India rooftop solar market
is anticipated
to grow at a steady pace in the forecast period of 2025-2029.
The increasing need for cost
savings in energy and growing awareness among residential and commercial
consumers to install solar panels, along with strong support from the central
government, is helping accelerate the pace of rooftop solar installations in
India. In Union Budget 2023-24, the government allocated USD 885 million (INR
7,327 crore) for the solar power sector, including grid, off-grid, and PM-KUSUM
projects.
A rooftop solar power system, also known as a
rooftop photovoltaic (PV) system, is a PV system with electricity-generating
solar panels mounted on the roof of a residential or commercial structure. Due
to their small capacities, compared to utility-scale solar ground-mounted PV power
stations with capacities in the megawatt range, rooftop-mounted systems are more
of a type of distributed generation. The majority of rooftop PV plants are
connected to the grid by solar power systems.
Rooftop PV systems typically have a capacity of 5
to 20 kW for residential applications, whereas commercial ones typically have a
capacity of 100 to 1 MW. Modern-scale PV frameworks with a power scope of 1 to
10 Megawatts can be introduced on extremely enormous housetops.
Declining
Cost of Solar PV Systems
The
declining cost of sun-oriented PV frameworks has been a huge driver for this
market. As a clean and renewable energy source, solar PV systems are gaining
popularity, and India, with its abundant sunlight, has enormous potential for
solar power generation. The diminishing expenses have made sun-oriented energy
more reasonable and seriously contrasted with traditional petroleum derivative-based
sources. A few elements that have added to the decrease in the expense of
sunlight-based PV frameworks are the fast headway in innovation and assembling
processes. Throughout the long term, there have been effective enhancements in
sunlight-based charger proficiency, prompting higher power yield per unit area.
Additionally, supply chain cost reductions have been brought about by
advancements in manufacturing methods and economies of scale.
The
government drives and strategies play had a critical impact in advancing
sunlight-based energy reception in India. The Indian government has acquainted
different measures to energize interest in the area, for example, offering
monetary impetuses, tax cuts, and smoothed-out guidelines. Both, domestic and
foreign investors, have participated in these initiatives, resulting in
increased competition and further cost reduction.
In
addition, India’s solar PV system production capacity has significantly
increased. However, costs have been reduced due to the establishment of solar
manufacturing units and domestic production of key components. This localized
manufacturing contributes to the expansion of the domestic economy and
encourages the creation of new jobs.
The
India rooftop solar market has been transformed by the falling cost of solar PV
systems. It has opened open doors for broad sending of sun-based power across
different areas, including private, business, and modern. Businesses and
households have been encouraged to install solar PV systems and reduce their
reliance on grid electricity because of the falling cost of solar energy. In
addition, the declining cost of sun-powered energy has likewise drawn in
utility-scale sun-oriented projects. Large solar parks have been set up all
over India, significantly increasing the country's overall solar capacity.
These activities assist with fulfilling the developing energy need, decreasing
ozone-depleting substance outflows, and upgrading energy security.
Lastly,
a significant contributor to the expansion of the solar market in India has
been the decreasing cost of solar PV systems. Innovative progressions,
government drives, expanded creation limits, and economies of scale have all
added to this cost decrease. India is moving toward a cleaner and more
sustainable energy future due to the widespread uptake of solar power, which
has increased due to its affordability and competitiveness.
Commercialization
of Building-Integrated Photovoltaics
The
commercialization of building-integrated photovoltaics (BIPV) is a significant
contributor to India's expanding solar market. BIPV includes the mix of sun-powered
photovoltaic components into building structures, such as rooftops, veneers,
and windows, empowering the age of clean power while filling in as useful
structure parts. India's fast urbanization and the rising interest in reasonable
foundations have established a great climate for BIPV reception.
There
are several advantages that BIPV systems have over traditional solar
installations. They give double usefulness by creating power while satisfying
the engineering and primary necessities of structures. With this integration,
separate solar panels are no longer required, which improves aesthetics and
maximizes space utilization.
BIPV's
potential has been recognized by the Indian government, which has actively
promoted its commercialization through policies and incentives. The Energy
Conservation Building Code and the Solar Rooftop Photovoltaic Program are two
examples that have been put into place to encourage the incorporation of BIPV
into both, new construction and renovation projects. BIPV is an appealing
option for developers and building owners because these initiatives offer
financial support, tax incentives, and simplified regulatory procedures. The
developing consciousness of natural manageability and the need to lessen fossil
fuel byproducts have additionally added to the rising interest in BIPV in
India.
