The India Solar Energy Market is Segmented by Technology [solar Photovoltaic (PV) and Concentrated Solar Power (CSP)]. The Report Offers the Installed Capacity and Forecasts in Gigawatts (GW) for all the Above Segments.

Snapshot img

India Solar Power Market Size 2025-2029

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

Major Market Trends & Insights

By Application - Grid-connected segment was valued at USD 44.10 billion in 2022
By End-user - Utility segment accounted for the largest market revenue share in 2022

Market Size & Forecast

Market Opportunities: USD 1.00 billion
Market Future Opportunities: USD 754.00 billion 
CAGR : 42.4%

Market Summary

The market has witnessed significant strides in recent years, with increasing installations and declining costs driving its growth. According to various industry reports, solar power's market share in India's total installed power capacity reached 10% in 2021, marking a substantial increase from just 2% in 2015. This shift can be attributed to various factors, including government initiatives, technological advancements, and the falling cost of solar panels. In fact, the cost of solar energy in India has dropped by over 60% since 2010, making it a competitive alternative to traditional power sources.
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.
Furthermore, the availability of numerous financing options and favorable policies have encouraged businesses and homeowners to invest in solar energy solutions. As a result, the market is expected to continue expanding, with analysts projecting that solar power could meet up to 25% of India's electricity demand by 2030.

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

Get Key Insights on Market Forecast (PDF) Request Free Sample

Solar power in India represents a significant market opportunity, with current installations accounting for over 35 gigawatts (GW) and growing at a steady pace. According to recent industry data, the market is projected to expand by approximately 20% annually, reaching over 60 GW by 2025. Notably, solar power contributes significantly to India's energy mix, accounting for around 25% of the country's renewable energy capacity. The sector's growth is driven by various factors, including government incentives, declining solar panel prices, and increasing energy demand. Compared to traditional energy sources, solar power offers several advantages. For instance, it reduces carbon emissions by approximately 35% per unit of electricity generated, contributing to India's energy independence goals.
Furthermore, solar power systems have a longer lifespan than conventional power plants, with solar panels typically lasting 25-30 years. In contrast, the lifespan of a coal-fired power plant is approximately 40-50 years, making solar power a more cost-effective and sustainable long-term solution. Additionally, solar power systems can be integrated with energy management systems and hybrid power systems, ensuring grid reliability and power quality. Despite these advantages, challenges remain, including performance degradation rates, land use considerations, and demand-side management. Addressing these challenges will be crucial for the continued growth and success of the market.

How is this India Solar Power Market segmented?

The solar power in India industry 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 expansion, with grid-connected solar photovoltaic (PV) systems witnessing substantial growth. These systems directly supply solar energy to building loads, with surplus energy fed back to the grid and deficits imported. However, the scarcity of land poses a challenge, as dedicating land for solar cell installation is a significant issue due to India's low per capita land availability. Despite this hurdle,

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 (PV) 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. Increasing government support for solar power technology will drive the solar photovoltaic (pv) market.

Major Market Trends & Insights

APAC dominated the market and accounted for a 37% growth during the forecast period.
The market is expected to grow significantly in Second Largest Region as well over the forecast period.
By the Deployment, the Ground-mounted sub-segment was valued at USD 47.36 billion in 2023
By the End-user, the Commercial sub-segment accounted for the largest market revenue share in 2023

Market Size & Forecast

Market Opportunities: USD 103.14 billion
Future Opportunities: USD USD 58.47 billion 
CAGR : 8.9%
APAC: Largest market in 2023

Market Summary

The Solar Photovoltaic (PV) Market continues to be a dominant force in the global energy transition, driven by factors like falling costs, supportive government policies, and technological advancements in monocrystalline silicon and thin-film technologies. In 2024, the market installed nearly 600 GW of new capacity, accounting for over 80% of all new renewable energy additions worldwide.
The increasing need for energy security and sustainability is pushing adoption across residential and commercial sectors. This has fueled innovation, including a rising emphasis on integrating AI and smart grid technologies for predictive maintenance and optimized energy management.
These market dynamics are also reflected in related sectors, such as the Renewable Energy Storage and Smart Grid Technology markets, which are experiencing parallel growth

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

Get Key Insights on Market Forecast (PDF) Request Free Sample

How is the Solar Photovoltaic (PV) Market Segmented and what are the key trends of market segmentation?

