Market Research Report
India Solar PV Market Outlook, 2026
|India Solar PV Market Outlook, 2026|
Published: December 30, 2021
Bonafide Research & Marketing Pvt. Ltd.
Content info: 117 Pages
Delivery time: 1-2 business days
The report titled "India Solar Panel Market Outlook, 2026" is anticipated to grow at CAGR of more than 13% in value and in volume terms is anticipated to grow at CAGR of more than 15% in forecasted period. Solar Energy, one of the potential energy sources, is a fastest expanding renewable segment in India. Indian solar panel market has seen tremendous growth as the country has witnessed huge solar panel capacity additions in the last few years and the Ministry of New and Renewable Energy (MNRE) and government of India has taken many initiatives to putting out new schemes, projects, which, in turn, is expected to drive the market during the forecast period.
Solar panel available in three major types in the Indian market i.e. Mono-crystalline, Poly Crystalline and Thin Film Solar panel. With mega solar power plants developing in India at a full swing backed by huge amount of domestic and foreign investments is good news for solar panel manufacturers and suppliers. This was also possible due to ease in land accession and other legal agreements from the both central and state government. The governance of the market is maintained by large domestic and international project developers with partial intervention of government. Solar energy in India is mainly divided into three parts i.e. On-Grid Solar, Off-Grid Solar and solar rooftop system. As per the report, in On-Grid/ Grid solar segment, state wise installed capacity in India is calculated in which Gujarat state is leading by the installed capacity. Off-Grid Solar further segregated into products i.e. Solar Street light, Solar Home light, Solar Pump and Solar Lamp. State wise installed capacity is calculated in off-grid solar. Solar Street light is the highest growing segment in the Off-Grid Solar.
PM-KUSUM scheme is one of the largest initiatives in the world to provide clean energy to more than 4 million farmers by solarising their agriculture pumps. PM-KUSUM scheme aims to install grid connected ground mounted solar power plants install standalone solar pumps under and grid connected agricultural pumps. All components combined would support installation of additional solar capacity of more than 31 GW in India. India solar pump market is anticipated to grow at CAGR of more than 16% in value and in volume terms is anticipated to grow at CAGR of more than 14% in installed capacity in India.
As demand of electricity is increasing day by day and resources are not abundant if compare with utilization of it. For people it becomes difficult to pay heavy electricity bills for their household usages. For that Government has launch Rooftop solar scheme, in which incentives and subsidies were provided for residential and social sectors. As per the report state wise installed capacity is calculated in Solar Rooftop. The market of solar rooftop system is likely to grow at CAGR of more than 20% in Value terms and in Volume terms is anticipated to grow at CAGR of more than 22% in forecasted period. Solar rooftop is segmented into state wise installation, in which Gujarat is leading by installed capacity in India. Furthermore, West region is the highest capacity installed region whereas east having lowest installed capacity in India.
Solar Panel market in India have been adversely impacted by the COVID-19 pandemic and lockdowns. However, due to pandemic situation, it is anticipated that the 2020-21 year would be a challenging year for the solar industry as various firms would be airlifting component solar cells and other solar panel elements from foreign countries. However, the pandemic situation affected the construction and the availability of the solar panels resulting in project delays. But, this situation is expected to recover in the upcoming years.
The solar energy market in India is crippled. Some of the major firms operating in the solar panel market include Tata Power Solar System, Waree Energies Limited, Adani Green Energy Limited. Tata Power Solar System is leading the market in India with highest revenue from the solar panel market.
Bonafide Research performed primary as well as secondary research for this study. Initially, a list of manufacturers and suppliers operating in the Solar Panel market of India were sourced through secondary sources. With the identified companies and consumers, primary research was carried out which included conducting online surveys, competitor analysis and exhaustive personal interviews * both face to face as well as telephonic basis, to extract maximum information from participants like industry executives/ distributors or consumers. Primary research gave us an idea of segmental revenues, export, pricing, geographical presence, channel partner model, USP etc.
Bonafide Research seeks secondary data from third-party sources such as published articles, company websites, magazine articles, associations, trade journals, annual reports, government official websites and other paid database sources. In addition, data is also mined from a host of reports in our repository, as well as a number of paid databases of Indian government. Using both primary and secondary information, Bonafide Research calculated the market size through a bottom-up approach, where manufacturers' value sales data for different types of Solar Panels were recorded and subsequently forecasted for the future years.
"India Solar Panel Market Outlook, 2026" discusses the following aspects of Solar Panel market in India:
This report can be useful to Industry consultants, manufacturers, suppliers, associations & organizations related to air conditioning industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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Keywords: India, Global, Solar, Grid/On-Grid, Off-Grid, Solar Rooftop, Solar Panel, Monocrystalline, Polycrystalline, Thin Film, Solar Street light, Solar Home light, Solar Pump and Solar Lamp, Ministry of New and Renewable Energy (MNRE), National Solar Mission, Installed, Cumulative, Capacity, Tata Power Solar System, Waree Energies Limited, Adani Green Energy Limited, Luminous Power Technologies Pvt. Ltd., Renewsys india Pvt. Ltd., Emmvee Solar Systems Private Limited, Goldi Solar Pvt. Ltd., Microtek International Pvt. Ltd., Su-kam Power System Ltd., Loom Solar Pvt. Ltd., Amrut Energy Pvt. Ltd., Solaxon Renewable Energy Private Limited, Trina Solar
Figure 14:India On-Grid Solar Photovoltaic Market Share By Region
Figure 20:India Roof-top/Hybrid Solar Photovoltaic Market Share By Region
Figure 24:India Off grid / Portable Solar Photovoltaic Market Share By Region