufacturing Capabilities
14.2.2.4 Demographic Reach and Achievements
14.2.2.5 Certifications
14.2.3 WAAREE Energies Ltd.
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Manufacturing Capabilities
14.2.3.4 Demographic Reach and Achievements
14.2.3.5 Certifications
14.2.4 EMMVEE Photovoltaic Power Private Limited
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Manufacturing Capabilities
14.2.4.4 Demographic Reach and Achievements
14.2.4.5 Certifications
14.2.5 Indosolar
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Manufacturing Capabilities
14.2.5.4 Demographic Reach and Achievements
14.2.5.5 Certifications
14.2.6 Webel Solar
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Manufacturing Capabilities
14.2.6.4 Demographic Reach and Achievements
14.2.6.5 Certifications
14.2.7 Adani Solar
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Manufacturing Capabilities
14.2.7.4 Demographic Reach and Achievements
14.2.7.5 Certifications
14.2.8 Kotak Urja Pvt. Ltd
14.2.8.1 Company Overview
14.2.8.2 Product Portfolio
14.2.8.3 Manufacturing Capabilities
14.2.8.4 Demographic Reach and Achievements
14.2.8.5 Certifications
14.2.9 Jakson Group
14.2.9.1 Company Overview
14.2.9.2 Product Portfolio
14.2.9.3 Demographic Reach and Achievements
14.2.9.4 Certifications
14.2.10 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. India Solar Photovoltaic (PV) Market: Key Industry Highlights, 2018 and 2028
2. India Solar Photovoltaic (PV) Historical Market: Breakup by Product Type (USD Million), 2018-2022
3. India Solar Photovoltaic (PV) Market Forecast: Breakup by Product Type (USD Million), 2023-2028
4. India Solar Photovoltaic (PV) Historical Market: Breakup by Technology (USD Million), 2018-2022
5. India Solar Photovoltaic (PV) Market Forecast: Breakup by Technology (USD Million), 2023-2028
6. India Solar Photovoltaic (PV) Historical Market: Breakup by Region (USD Million), 2018-2022
7. India Solar Photovoltaic (PV) Market Forecast: Breakup by Region (USD Million), 2023-2028
8. India Solar Photovoltaic (PV) Market Structure
Key Questions Answered in the Report
The market size reached approximately 16.01 GW in 2022.
The market is expected to grow at a CAGR of 13.10% between 2023 and 2028.
The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach about 26.42 GW by 2028.
Growing demand for clean energy sources, sunny weather in the region, and cost effectiveness of the solar photovoltaic are the major market drivers.
The key trends of the market are technological advancements, government initiatives, and easy availability of solar photovoltaic technologies.
The regional markets for solar photovoltaic in India are West India, East India, South India, and North India.
The different technologies in the solar photovoltaic market in India are monocrystalline silicon, thin film, and polycrystalline silicon, among others.
Key players in the India solar photovoltaic (PV) market are Tata Power Solar, Vikram Solar Pvt Ltd, WAAREE Energies Ltd., EMMVEE Photovoltaic Power Private Limited, Indosolar, Webel Solar, Adani Solar, Kotak Urja Pvt. Ltd, and Jakson Group, among others.
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