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.

Solar photovoltaic (PV) systems, which include electrical bypass diodes and solar trackers, have seen substantial growth in recent years. The photovoltaic energy yield from these systems has improved significantly due to advancements in perovskite solar modules, solar cell interconnect, and power conversion efficiency. Silicon wafer production and solar cell manufacturing have become more efficient, leading to increased solar cell efficiency and reduced costs. Rooftop PV installations have gained popularity due to their ease of integration with the grid. Grid integration studies are essential to ensure seamless power transmission and prevent PV module degradation. Ground mount systems, which account for a significant portion of the market, are being optimized through the use of thin film photovoltaics, anti-reflective coatings, and spectral response analysis.

Light-induced degradation and capacitance-voltage analysis are crucial for understanding solar panel temperature and current-voltage characteristics. Cadmium telluride panels and amorphous silicon cells are alternative technologies that offer potential for increased efficiency. Energy storage systems are increasingly being integrated with PV arrays to ensure consistent power supply and improve overall system performance. The solar industry is expected to grow further, with increasing demand for renewable energy sources and advancements in solar technology. According to recent studies, the market for solar PV systems is projected to expand by 15% in the next two years. Additionally, the market for bifacial solar technology, which can generate electricity from both sides of the panel, is expected to grow by 20% during the same period.

Inverter efficiency losses are a significant challenge that is being addressed through ongoing research and development efforts. Despite these challenges, the solar industry continues to evolve, offering opportunities for innovation and growth. Solar irradiance modeling and solar energy forecasting are essential tools for optimizing solar power generation and ensuring grid stability.

The Ground-mounted se

India PV Products Market size was valued at USD 26.82 Billion in 2023 and is projected to reach USD 118.85 Billion by 2031, growing at a CAGR of 22.56% during the forecast period 2024-2031.

India PV Products Market: Definition/ Overview

Photovoltaic (PV) systems use semiconductors to directly convert sunlight into energy. When photons hit the PV panel's semiconductor material, they ionize it and release outer electrons from their atomic bonds. The semiconductor structure then pushes the electrons in one direction, creating an electrical current flow, which can be used to power electrical appliances and feed electricity into the grid. PV devices can power everything from small electronics to residential and commercial buildings. However, because crystalline silicon solar cells can only absorb specific wavelengths of light, they are not entirely efficient. Some wavelengths are reflected, some are too weak to produce electricity, and others produce heat energy instead. To promote the use of clean energy sources, there are favorable government programs and incentives, such as tax breaks and tariffs. This will help improve business prospects and support ongoing technological developments. As a result, the market for solar PV systems will grow due to the lower cost of solar energy and increased financial support. Regulatory measures, such as asset and financial leveraging and subsidies, will also be put in place to promote product acceptance. India, with the world's second-largest population after China, has a fast-increasing demand for energy, while fossil resources are becoming increasingly limited and expensive. Therefore, using the sun's energy makes sense. The Indian PV industry is likely to continue to develop as solar energy has become the most important source of renewable energy expansion worldwide.

A photovoltaic system uses the photovoltaic effect to convert light into energy. This is done using semiconducting materials that show the photovoltaic effect. Solar modules, each containing several solar cells, are used to generate electricity. PV panels can be installed on the ground, roof, wall, or water, and a solar tracker may be used to monitor the sun as it moves across the sky. PV as a primary source requires energy storage devices or worldwide distribution through high-voltage direct current power lines, both of which incur significant expenses.

Gain insights into the India Solar PV Panel Market size at USD USD 7.5 billion in 2023, featuring Market Forecasts & Outlook, industry trends, and growth opportunities.

