The India Solar Photovoltaic Market is segmented by Product Type (Thin Film, and Crystalline Silicon), End User (Residential, Commercial and Industrial (C&I), and Utility), and by Deployment (Ground-mounted and Rooftop Solar).

The India solar photovoltaic (PV) market size reached 18.11 Gigawatt in 2024. The market is expected to grow at a CAGR of 13.10% between 2025 and 2034, reaching almost 62.02 Gigawatt by 2034.

Snapshot img

Solar Photovoltaic Market Size 2025-2029

The solar photovoltaic (PV) market size is forecast to increase by USD 58.47 billion at a CAGR of 8.9% between 2024 and 2029.

The market is experiencing significant growth, driven by increasing government support for solar power technology and the heightened focus on decarbonization by companies. Governments worldwide are implementing policies and incentives to promote the adoption of renewable energy sources, creating a favorable regulatory environment for the Solar PV market. Simultaneously, companies are recognizing the strategic importance of reducing their carbon footprint and are turning to Solar PV as a cost-effective and sustainable solution. However, the Solar PV market faces challenges as well. The competition from alternative sources of energy, such as wind and hydropower, can impact the market's growth trajectory.
Additionally, the intermittency of solar power remains a significant challenge, requiring the development and implementation of advanced energy storage solutions to ensure a consistent power supply. Companies seeking to capitalize on the opportunities in the Solar PV market must stay abreast of these trends and challenges to effectively navigate the market landscape and maintain a competitive edge.

What will be the Size of the Solar Photovoltaic (PV) Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free Sample

The market encompasses various applications, including rooftop installations and ground-mounted systems. Energy balance modeling and peak shaving strategies are crucial for optimizing PV system performance. PV system monitoring and power output analysis enable demand-side management and grid integration. Environmental impact assessment and life cycle analysis are essential for evaluating the carbon footprint reduction of PV systems. Building-integrated photovoltaics and photovoltaic thermal hybrid systems are gaining traction in the market. Distributed generation from PV arrays is transforming the energy landscape, with solar cell materials and solar panel mounting playing pivotal roles. Solar thermal integration and grid-connected systems are key components of renewable energy integration.

Electrical safety standards ensure the safe operation of PV systems. Energy efficiency improvement is a significant driver, with hydrogen production as a potential application. Off-grid photovoltaic systems offer autonomy, while smart grid technologies facilitate better energy management. Renewable energy integration and solar energy forecasting are shaping the future of the PV market. To stay competitive, market players are exploring advanced technologies like artificial intelligence to optimize the performance of solar panels and inverters.

How is this Solar Photovoltaic (PV) Industry segmented?

The solar photovoltaic (PV) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Deployment

  Ground-mounted
  Rooftop


End-user

  Commercial
  Residential
  Utility


Technology

  Monocrystalline silicon
  Polycrystalline silicon
  Thin-film
  Bifacial solar panels
  Others


Geography

  North America

    US


  Europe

    France
    Germany
    Italy
    Spain


  APAC

    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Deployment Insights

The Ground-mounted segment is estimated to witness significant growth during the forecast period. The market encompasses the design, manufacturing, installation, and maintenance of ground-mounted PV systems. These systems absorb sunlight through photovoltaic cells, converting it into an electric charge via energy conversion efficiency. Microinverter technology and power electronics inverters facilitate this process, while bypass diodes ensure uninterrupted power flow. Solar irradiance modeling and resource assessment are crucial in optimizing energy yield. Shade tolerance and grid integration challenges are significant considerations in PV system design. Capacity factor determination and performance ratio calculation are essential metrics in evaluating system efficiency. The power grid is integrating solar PV into its infrastructure, with bonded warehouses providing storage solutions to ensure a consistent electricity supply.

Anti-reflective coatings and silicon wafer production enhance solar cell manufacturing, while thin-film solar cells offer flexibility and lower production costs. Inverter efficiency and string inverter technology are key advancements in the PV market. Solar panel testing and performance optimization techniques ensure longevity and

Get expert insights on Asia Pacific In Vitro Diagnostics Market size at USD XX in 2023, showcasing key industry trends driven by major players and strategic insights.

Solar Photovoltaic Market Outlook

As per our latest research, the global solar photovoltaic (PV) market size reached USD 250.7 billion in 2024, reflecting a robust demand surge driven by both policy support and technological advancements. The market is set to expand at a CAGR of 10.2% from 2025 to 2033, reaching a forecasted value of USD 598.9 billion by 2033. This remarkable growth trajectory is attributed to the accelerating transition toward clean energy, ongoing reductions in solar module costs, and the increasing urgency among governments and corporations to achieve net-zero emissions targets.

The primary growth driver for the solar photovoltaic market is the intensifying global commitment to decarbonization and renewable energy adoption. Governments worldwide are implementing ambitious policies, incentives, and regulatory frameworks to phase out fossil fuels and promote solar energy deployment. For instance, large-scale solar tenders, feed-in tariffs, and tax credits have been instrumental in boosting utility-scale and distributed solar installations. Additionally, international agreements such as the Paris Climate Accord are compelling countries to scale up renewable energy capacities, with solar PV being a cornerstone of these strategies. The widespread adoption of solar PV is also facilitated by the declining levelized cost of electricity (LCOE) for solar, which has made it increasingly competitive with traditional energy sources. As a result, both developed and emerging economies are witnessing an unprecedented surge in solar PV adoption across residential, commercial, and utility sectors.

