Press Release

India Solar Photovoltaics Equipment Market to be led by Growing Investments and Favorable Policies Through 2028

Increasing demand for electricity and booming installation of rooftop solar panels is expected to drive the market of the India solar photovoltaics equipment market.


According to TechSci Research report, India Solar Photovoltaics Equipment Market - By Region, Competition, Forecast & Opportunities, 2018-2028, the India Solar Photovoltaics Equipment market is anticipated to register a robust growth during the forecast period, 2024-2028 owing to rising environmental concerns, government initiatives, and investments for research initiatives to minimize reliance on fossil fuels. The increasing energy demands across various end-use industries has led to an increased focus on renewable energy solutions such as photovoltaic cells.


Additionally, increase in demand for electricity, a rise in stringent environment protection regulations has forced the power generation industry to shift to cleaner and environment-friendly energy resources and decrease in price of conventional photovoltaics (PV) modules has resulted in increasing demand for solar photovoltaic equipment across the country. Furthermore, infrastructure and construction projects such as smart cities are also growing, which is one of the primary factors for the increase in electricity demand. The high usage of solar photovoltaics equipment solutions across agriculture, energy and utility sector has become one of the important factors for the increasing growth of solar photovoltaics equipment offering cutting edge services to the customers. By using solar photovoltaics equipment services, the gap between EV and its infrastructure deployment and businesses operations is being filled up by improving energy, efficiency, and agility, and by rapidly delivering clean energy resources at a reasonable cost. These advantages of solar photovoltaics equipment are accelerating the expansion of the India solar photovoltaics equipment market across the country.



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India Solar Photovoltaics Equipment Market"


India Solar Photovoltaics Equipment market is segmented into DC voltage, installation mode, end-user, module type, type, and region. Based on DC voltage, the market is further split into 400V, 600V, 1000V and 1500V. Based on installation mode, the market is further bifurcated into ground mounted and rooftop. Based on end-user, the market is further segmented into residential, commercial, and industrial. Based on module type, the market is categorized into monocrystalline, polycrystalline, and thin film. Based on type, the market is segmented into circuit configuration, module mounting systems, solar charge controllers, and others.


On the basis of module type
, monocrystalline is expected to dominate the India Solar Photovoltaics Equipment Market because monocrystalline module type offers several advantages over polycrystalline including the fact that solar monocrystalline silicon modules have greater productivity and efficiency in the generation of electricity than polycrystalline. Monocrystalline panels usually have higher reliability and durability, for the installation of solar power plants in conditions of space shortage such as on the roof and highly efficient single-crystal panels are best suited, as their installation allows to save the space occupied by the solar station.


Based on installation mode
, rooftop is expected to dominate the market for Solar Photovoltaics Equipment in India because solar energy in general and rooftop solar power have grown significantly in India. Additionally, there were 7,008 rooftop solar power installations with a combined capacity of 7.6 gigawatt (GW) across the nation as of the end of March 2022. India's residential rooftop solar capacity, as of March 2022, is only 2,010 MW, and will surge to 3,214 MW by March 2023. As a result, the market for solar photovoltaic equipment in India is growing along with the growth in rooftop demand.


Key market players in the
India Solar Photovoltaics Equipment market are:

  • Tata Power Solar Systems Limited
  • Mundra Solar PV Limited
  • Vikram Solar Limited
  • Waaree Energies Limited
  • Jain Irrigation Systems Ltd
  • EMMVEE Photovoltaic Power Private Limited
  • V-GUARD Industries Limited
  • C.R.I. Pumps Private Limited
  • Shakti Pumps (India) Limited
  • Kotak Urja Private Limited


Recent Development

  • January 11, 2023: Tata Power Renewables Energy Limited (TPREL), one of India’s largest integrated renewable energy companies and a subsidiary of Tata Power had signed an agreement with Vivarea Condominium in Mumbai. The company is planning to install India’s first Group Captive solar plant for a residential society with 3.125 MW capacity solar plant at Himayatnagar, Maharashtra. The project will be commissioned by October 2023 and will provide green power at approximately 40% less than the cost of existing tariff.
  • December 21, 2022: Adani Solar, the photovoltaic manufacturing and research arm of the Adani Group announced the introduction of India’s first large sized monocrystalline silicon ingot. The monocrystalline ingots will drive indigenization to produce renewable electricity from Silicon-based PV modules with efficiencies ranging from 21% to 24% capable of producing M10 & G12 wafers. The company intends to add 2 GW of ingot and wafer capacity by the end of 2023 and will scale up to 10GW BY 2025.


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“Ongoing advancements in energy generation capacity, increasing penetration of rooftop installation systems, rising demand of electricity development have led to a breakdown of barriers and are expected to boost the India Solar Photovoltaics Equipment Market during the forecast period. The rising investment in the deployment of electric vehicle infrastructure and increasing residential rooftop applications are factors driving revenue growth of the solar photovoltaics equipment market in India. Moreover, supportive government policies, incentives, and favorable project for solar photovoltaics equipment services all over the country with increasing energy production capacity has also been positively influencing the market with a continuous urge for launching new service plans in the upcoming years, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.


India Solar Photovoltaics Equipment Market Segmented By DC Voltage Type (400V, 600V, 1000V & 1500V), By Installation Mode (Ground Mounted and Rooftop), By End User (Industrial, Commercial and Residential), By Module Type (Monocrystalline, Polycrystalline and Thin Film), By Type (Circuit Configuration, Module Mounting Systems, Solar Charge Controllers and Others), By Region, Competition,” has evaluated the future growth potential of India solar photovoltaics 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 take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India solar photovoltaics equipment market.


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