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 growth. The action

According to Cognitive Market Research, the global Solar Energy market size will be USD 95451.6 million in 2024. It will expand at a compound annual growth rate (CAGR) of 6.50% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 38180.6 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 28635.4 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 21953.8 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.5% from 2024 to 2031.
Latin America had a market share of more than 5% of the global revenue with a market size of USD 4772.5 million in 2024 and will grow at a compound annual growth rate (CAGR) of 5.9% from 2024 to 2031.
Middle East and Africa had a market share of around 2% of the global revenue and was estimated at a market size of USD 1909.0 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.2% from 2024 to 2031.
The Photovoltaic Systems Technology held the highest Solar Energy market revenue share in 2024.

Market Dynamics of Soloar Energy Market

Key Drivers of Soloar Energy Market

Increase in energy demand to Increase the Demand Globally: The growth of the global solar energy market is primarily driven by the increasing energy demand due to a surge in population. As the global population continues to rise, especially in developing countries, the energy demand grows proportionally. Urbanization is also accelerating, with more people moving to cities, leading to greater energy needs across residential, commercial, and industrial sectors. This rising energy demand is coupled with a growing emphasis on sustainable solutions due to environmental concerns.

Countries Aiming to Achieve Green Energy Targets to Propel Market Growth: A global energy transition is urgently required to limit the increase in average global surface temperature to below 2°C. Consequently, the installation of renewable energy sources is expected to grow significantly in the coming years, driving market expansion. The shift from fossil fuels to low-carbon solutions will be crucial, as energy-related carbon dioxide emissions account for two-thirds of all greenhouse gases. Government initiatives and new energy targets aimed at promoting sustainable energy have positively influenced market growth.

Key Restraint of Soloar Energy Market

High Investment and Lack of Infrastructure to Limit the Sales: The overall cost of solar PV systems is higher than that of traditional solar panels, which may limit their adoption in residential buildings with comparatively lower energy needs. For instance, installing 15 ground-mounted solar panels with a capacity of 300 watts each would cost approximately USD 14,625, with an additional USD 500 per panel for the mounting structure. This higher initial cost can lead to reduced utilization of solar power generation systems. Additionally, inadequate infrastructure further restricts investments in the market.

Trends in Soloar Energy Market

Rapid Adoption of Floating Solar (Floatovoltaics): With limited land availability and rising energy demand, floating solar farms are gaining traction—especially in countries like China, India, and Japan. These systems are installed on lakes, reservoirs, and irrigation ponds, reducing land use while benefiting from natural cooling that boosts efficiency. They also help diminish water evaporation and algae growth, offering both energy and environmental advantages. As deployment costs decline and performance improves, floating solar is emerging as a fast-growing segment of utility-scale solar energy.

Integration of Solar + Storage and Energy-as-a-Service Models: The solar sector is shifting toward integrated solutions that pair photovoltaic systems with battery storage and smart energy management services. This enables consumers and businesses to optimize energy use, store excess production, and gain grid independence. Energy-as-a-Service (EaaS) models—where solar-plus-storage setups are offered on a subscription basis—are becoming popular in commercial and industrial markets. These models reduce upfront costs and simplify system adoption, accelerating distributed s...

Snapshot img

Solar Panels Market Size 2025-2029

The solar panels market size is forecast to increase by USD 60.1 billion, at a CAGR of 8.2% between 2024 and 2029.

The market is witnessing significant growth, driven by increasing investments in the renewable energy sector. This trend is fueled by governments and businesses worldwide seeking to reduce carbon emissions and promote sustainable energy solutions. Another key driver is the continuous advancements in thin-film solar photovoltaic (PV) modules, making solar energy more cost-effective and accessible. However, the intermittent nature of solar power poses a significant challenge. Solar energy production depends on sunlight availability, which can be unpredictable. This variability necessitates efficient energy storage solutions and smart grid management systems to ensure a consistent energy supply. Companies in the market must focus on developing innovative technologies to address this challenge and capitalize on the growing demand for renewable energy. By investing in research and development, collaborating with energy storage providers, and optimizing solar panel designs, companies can effectively navigate this market landscape and seize opportunities for growth.