Technological innovation is another critical factor propelling the solar photovoltaic market. Advancements in PV cell efficiency, module design, and manufacturing processes have significantly enhanced the performance and affordability of solar panels. The evolution from polycrystalline to monocrystalline silicon and the emergence of thin-film technologies have enabled higher energy yields and better adaptability to diverse installation environments. Furthermore, the integration of smart inverters, energy storage solutions, and digital monitoring systems is optimizing solar energy utilization and grid integration. The rapid pace of research and development in materials science, such as perovskite solar cells and bifacial modules, promises to further elevate the efficiency and cost-effectiveness of solar PV systems. These technological breakthroughs are fostering broader adoption across various applications, from rooftop installations to large-scale solar farms.

Financial innovation and evolving business models are also shaping the solar photovoltaic market landscape. The proliferation of solar leasing, power purchase agreements (PPAs), and community solar programs is lowering the barrier to entry for consumers and businesses alike. These models enable end-users to benefit from solar energy without incurring significant upfront costs, thus democratizing access to clean power. Additionally, the involvement of institutional investors and green bonds is channeling substantial capital into solar projects, accelerating market growth. The emergence of integrated solar solutions, such as solar-plus-storage and hybrid renewable systems, is further expanding the addressable market. As financing mechanisms become more sophisticated and accessible, the solar PV sector is poised for sustained expansion across all regions and customer segments.

From a regional perspective, the Asia Pacific region continues to dominate the global solar photovoltaic market, accounting for the largest share of installations and capacity additions. China, India, and Southeast Asian countries are leading the charge, driven by supportive government policies, large-scale manufacturing capabilities, and rising electricity demand. North America and Europe are also witnessing robust growth, fueled by ambitious renewable energy targets and favorable regulatory environments. The Middle East & Africa and Latin America, though currently smaller markets, are emerging as high-growth regions due to abundant solar resources and increasing investments in solar infrastructure. The regional diversification of the solar PV market underscores its resilience and adaptability to varying economic, climatic, and policy conditions worldwide.

Snapshot img

India Solar Power Market Size 2025-2029

The India solar power market size is forecast to increase by USD 754 billion billion at a CAGR of 42.4% between 2024 and 2029.

The India Solar Power Market can be segmented by Application (grid-connected, off-grid), End-user (utility, rooftop), Technology (solar photovoltaic (PV), concentrated solar power (CSP)), Component (solar panels, Inverters, batteries, mounting systems), and Geography (India). This comprehensive segmentation allows for a detailed analysis of the market dynamics, from large-scale power generation to decentralized solutions and the underlying technologies and components driving growth across different regions.
The market presents significant growth opportunities for global investors and businesses seeking to expand their renewable energy footprint. Key drivers include increasing investments in renewable energy, with the Indian government committing to achieving 175 GW of renewable energy capacity by 2022. Additionally, the declining costs of solar energy, driven by technological advancements and economies of scale, make India an attractive market for solar power adoption. However, the market faces challenges, such as the availability of other energy sources and the intermittency of solar power, necessitating the need for energy storage solutions and grid integration.
Companies looking to capitalize on these opportunities should focus on collaborating with local partners, investing in research and development, and offering comprehensive energy solutions to navigate these challenges effectively. India's strategic location, large population, and growing energy demand make it an essential market for solar power players seeking to expand their global footprint.

What will be the size of the India Solar Power Market during the forecast period?

Request Free Sample

The market has experienced significant growth in recent years, driven by the country's ambitious renewable energy targets and favorable government policies. As of now, India's solar photovoltaic (PV) installed capacity exceeds 40 gigawatts (GW), making it one of the world's largest solar markets. This figure is expected to continue growing, with plans to reach 100 GW of solar power capacity by 2022. Solar power is increasingly seen as a greener way to generate electricity, providing an alternative to traditional fossil fuel-based sources and contributing to reduced carbon emissions. Solar systems, including solar panels and permits, have become more accessible and affordable, thanks in part to tax breaks and advancements in solar PV technology.
India's solar sector is also exploring the integration of artificial intelligence and other innovations to optimize energy production and efficiency. Solar power and wind power are becoming increasingly competitive with traditional energy sources, offering attractive investment opportunities for businesses and individuals alike.

How is this market segmented?

The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Application

  Grid-connected
  Off-grid


End-user

  Utility
  Rooftop


Technology

  Solar Photovoltaic (PV)
  Concentrated Solar Power (CSP)


Component

  Solar Panels
  Inverters
  Batteries
  Mounting Systems


Geography

  APAC

    India

By Application Insights

The grid-connected segment is estimated to witness significant growth during the forecast period.

The Indian solar power market is experiencing significant growth, driven by the depletion of fossil fuels and government initiatives such as the National Solar Mission. Solar energy, derived from solar photovoltaic (PV) systems, is becoming a greener way to meet electricity demands. Grid-connected solar PV systems, which supply solar energy directly to building loads, are expected to witness substantial growth. However, the scarcity of land for dedicated solar cell installations poses a challenge. Despite this, declining solar energy prices and favorable regulations are propelling market expansion. Additionally, the integration of wind power through wind-solar hybrid policies is expanding the renewable energy ecosystem.

Foreign investment in solar power technology, including solar panels and solar modules, is also increasing. The market encompasses solar systems, electrolyzers for green hydrogen production, and fuel cells. The Indian solar power market is poised to reach new heights, with an installed capacity of several gigawatts (GW) in the forecast period.

