India Solar Panel Market Definition

The solar panel system is best low-maintenance option for people who want to contribute to a greener environment. Actually, every single person should try to contribute a little for saving the environment from declining. this system does not cause any pollution and has many advantages. Solar system works by converting the sunlight into electrical energy through PV (photovoltaic) panels. The system has mirrors which concentrate the solar radiations.

The photovoltaic systems use photovoltaic cells which collects the solar energy from the sunlight and then converts it into direct current (DC). The electricity flow is caused by the reflection of the sunlight on the mirrors create an electric field around the system, which causes the current flow. The PV systems are renewable energy technology which converts the sun’s energy into electricity using photovoltaic.

India Solar Panel Market Overview

According to the report published by Actual Market Research titled “India Solar Photovoltaic Market Outlook, 2027”, this market is forecasted to grow with an anticipated CAGR of more than 13% in terms of value and CAGR of more than 15% in terms of volume.

The solar energy is known to be one of the fastest growing renewable energy segments in India. The market has seen huge growth in India with the use of solar panel capacity additions in the recent years. The government of India and the Ministry of New and Renewable Energy have taken many initiatives like new schemes and projects, which is expected drive the market by the forecasted period.

The PM-KUSUM scheme is known to be the largest initiative is to provide clean energy to more than 4 million farmers by solarising their agriculture pumps. This scheme basically aims to install grid connected ground mounted with solar power plants for installing the standalone solar pumps under. With this India solar pump will witness growth with a CAGR of more than 16% in terms of value and more than 14% CAGR in terms of volume.

Due to the covid-19 pandemic and lockdowns all over the world, the year 2020-21 was pretty challenging for the solar industry. This was also because many solar firms used to export solar panel elements and solar cells from the foreign countries. The pandemic also affected the construction projects for the solar panels. The project dates were delayed, but in the coming years this situation is expected to be recovered.

Key Market Trends

Today many people are giving efforts in preserving the green environment through planting more trees and also through renewable energy systems. One of the most popular and safe renewable energy in India is the solar energy. Today people are installing solar panels in their homes for saving electricity. The reason behind the installation can be for the people who face difficulties in paying the electricity bills, because of the same reason the government has launched the Rooftop solar scheme. In this scheme the incentives and subsides were provided for the residential and social sectors. With this the solar rooftop market is anticipated to grow with CAGR of more than 225 in terms of volume and in terms of value it will grow at a CAGR of more than 20% by the forecasted period. The market is also segmented into state wise installation, within which Gujarat is leading by more installation capacity in India. Whereas, regionally western region has the highest capacity installed, with eastern region having the lowest installed capacity.

Key Players

1. Alpex Exports Private Limited
2. Emvee Photovoltaics Power Private Limited
3. Havells India Limited
4. Luminous Power Technologies Private Limited
5. Microtek International Private Limited
6. Moser Baer India Limited
7. Renewsys India Private Limited
8. Tata Power Solar Private Limited
9. Vikram Solar Limited
10. Waaree Energies Limited
11. XL Energy Limited
12. Goldi Solar Pvt. Ltd
13. Amrut Energy Pvt. Ltd.
14. Loom Solar Pvt. Ltd.
15. Northgreen Energy Private Limited

Considered for the Report:

• Geography: India
• Base Year: 2019-2020
• Estimated Year: 2020-2021
• Forecasted Year: 2026-2027

Objective of the study:

• To present an Indian outlook on Solar Panel Market.
• To analyze and forecast the market size of India Solar Panel, in terms of value as well as volume.
• To define, classify and forecast India Solar Panel market on the basis of segments like On Grid, Off Grid and Rooftop Solar Panel.
• To further define and forecast India Solar Panel Market on the basis of product type Mono Crystalline, Poly Crystalline and Thin Film Solar Panel.
• To strategically profile leading players, which are, operating in the Solar Panel industry in Indian market.

Scope of the Report:

“India Solar Panel Market Outlook, 2026'” discusses the following aspects of Solar Panel market in India:

• Global Solar Panel Market Size By Value, By Volume with Forecast
• Global Solar Panel Market Segmental Analysis: By Region, By Country, By Company
• India Solar Panel Market Size By Value, By Volume with Forecast, Market Share By Segment
• India On-Grid Solar Panel Market Size By Value, By Volume with Forecast
• India On-Grid Solar Panel Market Segmental Analysis: By Product, By Region, By States,
• India Off-Grid Solar Panel Market Size By Value, By Volume with Forecast
• India Off-Grid Solar Panel Market Segmental Analysis: By Product, By Region, By States,
• India Solar Street Light, Home Light, Pump and Lamp Market Size By Value and Volume Forecast
• India Solar Rooftop Market Size By Value and Volume Forecast
• India Off-Grid Solar Panel Market Segmental Analysis: By Region, By States,
• Product Price Variant Analysis
• Key vendors in this market space

Intended Audience:

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.