What will be the Size of the Solar Panels 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 SampleThe market continues to evolve, driven by technological advancements and expanding applications across various sectors. Off-grid systems, once a niche application, are increasingly gaining traction as an alternative power solution. Thin-film solar panels, with their flexibility and lower manufacturing costs, are finding new uses in solar powered appliances and buildings. Silicon wafer technology, a mainstay in solar panel manufacturing, faces competition from emerging alternatives. Solar powered refrigeration systems are revolutionizing cold storage solutions, while solar tracking systems optimize panel efficiency. Commercial solar adoption is on the rise, with businesses recognizing the cost savings and sustainability benefits. Solar panel warranty and performance degradation are key considerations for investors and consumers alike. Solar panel manufacturing processes are continuously improving, with a focus on reducing costs and increasing efficiency. Solar energy storage and solar energy policy are crucial components of the renewable energy landscape. Industrial solar applications are expanding, from powering factories to providing clean energy for heavy industry. Solar panel maintenance and cleaning are essential for maximizing system performance and longevity. Battery energy storage and net metering are transforming the way we store and distribute solar energy. Solar farm development and ground-mounted solar installations are shaping the future of utility-scale solar. Solar powered electronics, from calculators to smartphones, are becoming increasingly common. Solar powered homes and solar powered buildings are the future of sustainable living. The market is a dynamic and evolving landscape, with endless possibilities.

How is this Solar Panels Industry segmented?

The solar panels industry 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. End-userPower utilitiesCommercialResidentialTypeCrystalline panelThin-film panelConnectivityOn-gridOff-gridTechnologySolar PVConcentrated solar power (CSP)GeographyNorth AmericaUSCanadaEuropeFranceGermanyItalyUKAPACChinaIndiaJapanSouth KoreaRest of World (ROW).

By End-user Insights

The power utilities segment is estimated to witness significant growth during the forecast period.The solar panel market experienced significant growth in 2024, with the power utility segment leading the way. Utility-scale solar power plants continued to expand, contributing to the reduction of carbon emissions and the generation of clean energy. According to the International Energy Agency (IEA), renewable capacity additions reached record levels in 2024, with solar photovoltaics (PV) accounting for around 80% of the growth in renewable electricity capacity. China, the US, Germany, Japan, and India were among the major contributors to the utility segment. For instance, China installed 277 GW of solar capacity in 2024, as reported by the National Energy Administration (NEA). Residential solar installations also gained traction, with homeowners seeking to save on energy costs and reduce their carbon footprint. Solar panel financing options, such as leasing and power purchase agreements, made solar adoption more accessible. Solar panel costs continued to decline, making solar energy a cost-effective solution for both

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.

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

India Solar Energy Market was valued at USD 8 Billion in 2025 and is expected to reach USD 14 Billion by 2031 with a CAGR of 10.51%.

Snapshot img

Crystalline Silicon Solar Photovoltaic Modules Market Size 2024-2028

The crystalline silicon solar photovoltaic modules market size is forecast to increase by USD 88 billion at a CAGR of 22.33% between 2023 and 2028. The market is experiencing significant growth, driven by several key factors. Favorable government regulations aimed at reducing the use of fossil fuels and promoting renewable energy are boosting market expansion. Additionally, the increased adoption of microgrids, which provide a reliable source of electricity in remote areas and during power outages, is fueling market growth. Furthermore, the rise in alternative sources of energy, such as wind and hydroelectric power, is increasing the demand for thin film solar PV modules as part of hybrid energy systems. These trends are expected to continue, with the market forecasted to reach substantial growth in the coming years. The crystalline silicon solar photovoltaic modules market is expanding due to advancements in bifacial solar panels, high-efficiency solar cells, and perovskite-silicon hybrid modules. Growth in residential solar installations is driven by government incentives and subsidies, while integration with energy storage systems enhances efficiency. Cost reduction in manufacturing and solar module recycling further support market development, making these technologies more accessible and sustainable for the future.

What will be the Size of the Market During the Forecast Period?

To learn more about the market report, Request Free Sample

Crystalline silicon (c-Si) is a semiconductor material widely used in photovoltaic (PV) technology for converting solar energy into electrical energy. The crystalline silicon PV market revenue is driven by the increasing demand for renewable energy sources to reduce carbon emission and counteract the depletion of fossil fuels. The PV market primarily uses semiconductor silicon wafers to fabricate solar cells, with crystalline silicon being the most common type. The efficiency of crystalline silicon PV modules is higher than that of amorphous silicon and non-silicon solar cells, making it a preferred choice for utility-scale electricity generation. The PV market is influenced by various factors, including population growth, government regulations, and technological advancements.