Get a glance at the market share of various segments Request Free Sample

The Grid-connected segment was valued at USD 44.10 billion in 2019 and showed a gradual increase during the forecast period.

Market Dynamics

The India solar power market is

The Solar PV Market In APAC report segments the industry into Product Type (Thin Film, Multicrystalline Silicon, Monocrystalline Silicon), End-User (Residential, Commercial, Utility), Deployment (Ground Mounted, Rooftop Solar), and Geography (China, India, Japan, South Korea, Rest of Asia-Pacific). Get five years of historical data alongside five-year market forecasts.

The Indian solar photovoltaic (PV) industry is experiencing robust growth, driven by supportive government policies aimed at increasing renewable energy adoption, decreasing solar PV module costs, and rising energy demands. The market, valued at approximately ₹XX million in 2025 (assuming a logical estimation based on the provided CAGR of >8.90% and unspecified market size "XX"), is projected to witness a Compound Annual Growth Rate (CAGR) exceeding 8.90% from 2025 to 2033. This expansion is fueled by a surge in large-scale solar power projects, particularly in the utility sector, coupled with increasing adoption of rooftop solar systems in residential and commercial & industrial (C&I) segments. Thin-film and crystalline silicon technologies dominate the PV module market, while ground-mounted systems constitute a significant portion of overall deployments. However, the industry faces challenges such as land acquisition complexities for large-scale projects, grid infrastructure limitations, and fluctuating solar panel prices. Despite these headwinds, the long-term outlook remains positive, driven by India's ambitious renewable energy targets and the decreasing levelized cost of electricity (LCOE) for solar power. The competitive landscape includes a mix of domestic and international players. Leading Indian companies like Adani Group, Tata Power Solar Systems Ltd, and Vikram Solar Limited are major contributors, competing with global giants like First Solar Inc, Trina Solar Limited, and Hanwha Q CELLS Co Ltd. The market's future growth hinges on continued government support, technological advancements leading to enhanced efficiency and cost reductions, and successful integration of solar power into the national grid. Further diversification within the end-user segments, particularly driving penetration into rural areas and smaller businesses, will also be critical in sustaining this high growth trajectory. Investing in research and development to improve indigenous manufacturing capabilities will be essential in reducing reliance on imports and fostering self-sufficiency within the Indian solar PV sector. Recent developments include: In January 2022, SJVN (Satluj Jal Vidyut Nigam Ltd.) bagged a solar project of 125MW in Uttar Pradesh, through a bidding process held by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). It includes a 75MW grid-connected solar PV project in Jalaun and a 50MW solar project in Kanpur Dehat districts., In December 2021, Tata Power clinched the largest solar plus battery project in India from Solar Energy Corporation of India. The contract includes a 100MW EPC solar project and a 120MWh utility-scale Battery Energy Storage System. The total project outlay was around INR 945 crores.. Notable trends are: Rooftop Solar PV Segment Expected to Dominate the Market.

Snapshot img

The solar PV market share in APAC is expected to increase to USD 150.13 million by 2026, and the market’s growth momentum will accelerate at a CAGR of 21.74%.

This solar PV market in APAC research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar PV market in APAC segmentations by the following:

End-user - Utility, commercial, and residential
Geography - China, India, Japan, South Korea, and Rest of APAC

What will the Solar PV Market Size in APAC be During the Forecast Period?

Download the Free Report Sample to Unlock the Solar PV Market Size in APAC for the Forecast Period and Other Important Statistics

The solar PV market in APAC report also offers information on several market vendors, including ABB Ltd., Adani Green Energy Ltd., Azure Power, Canadian Solar Inc., First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Lanco Infratech Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Mitsubishi Electric Corp., MVV Energie AG, Renesola Ltd., Risen Energy Co. Ltd., Sterling and Wilson Powergen PVt. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Co. Ltd., Trina Solar Co. Ltd., and Waaree Energies Ltd. among others.

Solar PV Market in APAC: Key Drivers, Trends, and Challenges

The favorable government regulations is notably driving the solar PV market growth in APAC, although factors such as intermittency of solar PV systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar photovoltaic cells industry in APAC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar PV Market Driver in APAC

One of the key factors driving the PV market growth in APAC is the favorable government regulations.
Governments across APAC support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers.
FiT policy in Japan was formulated to encourage investments in renewable energy technologies.
Governments are also introducing different policies for various types of solar PV installations, such as ground-mounted installations, roof-mounted installations, and the installation of freestanding facilities.
China is taking cognizance of the depleting fossil fuel resources and the associated carbon emission regulations.
India is gradually adopting solar energy to achieve its carbon emission targets and reduce its dependence on fossil fuels.
India is targeted to achieve 100 GW total installed capacity of solar power by 2022, of which 40 GW is anticipated to come from rooftop solar (RTS) PV systems. 

Key Solar PV Market Trend in APAC

Advances in thin-film solar PV modules is one of the key PV market trends in APAC that is expected to impact the industry positively in the forecast period.
CIGS thin films can be easily fabricated on flexible substrates that make them lightweight. Thus, CIGS thin films have the potential to reduce device fabrication and installation costs.
The beneficial effects of heavy alkali doping ha boosted the performance of CIGS solar cells by over 20%.
3D-printed panels are lighter in weight because advanced techniques are developed to print super-thin solar strips.
The affordability of the technology has made it a good solution in emerging countries that do not have easy access to electricity.
The advances in thin-film technologies are anticipated to increase the size of the solar PV market in APAC in the coming years.

