The India solar PV panels market was valued at USD 7.31 billion in 2023 and is projected to expand at a compound annual growth rate (CAGR) of 9.4% from 2024 to 2030. This impressive growth trajectory reflects the country’s strong commitment to renewable energy, particularly solar power, as part of its long-term energy security and sustainability goals.

The solar PV market in India is currently undergoing significant expansion, fueled by a combination of supportive government policies, economic factors, and technological advancements. One of the primary drivers is the implementation of national and state-level initiatives, such as the Jawaharlal Nehru National Solar Mission (JNNSM), which has played a pivotal role in laying the foundation for large-scale solar adoption across the country. In addition, various state governments have introduced their own subsidy schemes, tax incentives, and investment-friendly regulations, further promoting the growth of the solar PV sector.

Another key growth factor is the decreasing cost of solar panels, made possible by technological innovation, greater manufacturing efficiency, and economies of scale. This decline in pricing has significantly improved the affordability and attractiveness of solar PV systems for residential, commercial, and industrial users.

Moreover, India’s rising energy demand, spurred by population growth and rapid economic development, is creating a strong need for sustainable and scalable energy solutions. As a result, there is a growing shift toward renewable energy sources to reduce dependence on fossil fuels, combat climate change, and mitigate the impacts of air pollution.

The market is also benefiting from continuous technological advancements that are enhancing solar panel efficiency, grid integration capabilities, and energy storage solutions. These innovations are making solar PV systems more reliable and easier to implement across various use cases.

Additionally, an increasing number of businesses and industries are adopting solar power to meet sustainability targets, improve corporate social responsibility (CSR) performance, and gain brand value through environmental leadership.

Key Market Trends & Insights:

• In 2023, the thin film segment emerged as the market leader, capturing a substantial 48.32% share of the overall solar PV panels market. This segment is also projected to experience the fastest compound annual growth rate (CAGR) throughout the forecast period. The dominance and rapid growth of the thin film technology can be attributed to several key factors. Notably, its cost-effectiveness makes it an attractive option for a wide range of applications. Additionally, the flexibility of thin film solar panels allows them to be integrated into diverse surfaces and structures where traditional rigid panels may not be suitable. 

• Within the market, the On-Grid segment accounted for the largest revenue share in 2023. This strong performance is largely driven by various state policy incentives and government-backed financial support programs that encourage the adoption of grid-connected solar systems. Alongside these incentives, ongoing cost reductions in system installation and maintenance have made on-grid solar power more economically viable for both residential and commercial users. 

• Looking at the end-use sectors, the industrial segment dominated the market in 2023. The increasing participation of the industrial sector in the solar panel market is fueled by multiple factors. A major driver is the advancement of photovoltaic power distribution systems, which have enhanced the ability of industrial facilities to generate and manage their own electricity, thereby boosting overall competitiveness. 

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Market Size & Forecast:

• 2023 Market Size: USD 7.31 Billion

• 2030 Projected Market Size: USD 13.69 Billion

• CAGR (2024-2030): 9.4%

Key Companies & Market Share Insights:

Several key players dominate the India solar PV panels market, contributing significantly to its rapid growth and technological advancement. Among these prominent companies are Tata Power Solar, Adani Solar, Vikram Solar, Waaree Energies, Saatvik Green Energy, RenewSys, Loom Solar, and Goldi Solar. Each of these organizations plays a vital role in shaping the landscape of the Indian solar industry through their diverse product offerings, innovation, and commitment to sustainability.

Tata Power Solar stands out as a comprehensive provider of solar products and services in India. Their extensive portfolio includes solar modules, solar rooftops, solar panels, solar pumps, and solar water heaters, catering to a wide range of sectors including residential, commercial, and industrial applications. Beyond traditional solar solutions, Tata Power Solar is also pioneering innovative products such as solar trees, solar power shades, and solar balconies, which aim to integrate solar energy more seamlessly into everyday environments, thereby promoting the adoption of renewable energy at multiple levels.

Adani Solar is recognized as one of the leading solar panel manufacturers in the country, known for producing high-quality monocrystalline and bifacial solar modules utilizing advanced PERC (Passivated Emitter and Rear Cell) technology. The company boasts a significant production capacity of 4 gigawatts (GW), with ambitious plans to expand its manufacturing ecosystem to 10 GW in the near future. Adani Solar places a strong emphasis on sustainability and innovation, driving technological advancements and contributing to India’s broader goals of clean energy adoption and energy security.

Together, these companies, along with others like Vikram Solar, Waaree Energies, Saatvik Green Energy, RenewSys, Loom Solar, and Goldi Solar, form the backbone of the India solar PV panels market. Their continuous efforts in product development, capacity expansion, and sustainable practices are accelerating the country’s transition towards renewable energy and supporting the government’s renewable energy targets.

Key Players

• Tata Power Solar Systems Ltd.

• Adani Group

• VIKRAM SOLAR LTD.

• Waaree Energies Ltd.

• Saatvik Green Energy Pvt Ltd.

• RenewSys India Pvt. Ltd.

• LOOM SOLAR PVT. LTD.

• Goldi Solar, Inc.

• Servotech Power Systems

• Bluebird Solar

• SWELECT Energy systems Ltd

• Panasonic Solar

• JA SOLAR Technology Co., Ltd.

• Microtek Solar Solutions

• Luminous India

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Conclusion:

The India solar PV panels market is witnessing robust growth driven by supportive government initiatives, declining costs, and increasing demand for clean energy solutions. Technological advancements and rising awareness around sustainability are further fueling market expansion. Continued investment and innovation by key players are expected to strengthen the market’s trajectory as India moves towards its renewable energy targets.