India Solar Energy Market is Expected to Grow at a Robust CAGR.
Growing
awareness of less carbon emission and favorable government regulations are the
factors driving the market growth in the forecast period.
According
to TechSci Research report, “India Solar Energy Market - By Region,
Competition, Forecast & Opportunities, 2029F”, the India Solar Energy Market is
anticipated to register robust growth during the forecast period 2025 - 2029. Since
between 2014 and 2021 year, according to Prime Minister Mr. Narendra Modi's
statement in June 2022, the prospect for renewable energy in India expanded by
250%. In 2021, a global attempt to accelerate the development of clean energy
was established in India under the name Mission Innovation Cleantech
Exchange. As of October 2022, India’s installed renewable energy capacity
(including hydro) stood at 165.94 GW, representing 40.6% of the overall
installed power capacity. Owing to the rising government initiatives and
growing renewable energy capacity in the nation, the India Solar Energy Market
is anticipated to generate high CAGR in the future period.
Additionally,
the growing demand of electricity is another factor driving the market growth.
For instance, according to the Central Electricity Authority, India's
electricity requirements, are expected to increase and reach 817 GW by 2030.
The real estate and transportation sectors will generate the majority of the
demand.
Browse
over xx market data Figures spread through xx Pages and an in-depth TOC on” India Solar Energy Market.”
India Solar Energy Market is segmented based on Technology, Solar Module, Application,
End-Use, and Region. Based on region, the market is divided into West,
North, South and East.
Based
on Technology, the
market is divided into Solar
Photovoltaic (PV) and Concentrated Solar Power (CSP). Solar Photovoltaic (PV) segment
is expected to dominate the market in the forecast period. The market for solar
energy benefits from the rapid expansion of electric vehicle use by increasing
demand for solar-powered EV charging infrastructure. In addition, lowering
costs and government incentives have helped the PV system industry in India
grow significantly in the recent years. Furthermore, solar energy is likely to
become more popular as governments all over the world give it a higher
priority, opening up prospects for industry innovation and expansion.
Based
on Solar Module,
the market is divided into Monocrystalline,
Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, and Others. By
gaining more than half of the market shares for solar energy in 2022, the
polycrystalline sector was the industry-leading sector, nationally, and it
is predicted that this pattern would continue throughout the forecast period. This can be attributed to the fact that now a
days calculators and smartwatches are often made in the electronics sector
using new multi-Si (mc-Si) technology. Additionally, consumers' rising standard
of living and rising disposable income have increased the need for electronics
and smart devices, which is anticipated to drive up the demand for polycrystalline
module.
Based
on Application,
the market is divided into Residential,
Commercial, and Industrial. In terms of
application, the industrial sector captured more than two-fifths of the solar
energy market share in 2022, and it is predicted that this trend would continue
over the course of the projection period. The nation's rapid industrialization
and population growth have increased demand for a variety of commercial
products. -.
Based
on End-Use,
the market is divided into Electricity
Generation, Lighting, Heating, and Charging, where Electricity Generation segment
is expected to dominate the market in the forecast period. Solar concentrators
were developed as a result of the hunt for alternate
power-generating methods brought on by the rising awareness of the
environmental effects of greenhouse gases. Furthermore, the lack of fossil fuel
resources in developing nations like India has prompted the development of
solar-powered power plants as an alternative way of generating electricity.
Key
market players in the India Solar Energy Market include:
- Adani Enterprises Limited
- Emmvee Photovoltaic Power Private Limited
- Azure Power India Pvt Ltd.
- JinkoSolar Holding Co., Ltd.
- NTPC Limited
- The Tata Power Company Limited
- Torrent Power Limited
- Mahindra Susten Private Limited
- Vikram Solar Limited
- Vivaan Solar Private Limited
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“India’s
solar energy market is expanding as a result of rising energy consumption
driven by the country's expanding population. Additionally, rise in demand
for renewable energy sources has been seen across the country, along with
supportive government laws that have sped up industry expansion. These
laws emphasize lowering reliance on fossil fuels and aid in reducing
environmental pollution. Thus, the demand for renewable energy sources like
solar energy is consequently boosted.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
“India
Solar Energy Market by Technology (Solar
Photovoltaic (PV) and Concentrated Solar Power (CSP)), By Solar Module (Monocrystalline,
Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells, Others), By Application
(Residential, Commercial, Industrial), By End-Use (Electricity Generation,
Lighting, Heating, Charging), By Region, Size,
Share, Trends, Opportunity, and Forecast, 2029F”, has evaluated the
future growth potential of India Solar Energy Market and provides statistics
and information on market structure, size, share, and future growth. The report
is intended 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 present in the India Solar Energy Market
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