Key Solar PV Market Challenge in APAC

One of the key challenges to the PV market growth in APAC is the intermittency of solar PV systems.
The intermittent nature of solar PV systems is a significant challenge that affects the adoption of solar PV systems. As when the solar PV system is not at its peak production, a secondary power system such as wind power, a battery, or grid power is needed for power generation.
The solar PV output is not continuous and depends on several factors such as the degree of shade, panel efficiency, and solar irradiation that vary over the duration of the day and under overcast conditions. 
During the night, solar PVs do not function due to the lack of sunlight.
Cloudy and rainy weathers also affect the power generation of solar PV systems. 
Solar PVs have an average efficiency of approximately 15%.
Although solar PV technology is constantly evolving, the conversion rate of solar PVs cannot match that of fossil fuels, which may limit the market growth.

This solar PV market in APAC analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market gro

The size of the India Solar Photovoltaic Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 8.90">> 8.90% during the forecast period. The solar photovoltaic (PV) sector in India is witnessing significant expansion, propelled by the nation's ambitious renewable energy objectives and its commitment to lowering carbon emissions. The country's rich solar potential, especially in arid and semi-arid areas, offers a considerable advantage, positioning solar PV as a crucial element of India's renewable energy framework. The Indian government aims to reach a solar power capacity of 100 gigawatts (GW) by 2030, underscoring its resolve to enhance the contribution of solar energy within its energy portfolio. This industry is supported by considerable investments in extensive solar parks, rooftop solar systems, and innovations in PV technology. The declining prices of solar panels, along with favorable policies and financial incentives such as subsidies and tax breaks, have catalyzed the proliferation of solar PV installations. The execution of the National Solar Mission and the establishment of competitive bidding mechanisms have further contributed to cost reductions and expedited deployment. However, challenges persist, including difficulties in land acquisition, financing hurdles, and the necessity for improvements in grid infrastructure to effectively incorporate solar energy. Moreover, the variability of solar energy necessitates advancements in energy storage technologies. In summary, India's solar PV sector is set for ongoing growth, playing a crucial role in the nation's shift towards a sustainable energy future. Recent developments include: In January 2022, SJVN (Satluj Jal Vidyut Nigam Ltd.) bagged a solar project of 125MW in Uttar Pradesh, through a bidding process held by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). It includes a 75MW grid-connected solar PV project in Jalaun and a 50MW solar project in Kanpur Dehat districts., In December 2021, Tata Power clinched the largest solar plus battery project in India from Solar Energy Corporation of India. The contract includes a 100MW EPC solar project and a 120MWh utility-scale Battery Energy Storage System. The total project outlay was around INR 945 crores.. Key drivers for this market are: 4., Supportive Government Policies for Developing Solar Energy4.; Declining Cost of Solar Power Technology. Potential restraints include: 4., Unpredictability in the Continuity of Power Supply. Notable trends are: Rooftop Solar PV Segment Expected to Dominate the Market.

India Solar Energy Market size was valued at USD 10.3 Billion in 2024 and is projected to reach USD 50.4 Billion by 2031, growing at a CAGR of 21.9% during the forecast period 2024-2031.

India Solar Energy Market Drivers

Government Policies and Initiatives: The Indian government has implemented ambitious policies to promote solar energy adoption, including the National Solar Mission under the National Action Plan on Climate Change (NAPCC). This initiative aims to achieve 280 GW of solar capacity by 2030. Additionally, financial incentives such as subsidies, tax exemptions, and viability gap funding (VGF) have been provided to encourage investments in solar projects. State-level policies further complement these efforts, tailoring schemes to regional energy needs.

Declining Cost of Solar Technology: The cost of solar photovoltaic (PV) modules has dropped significantly in recent years, making solar energy increasingly affordable. India benefits from large-scale production and imports of solar panels, driving down prices. Technological advancements in solar efficiency, energy storage, and manufacturing have further reduced costs, enhancing the economic viability of solar installations for residential, commercial, and utility-scale projects.

Rising Energy Demand: India's growing population, rapid urbanization, and expanding industrial base have led to a surge in energy demand. Solar energy offers a sustainable solution to bridge the energy gap, particularly in rural areas where conventional grid electricity is either unreliable or unavailable. Solar microgrids and rooftop systems are increasingly deployed to meet localized energy requirements.

Snapshot img

Solar Photovoltaic Services Market Size 2024-2028

The solar photovoltaic services market size is forecast to increase by USD 24.33 billion, at a CAGR of 18.69% between 2023 and 2028.

The market is experiencing significant growth, driven by the increasing number of new installations and the aging asset base of solar PV modules. This trend is fueled by the global shift towards renewable energy sources and government initiatives to reduce carbon emissions. However, this growth also presents challenges, particularly in the area of recycling scrap from solar PV systems. Developments related to solar PV modules, such as advancements in efficiency and durability, are further boosting the market's potential. Yet, the recycling of scrap from solar PV systems poses a significant challenge. The lack of a standardized process for recycling solar PV modules, coupled with the complex composition of these modules, makes recycling an intricate and costly process.
This challenge necessitates the need for innovative solutions and collaborative efforts from industry stakeholders to ensure the sustainable disposal and reuse of solar PV modules. Companies seeking to capitalize on market opportunities and navigate challenges effectively must stay informed of technological advancements and regulatory developments in the solar PV industry.

