The India Solar Energy Market size reached USD 30,032.78 Million in 2025. The market is projected to surge to USD 5,38,913.68 Million by 2034, registering a robust CAGR of 37.82% between 2026 and 2034. Growth is propelled by government policies, declining technology costs, and increasing private sector investments. The report offers a comprehensive analysis of the industry, including India solar energy industry analysis, share, growth, trends, and regional insights.

STUDY ASSUMPTION YEARS

• Base Year: 2025
• Historical Year/Period: 2020-2025
• Forecast Year/Period: 2026-2034

INDIA SOLAR ENERGY MARKET KEY TAKEAWAYS

• Current Market Size: USD 30,032.78 Million in 2025
• CAGR: 37.82%
• Forecast Period: 2026-2034
• Robust government policy support provides stability and incentives that accelerate project deployment.
• Falling technology costs and improved efficiencies are enhancing the competitiveness of solar energy.
• Rising private sector participation is fueling investment and capacity growth.
• Regulatory frameworks like renewable purchase obligations (RPOs) and net metering promote wider adoption.
• Public-private partnership frameworks minimize project risks and encourage collaboration.

Sample Request Link: https://www.imarcgroup.com/india-solar-energy-market/requestsample

MARKET TRENDS

The India Solar Energy Market is currently witnessing a massive technological overhaul, defined by the near-total dominance of TOPCon (Tunnel Oxide Passivated Contact) technology. In 2025, TOPCon has effectively displaced older Mono-PERC modules, accounting for over 90% of new manufacturing capacity additions due to its superior efficiency and lower degradation rates suited for India's heat. Additionally, the residential segment is experiencing a "Zero-Bill" revolution driven by the PM Surya Ghar: Muft Bijli Yojana.

This scheme has successfully transitioned hundreds of thousands of households to net-positive energy producers, creating a decentralized "prosumer" grid where homeowners not only eliminate electricity bills but earn from selling surplus power to DISCOMs. Moreover, domestic manufacturing is aggressively deepening its value chain through "backward integration." Leading players are rapidly commissioning cell and ingot-wafer manufacturing lines to comply with strict ALMM (Approved List of Models and Manufacturers) mandates, reducing the sector's historical reliance on imported Chinese raw materials and ensuring supply chain sovereignty.

MARKET GROWTH FACTORS

The primary engine fueling the India Solar Energy Market is the strategic pivot of Commercial and Industrial (C&I) consumers towards Captive and Open Access Solar. With grid tariffs in industrial states hovering between ₹7-₹9 per unit, businesses are adopting captive solar solutions (with an LCOE of ₹3.5-₹4.5) not just for sustainability, but as a critical financial hedge against operational cost volatility. In addition, the Production Linked Incentive (PLI) Scheme has successfully catalyzed an export boom; Indian manufacturers are filling the void in US and European markets created by trade barriers against other nations, positioning India as a preferred "China Plus One" supplier for high-quality PV modules.

Furthermore, the mandatory inclusion of Battery Energy Storage Systems (BESS) in new government tenders is unlocking the potential of "dispatchable" solar power. This policy ensures that solar energy can be supplied even during non-sunlight peak hours, solving the intermittency challenge and making solar a reliable baseload contender for the national grid.

For detailed insights, visit the India Solar Energy Market report page: https://www.imarcgroup.com/india-solar-energy-market

MARKET SEGMENTATION

Deployment Insights:

• Rooftop: Encompasses solar photovoltaic installations on building rooftops, enabling localized energy generation mostly for residential and commercial users.
• Ground-mounted: Includes utility-scale solar power plants set up on land surfaces, designed primarily for large-scale electricity generation.

Application Insights:

• Residential: Solar energy systems deployed for individual homes and housing complexes providing clean power for domestic consumption.
• Commercial and Industrial: Solar installations serving commercial enterprises and industrial facilities to meet significant energy demands economically.
• Utility-scale: Large-scale solar power generation projects feeding electricity directly into the transmission grid for widespread distribution.

Regional Insights:

• North India: Geographic focus on northern states with potential for significant solar energy generation growth.
• South India: Covers southern states with established solar infrastructure and expansion opportunities.
• East India: Encompasses eastern states with emerging solar market activities.
• West India: Includes western regions with developing solar energy projects and investments.

REGIONAL INSIGHTS

The report does not explicitly specify the dominant region or regional market share and CAGR statistics. It provides a comprehensive analysis covering North India, South India, East India, and West India without precise comparative data.

RECENT DEVELOPMENTS & NEWS

In September 2025, Oil India Limited partnered with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) to develop a 1.2 GW renewable energy project in Rajasthan, consisting of 1,000 MW solar and 200 MW wind power. This initiative supports India’s green transition and aims to supply clean energy to distribution companies and commercial clients, significantly expanding renewable capacity.

In June 2025, the Ministry of New and Renewable Energy launched the Innovative Projects Start-Up Challenge to promote rooftop solar and distributed renewable innovations in India. The challenge offers ₹2.3 crore in prizes and provides incubation, pilot opportunities, and mentorship for winners.

KEY PLAYERS

• Oil India Limited
• Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL)

If you require any specific information that is not covered currently within the scope of the report, we will provide the same 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.

CONTACT US

IMARC Group,

134 N 4th St. Brooklyn, NY 11249, USA,

Email: sales@imarcgroup.com,

Tel No: (D) +91 120 433 0800,

United States: +1-201971-6302