India Solar PV Module Market is estimated to Witness High Growth Owing to Growing Demand for Renewable Energy Sources

The solar PV module market involves the manufacturing and installation of photovoltaic modules that convert sunlight directly into electricity. Solar PV modules have various advantages over traditional energy sources such as lower carbon emissions, reduced dependence on fossil fuels, reliable source of energy, and lower operating costs over the lifecycle. With rising energy demand and environmental concerns, many countries are promoting the adoption of renewable energy like solar PV, which is driving the growth of the India solar PV module market.

The Global India Solar PV Module Market is estimated to be valued at US$ 8.83 Billion in 2025 and is expected to exhibit a CAGR of 9.7% over the forecast period 2025-2032.

Key Takeaways

Key players: Key players operating in the India Solar PV Module market are 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.

Key opportunities: The India Solar Pv Module Market Demand is driven by high solar insolation levels across the country, creating opportunities for large-scale solar projects. Government initiatives and policies supporting solar rooftop installations also provide growth prospects for module manufacturers and installers.

Global expansion: Leading India solar PV module manufacturers are focusing on expanding their presence in international markets through strategic partnerships, joint ventures, and exports. Countries in Middle East, Africa, and Southeast Asia present lucrative growth opportunities.

Market Drivers

Growing demand for renewable energy: With rapid economic growth and urbanization, demand for electricity is surging in India. This has increased focus on developing renewable sources of energy to meet rising demand and reduce dependence on imported fossil fuels.

Favorable government policies: The Indian government has introduced supportive policies and schemes such as gross/net metering, generation-based incentives, and lower import duties to boost solar energy installations. Large-scale targets for solar capacity addition over the next decade are also driving demand.

PEST Analysis

Political: India has set an ambitious solar target of achieving 100GW of solar power by 2022. This target has helped to boost domestic manufacturing and adoption of solar modules across residential and commercial projects.

Economic: Declining costs of solar PV modules combined with government subsidies and tax incentives have improved the viability of solar projects in India. Financing options like solar leasing are also gaining traction especially in the commercial and industrial sector.

Social: Rising electricity costs and power outages have made solar an attractive option even for household consumers. The 'rooftop solar' segment is growing rapidly as individuals opt for solar systems to meet their energy requirements.

Technological: Thin film solar modules using technologies like Cadmium telluride are gaining market share in India. They offer lower material and manufacturing costs compared to polysilicon-based panels. Some developers are also experimenting with bifacial modules that can boost energy output.

Geographical Concentration

In terms of value, the Indian market is concentrated in the southern and western states of Karnataka, Telangana, Andhra Pradesh, Gujarat and Maharashtra. These states receive optimal solar radiation and have witnessed strong growth due to favourable net-metering policies and availability of vast barren land for large scale solar parks.

Fastest Growing Region

The northern and eastern states of Uttar Pradesh, Bihar, Jharkhand and Odisha are emerging as the fastest growing regions for solar installations in India. With improving infrastructure and more competitive tariffs compared to diesel or grid power, solar is becoming a viable option for decentralized energy needs in these industrial and agricultural belts.

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