What will be the Size of the Solar Photovoltaic Services Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2018-2022 and forecasts 2024-2028 - in the full report.
Request Free Sample

The solar photovoltaic (PV) services market continues to evolve, driven by advancements in technology and increasing demand for renewable energy solutions. Solar panel efficiency is a critical factor in maximizing energy production, with ongoing research leading to improvements in this area. For instance, a recent study revealed that implementing module temperature coefficient optimization led to a 5% increase in energy yield for a large-scale solar farm. Electrical safety audits and permitting and compliance are essential components of solar PV projects. Solar irradiance modeling and performance degradation analysis help assess system efficiency and predict energy production, ensuring optimal performance.

Inverter efficiency ratings and system monitoring platforms are crucial for maintaining grid integration services and grid interconnection procedures. Microinverter performance, fault detection diagnostics, system voltage regulation, and energy yield prediction are essential for ensuring the longevity and efficiency of solar PV systems. Ground-mount structures, photovoltaic array sizing, power optimizer selection, and yield loss identification are key aspects of solar asset management. Operational excellence, including preventative maintenance scheduling, remote diagnostics, and performance ratio metrics, is essential for maintaining high-performing solar PV systems. PV system design, energy storage solutions, string inverter technology, and rooftop mounting systems are continually evolving to meet the changing demands of the market.

The solar PV services market is expected to grow by over 15% annually, as businesses and individuals seek to reduce their carbon footprint and capitalize on the cost savings associated with renewable energy. Capacity factor improvement and energy production forecasting are essential for maximizing returns on investment in this rapidly expanding market.

How is this Solar Photovoltaic Services Industry segmented?

The solar photovoltaic services industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Service

  Installation services
  O and m services


Geography

  North America

    US


  Europe

    Germany


  APAC

    China
    India
    Japan


  Rest of World (ROW)

By Service Insights

The installation services segment is estimated to witness significant growth during the forecast period.

Solar Photovoltaic (PV) systems consist of various components, including PV modules, inverters, Balance of System (BOS) components, trackers, and installation services. The integration of these components is essential for optimal solar PV system performance. Installation services play a vital role in this process by ensuring the efficient operation of solar PV systems through proper interconnection. As solar PV capacity additions increase, so does the demand for installation services. The decreasing cost of solar energy, driven by falling module and BOS prices, and the growing number of solar power plants have fueled the adoption of solar PVs. For instance, the global solar PV installations reached 118 GW in 2020, marking a 23% increase compared to the previous

India Solar Photovoltaic Market size was valued at USD 8.47 Billion in 2023 and is projected to reach USD 26.4 Billion by 2031 growing at a CAGR of 13.1% from 2024 to 2031.

Key Market Drivers:

Government Support for Renewable Energy: India's ambitious renewable energy targets and policies are propelling solar PV market growth. The Ministry of New and Renewable Energy (MNRE) wants to achieve 280 GW of solar power capacity by 2030, up about 300% from 70 GW in 2023, demonstrating the government's strong commitment to solar energy growth.

Declining Solar Equipment Costs: The huge drop in solar panel and equipment prices has made solar energy economically viable. According to IRENA, solar photovoltaic module prices in India have dropped by nearly 89%, from $2/watt in 2010 to less than $0.22/watt in 2022, making solar power competitive with fossil fuel-based electricity generation.

Rooftop Solar Photovoltaic (PV) Market Outlook

The global rooftop solar photovoltaic (PV) market size was valued at approximately USD 55 billion in 2023 and is projected to reach USD 125 billion by 2032, growing at a compound annual growth rate (CAGR) of around 9.5%. The market growth is primarily driven by increasing environmental concerns, government incentives, and the declining cost of solar PV systems. The rising need for sustainable energy solutions and advancements in solar technology further bolster market growth, making rooftop solar PV systems a viable alternative to traditional energy sources.

One of the most significant growth factors for the rooftop solar PV market is the increasing awareness and concern about climate change and environmental sustainability. Governments across the globe are implementing stringent regulations to reduce carbon emissions and promote green energy. This has led to a surge in the adoption of rooftop solar PV systems as they are seen as a clean and renewable energy source. Additionally, various government subsidies, tax incentives, and grants make it financially viable for both residential and commercial users to install these systems.

Another crucial factor driving market growth is the declining cost of solar PV technology. Over the past decade, the cost of solar panels and related components has dropped significantly, making it more accessible to a broader range of consumers. Technological advancements in the efficiency and manufacturing processes of solar cells have contributed to this cost reduction. As a result, the return on investment for rooftop solar PV systems has improved, encouraging more homeowners and businesses to switch to solar energy.

The third growth factor is the increasing energy demand coupled with the need for energy independence. With the global population on the rise and the rapid industrialization in emerging economies, the demand for energy is skyrocketing. Rooftop solar PV systems offer a decentralized energy solution, reducing reliance on the traditional power grid and providing energy security. This is particularly beneficial in regions with unstable power supplies, where solar energy can ensure a consistent and reliable power source.

Regionally, the Asia Pacific region is expected to dominate the rooftop solar PV market due to the high adoption rates in countries like China, India, and Japan. The region's rapid urbanization, growing energy demands, and favorable government policies are key drivers. North America and Europe also hold significant market shares, driven by technological advancements and strong regulatory support. In contrast, regions like Latin America and the Middle East & Africa are gradually catching up, with increasing investments and favorable climate conditions for solar energy generation.