Moreover, the high temperatures can affect the performance of crystalline silicon PV modules, leading to a decrease in efficiency. However, government spending on renewable energy and technological advancements in multi-crystalline silicon PV and mono-crystalline PV are expected to drive market growth. The utility-scale solar energy sources are the largest contributors to the PV market revenue.

High-efficiency PV modules, particularly monocrystalline silicon and bifacial solar panels, are driving innovation in solar power generation. These advanced solar technologies enable higher energy output by capturing sunlight from both sides of the panel, enhancing overall performance. Photovoltaic system integration has become more seamless, encouraging widespread renewable energy adoption for residential solar installations. As solar panel cost reduction continues, more homeowners are turning to energy-efficient systems paired with energy storage solutions to maximize their investment. Thin-film solar technology also offers flexibility and low-weight alternatives for varied installations. With solar grid connection becoming more accessible and solar energy incentives in place, sustainable energy solutions are within reach, helping to accelerate the transition toward cleaner, greener energy.

Market Segmentation

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

Product

  Monocrystalline
  Polycrystalline


End-user

  Commercial
  Residential
  Utility sector


Geography

  APAC

    China
    India
    Japan


  North America

    US


  Europe



  South America



  Middle East and Africa

By Product Insights

The monocrystalline segment is estimated to witness significant growth during the forecast period. The Crystalline Silicon (c-Si) Photovoltaic (PV) Modules Market is driven by the increasing demand for solar energy as a renewable energy source to meet the growing electrical energy needs of the global population. Crystalline silicon, as a semiconductor material, is widely used in PV technology due to its unique crystalline structure that facilitates the generation of electrical energy from solar energy sources. The market for Crystalline Silicon PV modules, which includes mono-crystalline and multi-crystalline silicon PV, is expected to witness significant growth during the forecast period. Monocrystalline silicon PV modules, also known as single-crysta

India Solar PV Mounting System market’s growth is supported by increasing solar energy adoption, advancements in mounting technology, and supportive government policies

The global Grid Connected PV Systems market is experiencing robust growth, projected to reach $195.58 billion in 2025 and maintain a Compound Annual Growth Rate (CAGR) of 12.13% from 2025 to 2033. This expansion is driven by several key factors. Firstly, increasing concerns about climate change and the urgent need for renewable energy sources are propelling governments and businesses to invest heavily in solar power infrastructure. Secondly, technological advancements are leading to more efficient and cost-effective solar panels, making grid-connected PV systems a financially attractive option. Furthermore, supportive government policies, including subsidies and tax incentives, are accelerating market adoption, particularly in regions like APAC, where substantial growth is expected. The residential segment is experiencing significant growth fueled by decreasing installation costs and rising energy prices, while the non-residential sector is driven by large-scale solar projects and corporate sustainability initiatives. Competition within the market is intense, with major players like ABB, Canadian Solar, and Huawei vying for market share through strategic partnerships, technological innovation, and aggressive expansion into new markets. The Asia-Pacific region (APAC), particularly China and India, currently dominates the market due to substantial government support and a large consumer base. However, North America and Europe are also experiencing considerable growth, driven by increasing environmental awareness and supportive regulatory frameworks. While the market faces challenges such as fluctuating solar irradiance, grid infrastructure limitations, and land availability constraints, the overall long-term outlook remains positive, fueled by the global push towards decarbonization and the inherent cost advantages of solar energy. The forecast period of 2025-2033 anticipates continued expansion, driven by ongoing technological improvements and wider adoption across diverse sectors.

Off Grid Solar PV Panels Market Outlook

The global market size for off grid solar PV panels was estimated to be USD 1.2 billion in 2023 and is projected to reach USD 3.8 billion by 2032, growing at a compound annual growth rate (CAGR) of 13.5% over the forecast period. The market is driven by the increasing need for sustainable energy solutions, rising electricity costs, and the growing demand for energy independence, particularly in remote and rural areas. The shift towards renewable energy sources, coupled with advancements in solar technology, is further catalyzing the marketÂ’s growth.

