NEW YORK, June 30, 2022 /PRNewswire/ -- The Solar Power Market is segmented in India by end-user (utility and rooftop) and application (grid-connected and off-grid). The market share growth in India by the utility segment will be significant during the forecast period. A utility-scale solar power plant has been producing clean and dependable energy over the last few decades. It gives the benefit of fixed electricity prices when the prices of electricity generated from fossil fuels are high during peak demand periods. It can also be stored in energy storage systems for using it when there is no sunlight. These factors will drive the adoption of utility-scale solar power in the country. Moreover, the Solar Power Market in India Share is expected to increase by USD 240.42 billion from 2021 to 2026- according to the recent market study by Technavio. The report provides a detailed analysis of drivers & opportunities, top winning strategies, competitive scenario, future market trends, market size & estimations, and major investment pockets.
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The solar power market in India report offers information on several market vendors, including ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., juwi AG, and Sterling and Wilson Solar Ltd. among others. Moreover, the market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
ABB Ltd.- The company offers solar power services that provides electrical power which includes energy production, power transmission, transportation, process automation and pollution control, under the brand name of ABB Ltd.
Canadian Solar Inc.- The company offers solar power services that provides solar photovoltaic modules, battery storage solutions, solar lighting, portable solar, solar transportation and many more, under the brand name of Canadian Solar Inc.
GCL System Integration Technology Co. Ltd.- The company offers solar power services that includes pv modules, energy systems, solar air conditioning, solar balloon, solar charger, solar backpack, solar cell phone charger, solar chimney, solar-powered waste compacting bin, solar cooker, solar dryer, solar-powered fan and many more, under the brand name of GCL System Integration Technology Co. Ltd.
Find additional highlights on the vendors and their product offerings. Track Pricing, Supply, Demand, Trade, and Distribution Scenario along with Key Customers. View at Special Pricing
Solar Power Market in India Scope
Growth momentum & CAGR
Decelerate at a CAGR of 35.24%
Market growth 2022-2026
$ 240.42 billion
YoY growth (%)
Performing market contribution
India at 100%
Key consumer countries
Leading companies, competitive strategies, consumer engagement scope
ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., juwi AG, and Sterling and Wilson Solar Ltd.
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period,
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Latest Drivers & Trends of the Market-
Solar Power Market in India Driver:
The global energy mix has changed significantly over the past two decades. Improvement in energy efficiency played a vital role in balancing the energy supply and demand. The total cost of producing electricity using renewables is relatively higher than that of conventional sources. However, renewable technology is evolving and giving competition to fossil fuel-based power plants. With the increased support of the government and improved economics, the sector has become attractive from an investors' perspective. Low carbon emissions from renewable sources and growing concerns regarding environmental protection drove the adoption of renewable sources of energy, which led to an increase in investments in renewable energy across the world. The increased focus on renewable energy sources is raising the investments in the country's solar energy sector, which will drive the growth of the solar power market in India during the forecast period.
Solar Power Market in India Trend:
In the past, high cost and intermittency have affected the adoption of renewable sources of energy. The intermittent nature of solar energy can be overcome by integrating energy storage with the system, which increases the adoption of renewable energy in hybrid systems. Renewable energy prices in India have been reducing gradually. The Government of India is also providing tax incentives to users, which reduces the installation costs and results in the reduction of the final cost of solar energy. As a result, solar power has been giving tough competition to fossil fuels such as coal-based power in the country. As India is a potential market for solar power, it could import solar panels from China at significantly low prices, which would spur the demand for solar power among renewables and increase the sales of solar power systems in India. Therefore, the declining costs of solar energy will drive the growth of the solar power market in India during the forecast period.
Additional information about various other market Drivers & Trends available with Technavio – View with Sample Report
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Table of Contents
Value chain analysis
Market segment analysis
Market size 2021
Market outlook: Forecast for 2021 - 2026
Five Forces Analysis
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Application
Comparison by Application
Grid-connected - Market size and forecast 2021-2026
Off-grid - Market size and forecast 2021-2026
Market opportunity by Application
Market Segmentation by End-user
Comparison by End-user
Utility - Market size and forecast 2021-2026
Rooftop - Market size and forecast 2021-2026
Market opportunity by End-user
Market positioning of vendors
Adani Enterprises Ltd.
Canadian Solar Inc.
GCL System Integration Technology Co. Ltd.
Huawei Investment and Holding Co. Ltd.
JA Solar Technology Co. Ltd.
Sterling and Wilson Solar Ltd.
Scope of the report
Currency conversion rates for US$
List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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