The integration of a Photovoltaic Roof System is becoming increasingly popular among both residential and commercial property owners. This system not only enhances the aesthetic appeal of buildings but also significantly contributes to energy efficiency. By utilizing the roof space for solar energy generation, property owners can maximize their energy output without compromising on space. The Photovoltaic Roof System is particularly advantageous in urban areas where space is limited, allowing for an efficient and sustainable energy solution. Additionally, these systems are designed to withstand various weather conditions, ensuring durability and long-term performance. As the demand for renewable energy solutions continues to rise, the Photovoltaic Roof System represents a forward-thinking approach to energy management.

Component Analysis

The rooftop solar PV market is segmented by components into modules, inverters, mounting systems, and others. Modules, also known as solar panels, are the most visible part of a solar PV system. They capture sunlight and convert it into electricity. The efficiency and quality of these modules have improved dramatically over the years due to continuous research and development. As a result, they play a crucial role in the overall performance and efficiency of rooftop solar PV systems, making them a significant segment of the market.

Inverters are another critical component of rooftop solar PV systems. They convert the direct current (DC) generated by the solar panels into alternating current (AC), which can be used by household appliances and fed into the grid. The market for inv

India Solar PV Module Market size is growing with a CAGR of 9.7% in the prediction period and it crosses USD 16.90 Bn by 2032 from USD 8.83 Bn in 2025

The size of the India Solar Energy Market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of 19.80% during the forecast period. The solar energy sector in India is witnessing significant expansion, propelled by the nation's ambitious objectives to enhance its renewable energy capacity and mitigate carbon emissions. The diverse geography of India offers considerable solar potential, especially in its arid and semi-arid areas, which benefit from abundant sunlight year-round. The Indian government aims to achieve a solar power capacity of 100 gigawatts (GW) by 2030, aligning with its broader strategy to increase the proportion of renewables in the energy portfolio and fulfill its climate commitments under the Paris Agreement. Substantial investments have been directed towards solar infrastructure, encompassing large-scale solar parks and rooftop solar systems, to capitalize on this potential. Innovations in technology and the declining costs of photovoltaic (PV) panels have further expedited the uptake of solar energy. Moreover, favorable policies, including subsidies, tax benefits, and the execution of the National Solar Mission, have fostered a supportive environment for the solar industry’s growth. However, despite these advancements, challenges such as land acquisition, financing difficulties, and the necessity for grid enhancements persist. The intermittent nature of solar energy also calls for improvements in energy storage technologies. In summary, India's solar energy market is set for ongoing growth, reflecting the nation's dedication to sustainable development and the increasing significance of solar power within its energy framework. Recent developments include: December 2022: The Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements for a USD 150 million International Bank for Reconstruction and Development (IBRD) loan, a USD 28 million Clean Technology Fund (CTF) loan, and a USD 22 million CTF grant to assist India in increasing its power generation capacity through cleaner and renewable energy sources. The agreement reaffirmed India's goal of reaching 500 gigatons (GW) of renewable energy by 2030., September 2022: Amazon India announced three solar farm projects in Rajasthan with a total combined clean energy capacity of 420 megawatts (MW). The company's set of utility-scale renewable energy projects in India included a 210 MW project to be developed by ReNew Power, a 100 MW project by Amp Energy India, and a 110 MW project to be developed by Brookfield Renewable., January 2022: SJVN (Satluj Jal Vidyut Nigam Ltd) was awarded a 125-megawatt solar project in Uttar Pradesh following a bidding procedure conducted by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The project included a 75 MW grid-connected solar project in Jalaun and a 50 MW solar project in the Kanpur and Dehat districts.. Key drivers for this market are: 4., Supportive Government Policies for Developing Solar Energy4.; Declining Cost of Solar Power Technology. Potential restraints include: 4., Unpredictability in the Continuity of Power Supply. Notable trends are: Solar PV Segment is Expected to Dominate the Market.

Solar Photovoltaic (PV) Market Outlook

As per our latest research, the global Solar Photovoltaic (PV) market size reached USD 195.2 billion in 2024, demonstrating robust growth driven by escalating demand for renewable energy and supportive government policies worldwide. The market is set to expand at a CAGR of 9.8% from 2025 to 2033, with the total market value projected to reach USD 447.6 billion by 2033. This remarkable growth is primarily fueled by technological advancements, declining costs of PV modules, and a global shift toward sustainable energy solutions.

One of the primary growth factors propelling the Solar Photovoltaic (PV) market is the continuous decline in the cost of PV technology. Over the past decade, the price of solar modules has decreased significantly, making solar power generation increasingly cost-competitive with traditional energy sources. This cost reduction is largely attributed to advancements in manufacturing processes, economies of scale, and increased competition among suppliers. As a result, both residential and commercial users are finding solar PV systems more accessible, further stimulating market adoption. Moreover, the integration of digital technologies, such as smart inverters and energy storage solutions, enhances the efficiency and reliability of solar PV systems, making them a preferred choice for various applications.

Another significant driver for the Solar Photovoltaic (PV) market is the growing global emphasis on decarbonization and the transition to clean energy. Governments across the world are implementing ambitious renewable energy targets, offering incentives such as feed-in tariffs, tax credits, and subsidies to encourage the adoption of solar PV. These policy measures are particularly prominent in regions such as the European Union, China, and the United States, where large-scale solar projects are rapidly expanding. Additionally, the increasing awareness of the environmental benefits of solar energy, such as reduced greenhouse gas emissions and lower carbon footprints, is influencing both public and private sector investments in solar PV infrastructure.