One of the primary growth factors for the off grid solar PV panels market is the rising awareness and adoption of renewable energy sources. With global energy consumption on the rise and the adverse impacts of fossil fuel-based power generation becoming more evident, there has been a significant push towards cleaner, more sustainable energy solutions. Off grid solar PV panels meet this demand by providing a reliable and eco-friendly energy source that can be deployed in a wide range of settings, from individual homes to large commercial and industrial complexes.

Another crucial factor driving market growth is the increasing need for energy independence and resilience. Natural disasters, power grid failures, and other disruptions can lead to significant downtime and economic losses. Off grid solar PV panels offer a decentralized solution that can operate independently of the main grid, ensuring a continuous power supply even in adverse conditions. This is particularly important for remote and rural areas where access to the centralized power grid is either limited or non-existent.

Technological advancements in solar panel efficiency and energy storage solutions are also playing a key role in market expansion. Innovations in monocrystalline, polycrystalline, and thin-film solar panels have significantly improved their efficiency and durability, making them more cost-effective and appealing to a broader range of consumers. Additionally, advancements in battery storage technologies have enhanced the capability of off grid systems to store and deliver power even when sunlight is not available, further boosting their reliability and effectiveness.

Off-grid Remote Sensing Power Systems are becoming increasingly vital in areas where traditional power infrastructure is either unavailable or impractical. These systems are particularly useful for powering remote monitoring equipment, such as weather stations, wildlife monitoring devices, and seismic sensors. By utilizing off-grid solar PV panels, these systems can operate independently, providing a reliable power source that is both sustainable and cost-effective. The integration of advanced energy storage solutions ensures that these systems can function continuously, even in the absence of sunlight, making them indispensable for critical remote sensing applications. As technology advances, the efficiency and reliability of these systems continue to improve, further driving their adoption in various sectors.

From a regional perspective, the Asia Pacific region is expected to lead the market growth, driven by rapid industrialization, urbanization, and increasing government initiatives to promote renewable energy. Countries like China and India are investing heavily in solar energy projects, which is expected to significantly boost the demand for off grid solar PV panels in the region. North America and Europe are also witnessing substantial growth, driven by increasing environmental awareness and supportive regulatory frameworks. Meanwhile, Latin America and the Middle East & Africa are emerging markets with significant potential, driven by the need for reliable power solutions in remote and underserved areas.

Product Type Analysis

The off grid solar PV panels market is segmented by product type into monocrystalline, polycrystalline, thin film, and others. Monocrystalline solar panels are known for their high efficiency and durability, making them a popular choice for both residential and commercial applications. These panels are made from a single crystal structure, which allows for a more streamlined electron flow, resulting in higher efficiency rates. Despite their higher cost, the long-term benefits of monocrystalline panels make them a favorable option for consumers looking for reliable and efficient energy solutions.

Polycrystalline solar panels, on t

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.

Polycrystalline PV Panels Market Outlook

The global polycrystalline PV panels market size was valued at USD 34.2 billion in 2023 and is anticipated to reach USD 66.8 billion by 2032, growing at a CAGR of 7.8% during the forecast period. This growth can be attributed to the increasing demand for renewable energy sources, government incentives, and declining costs of photovoltaics. As more countries commit to reducing carbon emissions, the adoption of polycrystalline PV panels is expected to surge, driven by advancements in technology and economies of scale.

One major growth factor for the polycrystalline PV panels market is the increasing emphasis on sustainable energy solutions globally. Governments and private sectors are investing heavily in renewable energy projects to combat climate change and reduce dependency on fossil fuels. These initiatives include subsidies, tax incentives, and rebates for solar panel installations, which are significantly boosting the market. For instance, various forms of financial support are provided for residential, commercial, and industrial installations, thereby encouraging widespread adoption.

