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INDIA SOLAR ENERGY MARKET FORECAST 2025-2032

SCOPE OF THE REPORT

India Solar Energy Market by Technology (Solar Photovoltaic (PV), Concentrated Solar Power (CSP) Market by Application (Utility-Scale (Grid-Connected), Off-Grid) by Geography

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MARKET OVERVIEW

The India solar energy market is expected to grow at a CAGR of 14.21% during the forecast period, 2025-2032. The base year considered for the study is 2024, and the estimated period is between 2025 and 2032.

India has reached a major milestone by surpassing 100 GW of installed solar capacity, solidifying its position as the world’s fourth-largest solar market—trailing only China, the United States, and Germany. With its ambitious renewable energy goals and strong policy backing, India is on track to become the third-largest solar market globally in the near future.

The country’s solar sector has seen extraordinary growth over the past decade, leaping from just 3 GW in 2014 to 100 GW in 2024. This progress has been driven by supportive government policies, substantial domestic and foreign investments, and a clear national focus on clean energy. Key initiatives like the PM Surya Ghar Muft Bijli Yojana and PM-KUSUM are significantly accelerating solar adoption across residential, agricultural, and industrial segments.

Explore India's solar energy market: solar PV adoption, clean energy solutions, and supportive government policies for a green future.

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Looking ahead, India plans to add 35–40 GW of new solar capacity in the upcoming financial year, with projections of 40–45 GW in 2026–27. This growth will be fueled by the increasing scale of utility projects and the rising demand from commercial and industrial (C&I) users seeking clean energy solutions. India’s rapid solar expansion not only reflects its leadership in the global energy transition but also reinforces its commitment to meeting national climate goals and building a sustainable energy future.

The India solar energy market includes the segmentation analysis of technology and application. The technology segment is further categorized into solar photovoltaic (PV) and concentrated solar power (CSP).

India’s solar energy market has seen remarkable growth, with solar photovoltaic (PV) technology at the forefront of this transformation. As of March 31, 2024, the country’s total installed solar PV capacity stood at approximately 81.81 GW, encompassing ground-mounted systems, grid-connected rooftop installations, and off-grid solutions.

This rapid expansion has been fueled by a combination of favorable government policies, continuous technological innovation, and steadily declining solar panel costs. Landmark initiatives such as the Jawaharlal Nehru National Solar Mission (JNNSM), along with a range of state-level programs, have played a critical role in accelerating the adoption of solar PV across residential, commercial, and industrial sectors.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2025-2032
Base Year2024
Market Historical Years2018-2023
Forecast UnitsRevenue (INR Million), Volume (Gigawatt)
Segments Analyzed
Technology and Application
Country AnalyzedIndia