The Solar Photovoltaic (PV) market is also benefiting from the diversification of applications and installation types. While utility-scale projects continue to dominate in terms of capacity, there is a growing trend toward distributed generation in residential and commercial sectors. Rooftop solar installations, in particular, are gaining traction due to their ability to provide decentralized power and reduce grid dependency. Furthermore, innovative installation types such as floating PV and building-integrated photovoltaics (BIPV) are emerging as viable solutions for areas with limited land availability. This diversification not only broadens the market base but also enhances the resilience and flexibility of solar energy systems.

Regionally, the Asia Pacific region holds a commanding position in the global Solar Photovoltaic (PV) market, accounting for the largest share in both capacity additions and market value. China, India, and Japan are leading the charge, supported by substantial government investments and favorable regulatory frameworks. North America and Europe are also witnessing significant growth, driven by ambitious clean energy goals and increasing adoption of distributed solar solutions. Meanwhile, emerging markets in Latin America, the Middle East, and Africa are beginning to realize the potential of solar PV, with new projects and investments rapidly coming online. This global momentum underscores the universal appeal and adaptability of solar PV technology across diverse geographic and economic landscapes.

Technology Analysis

The Solar Photovoltaic (PV) market is segmented by technology into monocrystalline silicon, polycrystalline silicon, thin film, and others. Monocrystalline silicon technology is currently leading the market, owing to its high efficiency rates and longer lifespan compared to other technologies

The Indian solar energy market is experiencing robust growth, driven by the government's ambitious renewable energy targets, declining solar module prices, and increasing energy demand. With a CAGR of 19.80% from 2019-2033, the market presents significant investment opportunities. The market's size in 2025 is estimated to be substantial, considering the high CAGR and consistent growth trends in the renewable energy sector globally. While precise figures are not provided, logical estimation based on industry reports and considering India's rapid adoption of solar energy projects points to a multi-billion dollar market in 2025. The market is segmented into Solar Photovoltaic (PV) and Concentrated Solar Power (CSP), with PV dominating due to its cost-effectiveness and scalability. Key drivers include government policies promoting solar energy adoption, such as the Jawaharlal Nehru National Solar Mission, and incentives for rooftop solar installations. Furthermore, the decreasing cost of solar modules and technological advancements are making solar energy increasingly competitive with conventional energy sources. However, challenges remain, including land acquisition issues, grid integration complexities, and the intermittent nature of solar power. Despite these restraints, the long-term outlook for the Indian solar energy market remains positive. The increasing awareness of climate change and the need for sustainable energy solutions are further fueling market growth. The participation of both domestic and international players, including industry giants like Adani Solar, Tata Power Solar, First Solar, and JinkoSolar, underscores the market's attractiveness. Future growth will be significantly influenced by continued government support, technological innovations focusing on energy storage solutions to mitigate intermittency, and the expansion of the national grid to effectively accommodate the influx of renewable energy. The proactive measures taken by the Indian government to overcome challenges and accelerate the transition to clean energy are expected to further amplify the market's expansion in the coming years. Recent developments include: December 2022: The Government of India, Solar Energy Corporation of India Limited (SECI), and the World Bank signed agreements for a USD 150 million International Bank for Reconstruction and Development (IBRD) loan, a USD 28 million Clean Technology Fund (CTF) loan, and a USD 22 million CTF grant to assist India in increasing its power generation capacity through cleaner and renewable energy sources. The agreement reaffirmed India's goal of reaching 500 gigatons (GW) of renewable energy by 2030., September 2022: Amazon India announced three solar farm projects in Rajasthan with a total combined clean energy capacity of 420 megawatts (MW). The company's set of utility-scale renewable energy projects in India included a 210 MW project to be developed by ReNew Power, a 100 MW project by Amp Energy India, and a 110 MW project to be developed by Brookfield Renewable., January 2022: SJVN (Satluj Jal Vidyut Nigam Ltd) was awarded a 125-megawatt solar project in Uttar Pradesh following a bidding procedure conducted by the Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). The project included a 75 MW grid-connected solar project in Jalaun and a 50 MW solar project in the Kanpur and Dehat districts.. Key drivers for this market are: 4., Supportive Government Policies for Developing Solar Energy4.; Declining Cost of Solar Power Technology. Potential restraints include: 4., Supportive Government Policies for Developing Solar Energy4.; Declining Cost of Solar Power Technology. Notable trends are: Solar PV Segment is Expected to Dominate the Market.