Technological advancements are another crucial factor driving market growth. Innovations in polycrystalline PV panel design and manufacturing have led to higher efficiency rates and lower production costs. High-efficiency polycrystalline panels are becoming more prevalent, offering improved performance even in less-than-ideal weather conditions. Moreover, developments in energy storage solutions and smart grid technologies are enabling more effective integration of solar power into the existing energy infrastructure, further propelling market growth.

The declining cost of solar PV panels is also a significant growth driver. Over the past decade, the cost of producing solar panels has decreased dramatically due to advancements in technology, increased production capacity, and improved supply chain efficiencies. This cost reduction has made solar power more competitive with traditional energy sources, encouraging more consumers and businesses to invest in solar energy solutions. As economies of scale continue to improve, prices are expected to decrease further, making polycrystalline PV panels even more accessible.

Regionally, Asia Pacific is expected to dominate the polycrystalline PV panels market during the forecast period. Countries like China, India, and Japan are leading the charge in solar energy adoption due to supportive government policies and a growing need for sustainable energy solutions. In North America, the United States is also seeing significant growth, driven by federal and state incentives as well as corporate investments in renewable energy. Europe remains a strong market as well, with countries like Germany, Spain, and Italy investing heavily in solar energy infrastructure. These regional trends reflect a global shift towards renewable energy, with widespread implications for the polycrystalline PV panels market.

Type Analysis

The polycrystalline PV panels market is segmented by type into Standard Efficiency and High Efficiency. Standard efficiency panels have traditionally been the most commonly used type due to their lower cost and adequate performance in a variety of applications. These panels offer a balance of affordability and functionality, making them an attractive option for residential and small-scale commercial installations. As manufacturing processes continue to improve, the cost-effectiveness of standard efficiency panels remains a significant market driver.

High efficiency polycrystalline PV panels, on the other hand, are gaining traction due to their superior performance and technological advancements. These panels are designed to maximize energy capture and conversion, offering higher output per unit area compared to standard efficiency panels. This makes them particularly suitable for applications where space is limited, such as urban rooftops and commercial buildings. Although high efficiency panels come at a higher initial cost, their long-term energy savings and enhanced ROI are attracting more consumers and businesses.

The growing demand for high efficiency panels is also driven by the increasing prevalence of energy-intensive applications. Industries and utilities that require large-scale energy solutions are turning to high efficiency polycrystalline PV panels to meet their needs. The ability to generate more power from a smaller footprint is a significant advantage, particularly in densely populated or industrialized regions where space is at a premium.

The global solar PV panel market, valued at $45.91 billion in 2025, is projected to experience robust growth, driven by increasing concerns about climate change, supportive government policies promoting renewable energy adoption, and decreasing solar panel costs. The compound annual growth rate (CAGR) of 8.5% from 2025 to 2033 indicates a significant expansion of the market, reaching an estimated value exceeding $90 billion by 2033. Key growth drivers include the rising demand for clean energy in both residential and commercial sectors, technological advancements leading to higher efficiency and durability of monocrystalline and thin-film panels, and the increasing affordability of solar energy systems. The market segmentation reveals strong growth potential across diverse applications. Residential applications are expected to maintain significant market share due to rising energy costs and increasing awareness of environmental sustainability. Commercial applications, driven by corporate sustainability goals and large-scale solar projects, will also contribute considerably to market growth. While challenges remain, such as land availability for large-scale projects and grid integration issues in certain regions, the overall market outlook remains positive, with continued innovation and government support fostering substantial growth in the coming years. The competitive landscape is characterized by a mix of established global players and emerging regional manufacturers. Companies like JinkoSolar, Hanwha Q Cells, Canadian Solar, and Trina Solar are leading the market, competing on price, efficiency, and technological innovation. Regional variations in market growth are expected, with Asia-Pacific, particularly China and India, representing significant market opportunities due to their ambitious renewable energy targets and rapidly expanding energy demands. North America and Europe are also anticipated to maintain substantial market shares, driven by supportive policies and a growing commitment to reducing carbon footprints. The market's continuous evolution will see ongoing competition fueled by technological breakthroughs in panel efficiency and cost reductions, influencing both market share dynamics and future growth projections. This necessitates continuous adaptation and innovation for companies to maintain competitiveness in this rapidly expanding sector.

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.