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. MAJOR MARKET FINDINGS
      1. SOLAR PV DOMINATES INDIA’S SOLAR ENERGY MARKET, ACCOUNTING FOR THE VAST MAJORITY OF INSTALLED CAPACITY
      2. UTILITY-SCALE (GRID-CONNECTED) SEGMENT IS ANTICIPATED TO WITNESS SIGNIFICANT GROWTH DURING THE FORECAST PERIOD
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. FAVORABLE GOVERNMENT POLICIES AND STRATEGIC INITIATIVES
      2. CONTINUOUS DECLINE IN SOLAR PANEL COSTS
      3. INCREASING ENERGY DEMAND AND POWER CONSUMPTION GROWTH
    2. KEY RESTRAINTS
      1. CHALLENGES IN LAND ACQUISITION FOR LARGE-SCALE SOLAR PROJECTS
      2. COMPLEXITIES IN GRID INTEGRATION AND INFRASTRUCTURE LIMITATIONS
      3. HEAVY DEPENDENCE ON IMPORTS FOR SOLAR EQUIPMENT LEADING TO SUPPLY CHAIN RISKS
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
      1. ADVANCEMENTS IN SOLAR TECHNOLOGY AND EFFICIENCY
      2. DECENTRALIZED POWER OFFERING GROWTH OPPORTUNITY FOR INDIA’S SOLAR MARKET THROUGH COST SAVINGS AND SUSTAINABILITY
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING FOR INDIA
    4. MARKET MATURITY ANALYSIS
    5. MARKET CONCENTRATION ANALYSIS
    6. VALUE CHAIN ANALYSIS
      1. UPSTREAM SECTOR
      2. MIDSTREAM SECTOR
      3. DOWNSTREAM SECTOR
      4. INTEGRATION WITH EMERGING TECHNOLOGIES
    7. KEY BUYING CRITERIA
      1. ASSESSMENT OF ENERGY REQUIREMENTS
      2. SOLAR PANEL QUALITY AND EFFICIENCY
      3. TYPES OF SOLAR PANELS AND SUITABILITY
      4. WARRANTY AND AFTER-SALES SUPPORT
      5. COST ANALYSIS AND RETURN ON INVESTMENT (ROI)
      6. INSTALLATION PROCESS AND SITE CONSIDERATIONS
      7. REGULATORY AND LEGAL COMPLIANCE
  5. KEY PLAYERS OPERATING IN INDIA SOLAR ENERGY  MARKET
    1. SUCCESSFUL SOLAR ENERGY PROJECTS IN INDIA
  6. MARKET BY TECHNOLOGY
    1. SOLAR PHOTOVOLTAIC (PV)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. CONCENTRATED SOLAR POWER (CSP)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  7. MARKET BY APPLICATION
    1. UTILITY-SCALE (GRID-CONNECTED)
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
    2. OFF-GRID
      1. MARKET FORECAST FIGURE
      2. SEGMENT ANALYSIS
  8. FUTURE OUTLOOK AND RECOMMENDATIONS

LIST OF TABLES

TABLE 1: INDIA MARKET SNAPSHOT- SOLAR ENERGY

TABLE 2: INDIA SOLAR ENERGY MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2023 (IN INR MILLION)

TABLE 3: INDIA SOLAR ENERGY MARKET, BY TECHNOLOGY, FORECAST YEARS, 2025-2032 (IN INR MILLION)

TABLE 4: INDIA SOLAR ENERGY MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2023 (IN GIGAWATT)

TABLE 5: INDIA SOLAR ENERGY MARKET, BY TECHNOLOGY, FORECAST YEARS, 2025-2032 (IN GIGAWATT)

TABLE 6: INDIA SOLAR ENERGY MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2023 (IN INR MILLION)

TABLE 7: INDIA SOLAR ENERGY MARKET, BY APPLICATION, FORECAST YEARS, 2025-2032 (IN INR MILLION)

TABLE 8: INDIA SOLAR ENERGY MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2023 (IN GIGAWATT)

TABLE 9: INDIA SOLAR ENERGY MARKET, BY APPLICATION, FORECAST YEARS, 2025-2032 (IN GIGAWATT)

TABLE 10: KEY PLAYERS OPERATING IN INDIA SOLAR ENERGY MARKET

LIST OF FIGURES 

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR INDIA

FIGURE 4: MARKET MATURITY ANALYSIS

FIGURE 5: MARKET CONCENTRATION ANALYSIS

FIGURE 6: VALUE CHAIN ANALYSIS

FIGURE 7: KEY BUYING CRITERIA

FIGURE 8: INDIA SOLAR ENERGY MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2024

FIGURE 9: INDIA SOLAR ENERGY MARKET, BY SOLAR PHOTOVOLTAIC (PV), 2025-2032 (IN INR MILLION)

FIGURE 10: INDIA SOLAR ENERGY MARKET, BY CONCENTRATED SOLAR POWER (CSP), 2025-2032 (IN INR MILLION)

FIGURE 11: INDIA SOLAR ENERGY MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2024

FIGURE 12: INDIA SOLAR ENERGY MARKET, BY UTILITY-SCALE (GRID-CONNECTED), 2025-2032 (IN INR MILLION)

FIGURE 13: INDIA SOLAR ENERGY MARKET, BY OFF-GRID, 2025-2032 (IN INR MILLION)

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