The Rooftop Solar Photovoltaic (PV) Installation market is experiencing robust growth, driven by increasing electricity prices, government incentives promoting renewable energy adoption, and rising environmental concerns. A CAGR of 8.04% from 2019-2024 suggests a significant market expansion, and this upward trajectory is expected to continue throughout the forecast period (2025-2033). The market segmentation reveals residential installations as a major contributor, followed by commercial and industrial sectors. This is fueled by the decreasing cost of solar PV technology, making it a financially attractive option for homeowners and businesses alike. Furthermore, technological advancements leading to higher efficiency panels and improved energy storage solutions are further bolstering market expansion. Key players like Titan Solar Power, Momentum Solar, and Canadian Solar are leveraging these trends to consolidate their market share, investing heavily in research and development, and expanding their geographical reach. The regional analysis indicates strong growth in North America and Asia Pacific, driven by favorable government policies and supportive regulatory frameworks in countries like the United States, China, and India. However, challenges such as intermittent solar energy generation and the need for grid infrastructure upgrades continue to restrain market growth to some extent, presenting opportunities for innovative solutions in energy storage and grid management technologies. The residential segment benefits from increasing awareness of environmental sustainability and the potential for long-term cost savings. Commercial and industrial installations are driven by corporate sustainability initiatives, reduced energy bills, and potential for increased operational efficiency. While the base year is given as 2025, projecting backward from the provided CAGR, we can estimate the market size in 2024, which enables a more robust projection into the future. Given the current growth trends and market dynamics, it is reasonable to anticipate a continued strong performance, with specific regions and market segments outperforming others based on their respective policy landscapes and economic conditions. The competitive landscape is dynamic, with ongoing mergers and acquisitions, as established players and emerging companies strive for a larger share of this rapidly expanding market. Recent developments include: May 2022: The University at Albany and the New York Power Authority (NYPA) announced the operation of the most extensive rooftop solar array in the State University of New York. The 1.9MW of direct current (MWdc) solar project, constructed under NYPA, covers several rooftops on the campus and will bring long-term energy cost savings and sustainability benefits.​, April 2022: Cleantech Solar announced the commencement of a 625kWp rooftop solar PV system at the Yachiyo India Manufacturing Private Limited manufacturing facility in Bhiwadi, Rajasthan. The project was executed in a record timeline, taking only 59 days from power purchase agreement (PPA) signing to commissioning, including securing all regulatory and net metering approvals. ​. Key drivers for this market are: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Potential restraints include: 4., Declining Solar Panel Costs4.; Supportive Government Policies. Notable trends are: Residential Rooftop Installation Expected to Dominate the Market.

Solar Photovoltaic (PV) Cells and Modules Market Outlook

The global solar photovoltaic (PV) cells and modules market size was valued at approximately USD 150 billion in 2023 and is forecasted to reach around USD 450 billion by 2032, growing at a compound annual growth rate (CAGR) of 12.5%. The rising global emphasis on clean and renewable energy sources, augmented by technological advancements and supportive government policies, is driving significant growth in the solar PV market.

One of the primary growth factors in the solar PV market is the escalating demand for renewable energy sources as the world grapples with the impacts of climate change. With increasing awareness of the environmental benefits of solar energy, both governments and private sectors are investing heavily in solar power infrastructure. This shift is further fueled by international accords like the Paris Agreement, which necessitate reduction in carbon emissions, pushing nations towards cleaner energy solutions. As a result, subsidies, tax rebates, and other incentives are being provided to make solar energy more accessible and affordable.

Technological advancements in solar PV cells and modules have also been a crucial driver of market growth. Innovations such as bifacial panels, perovskite solar cells, and advancements in thin-film technology have significantly improved the efficiency and cost-effectiveness of solar power generation. These technological strides have not only reduced the levelized cost of electricity (LCOE) for solar power but have also broadened the applicability of solar PV systems across various sectors, from residential rooftops to large-scale utility installations.

Another significant growth factor is the increasing energy demand from emerging economies, particularly in Asia Pacific and Africa. These regions are witnessing rapid industrialization and urbanization, leading to a surge in electricity consumption. Given the limitations and environmental concerns associated with traditional fossil fuels, solar PV presents a viable and sustainable alternative. Furthermore, the plummeting costs of solar panels and modules, coupled with improved financing options, are making solar energy more feasible for widespread adoption in these regions.

Regionally, Asia Pacific holds a dominant position in the solar PV market, driven by substantial investments from countries like China, India, and Japan. North America and Europe are also significant markets, supported by strong government initiatives and growing awareness about renewable energy benefits. Meanwhile, regions such as Latin America and the Middle East & Africa are emerging markets with immense potential, fueled by high solar irradiance and increasing energy demands. The regional outlook suggests a diversified growth trajectory, with each region contributing uniquely to the global market expansion.

Technology Analysis

In terms of technology, the solar PV market is segmented into monocrystalline, polycrystalline, and thin-film technologies. Monocrystalline technology is known for its high-efficiency rates and better space efficiency, making it highly suitable for residential and commercial applications where space might be a constraint. The technology utilizes single-crystal silicon, which allows for greater electron mobility, resulting in higher efficiency. Despite being slightly more expensive, the long-term benefits in terms of efficiency and durability make monocrystalline panels a popular choice among buyers.

Polycrystalline technology, on the other hand, is made from silicon crystals that are melted together. Though it is less efficient compared to monocrystalline technology, it is more cost-effective to produce. This makes polycrystalline panels an attractive option for large-scale utility projects where space constraints are minimal, and cost considerations are paramount. The advancements in polycrystalline technology have also improved its efficiency over the years, narrowing the gap with monocrystalline panels.

Thin-film technology is another significant segment in the solar PV market. It encompasses various materials such as cadmium telluride (CdTe), amorphous silicon (a-Si), and copper indium gallium selenide (CIGS). Thin-film panels are known for their lightweight, flexibility, and suitability for different applications, including integration into buildings and facades. While they generally have lower efficiency rates compared to crystalline silicon panels, their unique properties provide advantages in specific use-cases, such as in portable solar chargers and building-i