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India Solar PV Module Market, By Type (Monocrystalline, Polycrystalline, Thin-Film), By End User (Residential, Commercial, Utility-Scale), By Application (Grid-Connected and Off-Grid)

Publisher Coherent Market Insights
Published Feb 27, 2025
Length 132 Pages
SKU # CMI19905825

Description

India has been a leader in solar adoption due to its abundant solar resources and supportive policies for promoting renewable energy usage. Solar photovoltaic (PV) technology has emerged as one of the most promising renewable energy sources for catering to India's energy needs. Rising electricity demand, issues with fossil fuel imports and climate change concerns have encouraged the government to push for higher solar PV adoption targets. Solar PV modules are a key component in the solar power value chain. Lower module prices globally have made large-scale solar projects more economically viable in India.

Market Dynamics:

India solar PV module market growth is driven by factors like rising renewable energy targets by government, lower module prices globally making solar projects more cost-competitive, abundant solar resources, and growing emphasis on offsetting fossil fuel imports. However, intermittent nature of solar power generation, high initial capital costs for deploying large solar projects and technology performance risks can hamper the market growth. Policy and regulatory uncertainties with regard to land availability and power evacuation infrastructure can also hamper the market growth. The production-linked incentive (PLI) scheme for solar modules manufacturing presents opportunities for attracting investments and strengthening domestic manufacturing capabilities in the near future.

Key features of the study:
  • This report provides in-depth analysis of the India solar PV module market, and provides market size (USD Bn) and compound annual growth rate (CAGR%) for the forecast period (2025–2032), considering 2024 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the India solar PV module market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Key companies covered as a part of this study include Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd., Moser Baer Solar, Websol Energy System Ltd., Photon Energy Systems Ltd., SWELECT Energy Systems Ltd., Premier Solar Systems Pvt. Ltd., Surana Ventures Ltd., Jupiter Solar Power Ltd., Sova Solar, KSK Energy Ventures
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the India solar PV module market
Detailed Segmentation:
  • By Type Insights (Revenue, USD Bn, 2020 - 2032)
  • Monocrystalline
  • Polycrystalline
  • Thin-Film
  • By End User Insights (Revenue, USD Bn, 2020 - 2032)
  • Residential
  • Commercial
  • Utility-Scale
  • By Application Insights (Revenue, USD Bn, 2020 - 2032)
  • Grid-Connected
  • Off-Grid
  • Key Players Insights
  • Tata Power Solar
  • Adani Solar
  • Waaree Energies
  • Vikram Solar
  • RenewSys
  • Emmvee
  • Azure Power
  • Jakson
  • Goldi Solar
  • Servotech Power Systems
  • Saatvik Green Energy Pvt. Ltd.
  • Moser Baer Solar
  • Websol Energy System Ltd.
  • Photon Energy Systems Ltd.
  • SWELECT Energy Systems Ltd.
  • Premier Solar Systems Pvt. Ltd.
  • Surana Ventures Ltd.
  • Jupiter Solar Power Ltd.
  • Sova Solar
  • KSK Energy Ventures

Table of Contents

132 Pages
1. Research Objectives and Assumptions
Research Objectives
Assumptions
Abbreviations
2. Market Purview
Report Description
Market Definition and Scope
Executive Summary
India Solar PV Module Market, By Type
India Solar PV Module Market, By End User
India Solar PV Module Market, By Application
3. Market Dynamics, Regulations, and Trends Analysis
Market Dynamics
Impact Analysis
Key Highlights
Regulatory Scenario
Product Launches/Approvals
PEST Analysis
PORTER’s Analysis
Merger and Acquisition Scenario
4. India Solar PV Module Market, By Type, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Monocrystalline
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Polycrystalline
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Thin-Film
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
5. India Solar PV Module Market, By End User, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Residential
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Commercial
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Utility-Scale
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
6. India Solar PV Module Market, By Application, 2020-2032, (USD Bn)
Introduction
Market Share Analysis, 2025 and 2032 (%)
Y-o-Y Growth Analysis, 2021 - 2032
Segment Trends
Grid-Connected
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
Off-Grid
Introduction
Market Size and Forecast, and Y-o-Y Growth, 2020-2032, (USD Bn)
7. Competitive Landscape
Tata Power Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Adani Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Waaree Energies
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Vikram Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
RenewSys
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Emmvee
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Azure Power
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Jakson
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Goldi Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Servotech Power Systems
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Saatvik Green Energy Pvt. Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Moser Baer Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Websol Energy System Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Photon Energy Systems Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
SWELECT Energy Systems Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Premier Solar Systems Pvt. Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Surana Ventures Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Jupiter Solar Power Ltd.
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
Sova Solar
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
KSK Energy Ventures
Company Highlights
Product Portfolio
Key Developments
Financial Performance
Strategies
8. Analyst Recommendations
Wheel of Fortune
Analyst View
Coherent Opportunity Map
9. References and Research Methodology
References
Research Methodology
About us
*Browse 32 market data tables and 28 figures on 'Solar PV Module Market' - India forecast to 2032

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