Solar PV Module Market - India

Market Statistics

Base Year: 2024

Historical Years: 2019-2024

Forecast Years: 2025-2033

Market Size in 2024: USD 7.94 Billion

Market Size in 2033: USD 21.12 Billion

Market Growth Rate (CAGR) 2025-2033: 10.60%

According to IMARC Group's report titled "India Solar PV Module Market Report and Forecast 2025-2033," the market reached USD 7.94 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 21.12 Billion by 2033, exhibiting a growth rate (CAGR) of 10.60% during 2025-2033.

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India Solar PV Module Market Trends and Drivers:

  1. India solar PV module market is growing strongly, spurred by rising government support, reducing module prices, and growing electricity demand in urban and rural areas.
  2. The government's aggressive renewable energy goals and policy initiatives like the Production Linked Incentive (PLI) scheme are prodding local manufacturing, thus cutting imports.
  3. The fast-paced growth of solar parks and addition of clean energy to the national grid have provided a robust foundation for long-term market development.
  4. Private sector investment and public-private partnerships are also driving capacity installations, particularly in states of Gujarat, Rajasthan, and Tamil Nadu where solar irradiance is high.
  5. In essence, the synergy of policy support coupled with conducive geographic conditions is largely driving the increased growth rate of this sector.
  6. Besides, heightened environmental consciousness and greater emphasis on renewable energy sources are driving industries and consumers towards the use of solar energy technologies.
  7. Improvements in PV module performance and longevity through technological innovations are enhancing the feasibility and affordability of solar installations.
  8. Rising interest in decentralized energy production, including rooftop solar, is opening up market potential even in semi-urban and rural areas.
  9. Introduction of net metering policies and funding schemes is also bringing solar power within the reach of customers. Utility-scale and distributed solar segments are thus both seeing healthy demand as a consequence.
  10. The India solar PV module market is expected to grow steadily with a strong policy environment, changing technology, and an increasing requirement for clean and low-cost energy.

India Solar PV Module Market Report and Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest India solar PV module market share. It includes forecasts for the period 2025-2033 and historical data from 2019-2024 for the following segments.

Technology Insights:

  • Thin Film
  • Crystalline Silicon
  • Others

Product Type Insights:

  • Monocrystalline
  • Polycrystalline
  • Cadmium Telluride
  • Amorphous Silicon
  • Others

Connectivity Insights:

  • On-Grid
  • Off-Grid

Mounting Insights:

  • Ground Mounted
  • Roof-Top

End Use Insights:

  • Residential
  • Commercial
  • Industrial

Region Insights:

  • North India
  • South India
  • East India
  • West India

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Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Key highlights of the Report:

  • Market Performance (2019-2024)
  • Market Outlook (2025-2033)
  • COVID-19 Impact on the Market
  • Porter’s Five Forces Analysis
  • Strategic Recommendation
  • Historical, Current and Future Market Trends
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Structure of the Market
  • Value Chain Analysis
  • Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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