India Solar Power Equipment Market is Expected to Register a 9.10% CAGR Through 2031
Government Policies & Incentives and Declining Costs
of Solar Technology are likely to propel the market during the forecast period.
According to
TechSci Research report, “India Solar Power Equipment Market – By Region,
Competition, Forecast and Opportunities, 2021-2031F”, India Solar Power Equipment Market was valued
at USD 11 Billion in 2025 and is expected to reach USD 18 Billion by 2031 with
a CAGR of 9.10% during the forecast period.
Environmental awareness and the urgent
need to combat climate change significantly contribute to the expansion of the
solar power equipment market in India. As one of the world’s largest greenhouse
gas emitters, India faces growing pressure to reduce its carbon footprint and
shift towards sustainable energy sources.
The adverse effects of climate change,
including extreme weather events, water scarcity, and air pollution, have
heightened public and governmental focus on clean energy. Solar power, as a
renewable and pollution-free energy source, aligns perfectly with national and
global environmental goals.
India’s commitment to the Paris
Agreement and its ambitious renewable energy targets underscore the country’s
dedication to climate change mitigation. Solar power equipment adoption
supports these goals by enabling large-scale generation of clean electricity,
reducing reliance on coal and other fossil fuels.
Increased awareness among businesses and
consumers has also led to a shift in energy preferences. Many corporations now
prioritize sustainability and incorporate solar power as part of their
corporate social responsibility (CSR) initiatives. Consumers, too, are becoming
more conscious of their environmental impact and seek cleaner energy
alternatives for their homes.
The rise of environmental regulations
and incentives further encourages the use of solar equipment, fostering green
building practices and energy-efficient communities. Educational campaigns and
media coverage play an essential role in promoting the benefits of solar
energy, enhancing market acceptance.
This growing environmental
consciousness, combined with policy support and technological improvements,
drives the demand for solar power equipment. It ensures that the sector will
continue to grow as India strives to build a greener, more sustainable future.
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data Figures spread through XX Pages and an in-depth TOC on " India Solar Power Equipment Market.”
Based
on Application, The utility-scale segment dominates the India Solar Power
Equipment market due to several compelling factors that align with the
country’s energy goals and infrastructure development priorities. Utility-scale
solar projects involve large-scale power plants, often spanning hundreds of
acres, which generate significant electricity volumes that feed directly into
the national grid. This scale of operation creates substantial demand for solar
power equipment, making it the largest segment in the market.
India’s
commitment to expanding renewable energy capacity has led to aggressive targets
for utility-scale solar installations. The government’s National Solar Mission
and subsequent policies emphasize large solar parks and ground-mounted projects
to rapidly increase clean energy capacity. These projects benefit from
economies of scale, which reduce per-unit costs of solar equipment such as
panels, mounting structures, and inverters. As a result, utility-scale
developments attract significant investment from both public and private
sectors.
Utility-scale
solar projects provide reliable, centralized power generation capable of
meeting the growing electricity demand of India’s expanding industrial and
urban sectors. Large solar farms can supply consistent power to the grid,
helping stabilize the overall energy system and reduce dependence on fossil
fuels. This makes utility-scale solar attractive for power utilities and state
governments looking to enhance energy security and sustainability. Additionally,
utility projects often benefit from streamlined land acquisition processes and
government-supported infrastructure like transmission lines and solar parks.
These facilitations lower project risks and accelerate deployment timelines
compared to smaller distributed systems.
Financing
for utility-scale projects is generally easier to secure due to their size,
long-term power purchase agreements (PPAs), and predictable revenue streams.
This financial stability encourages the procurement of high-quality solar power
equipment to ensure efficiency and longevity.
Based
on Region, North India is emerging as the fastest-growing region in the India
Solar Power Equipment market due to several interrelated factors that create a
conducive environment for rapid solar energy adoption.
The
region benefits from high solar irradiance and large tracts of available land,
especially in states like Rajasthan, Haryana, and Uttar Pradesh. These natural
advantages make North India ideal for both utility-scale solar parks and
rooftop solar installations. The abundant sunlight ensures high energy yield,
which attracts significant investment in solar power projects and,
consequently, increases the demand for solar power equipment such as panels,
mounting systems, and inverters.
Supportive
government policies at both the central and state levels are accelerating
growth in the region. States like Rajasthan and Haryana have implemented
progressive solar policies, including attractive tariffs, subsidies, and
streamlined approval processes. These initiatives reduce barriers to entry and
improve project viability, encouraging developers to undertake large-scale
solar installations and prompting commercial and residential consumers to adopt
rooftop solar solutions.
The
growing industrial and urban base in North India drives energy demand,
necessitating cleaner and more reliable power sources. Industries and
commercial establishments increasingly seek solar power to reduce electricity
costs and comply with renewable energy mandates. This trend fuels demand for
solar power equipment, especially rooftop solar panels and energy storage
systems. Additionally, the region’s grid infrastructure is progressively being
upgraded to accommodate renewable energy integration, reducing technical
challenges associated with solar power deployment. The government’s focus on
creating solar parks and enhancing grid connectivity further supports rapid
solar capacity addition.
North
India’s proximity to major manufacturing hubs helps in easier and quicker
procurement of solar equipment, lowering logistics costs and facilitating
faster project execution.
Major companies
operating in the India Solar Power Equipment Market are:
- Adani Solar
- Waaree Energies
Ltd.
- Vikram Solar
Pvt. Ltd.
- RenewSys India
Pvt. Ltd.
- Tata Power
Solar Systems Ltd.
- Goldi Green
Technologies Pvt. Ltd.
- Risen Energy
India Pvt. Ltd.
- Jakson Group
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“The India Solar Power Equipment market
presents a substantial opportunity driven by the country’s ambitious renewable
energy targets, supportive government policies, and increasing demand for clean
energy. With India aiming to achieve 500 GW of renewable capacity by 2030,
solar power equipment demand is set to grow significantly across residential,
commercial, and utility-scale sectors. Advancements in technology, declining
equipment costs, and rising energy needs further enhance market potential.
Additionally, initiatives promoting domestic manufacturing under the “Make in
India” campaign open avenues for investment and innovation, positioning the
market as a key driver in India’s sustainable energy transition.”
said Mr. Karan Chechi, Research Director of TechSci Research, a research-based
management consulting firm.
“India Solar Power
Equipment Market, By Equipment (Solar Panels, Mounting,
Racking & Tracking System, Storage System, Others), By Application
(Residential, Non-Residential, Utility) By Region, Competition, Forecast &
Opportunities, 2021-2031F”,
has evaluated the future growth potential of India Solar Power Equipment Market
and provides statistics & information on Market size, structure and future Market
growth. The report intends to provide cutting-edge Market intelligence and help
decision-makers make sound investment decisions., The report also identifies
and analyzes the emerging trends along with essential drivers, challenges, and
opportunities in the India Solar Power Equipment Market.
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