The
nation's commitment to clean energy and climate change mitigation is reflected
in BIPV systems. They assist with decreasing the dependence on petroleum
products, lower ozone-depleting substance discharges, and add to accomplishing
India's environmentally friendly power targets.
Also,
the declining expenses of sun-based PV frameworks, as referenced prior, have
made BIPV more financially practical. Incorporating renewable energy generation
into buildings has become a cost-effective option due to the falling prices of
solar panels and advancements in BIPV technology.
Moreover,
the commercialization of BIPV is driving the development of the sun-based
market in India. The double usefulness and stylish appeal of BIPV frameworks,
alongside government impetuses and strategies, have pushed their reception in
new developments and retrofitting projects. BIPV has become an appealing and
financially viable option for the Indian market due to its environmental
benefits and falling prices for solar PV systems.
Increasing
Demand for Clean Energy
The
rooftop solar energy market in India is anticipated to be driven by the rising
demand for clean energy. Rooftop solar energy has emerged as a promising
solution in the country's efforts to address environmental concerns while
simultaneously meeting its growing energy needs. By making use of the rooftops
of residential, commercial, and industrial buildings, rooftop solar
installations use solar power to generate clean electricity and reduce reliance
on fossil fuels. India's obligation to sustainable power and its aggressive
objective of 450 gigawatts (GW) of sustainable power limit by 2030 has established
a positive climate for housetop sun-oriented reception. To encourage rooftop
solar installations, the government has implemented several policies and
incentives, such as net metering, feed-in tariffs, subsidies, and tax benefits.
These actions plan to make housetop sun-based more available and monetarily
reasonable for shoppers.
Rooftop
solar energy has many benefits. It considers decentralized power age,
diminishing transmission misfortunes, and improving energy security. It does
not require any additional land or infrastructure to be incorporated into
existing structures. Additionally, rooftop solar systems save consumers money
in the long run by reducing their electricity consumption.
In
conclusion, the rooftop solar energy market in India is anticipated to be
propelled by the rising demand for clean energy, which is being fueled by
government initiatives and environmental concerns. Rooftop solar installations
are a popular choice for consumers in a variety of industries due to the
advantages of decentralized power generation, cost savings, and environmental
sustainability. As the nation keeps on focusing on environmentally friendly
power, housetop sunlight-based energy will assume a huge part in India's progress
towards a cleaner and more manageable energy future.
Recent
Developments
- In January 2023, the Ministry of
New and Renewable Energy (MNRE) announced that rooftop solar subsidies for
residential customers would be increased. MNRE has increased Central
Financial Assistance (CFA) for rooftop solar (RTS) installation in India’s
residential sector. The Northeast regions would be affected by the new
subsidy rates.
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Market
Segmentation
The India rooftop solar market is segmented by technology,
grid-type, end-use, and region. Based on technology, the market is divided into
thin film and crystalline silicon. Based on grid-type, the market is divided
into grid connected and off-grid. Based on end use, the market is divided into
residential, commercial, and industrial.
Based on region, the market is segmented into North India, South India, West
India, and East India.
Market Players
Major market players in the India rooftop
solar market are Cleantech Solar
Energy India Pvt. Ltd, Fourth Partner Energy Pvt. Ltd, Amplus Solar Power Pvt.
Ltd, Clean Max Enviro Energy Solutions Pvt. Ltd, Sunsource Energy Pvt. Ltd, Orb
Energy Private Limited, Tata Power Solar Systems Limited, Mahindra Susten Pvt.
Ltd, Growatt New Energy Technology Co. Ltd, and Sungrow Power Supply Co. Ltd.
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Attribute
|
Details
|
|
Base Year
|
2023
|
|
Historic Data
|
2019 –
2023
|
|
Estimated Year
|
2024
|
|
Forecast Period
|
2024
– 2029
|
|
Quantitative Units
|
Revenue in USD Million, and CAGR for 2019-2023 and 2024-2029
|
|
Report Coverage
|
Revenue
forecast, company share, growth factors, and trends
|
|
Segments Covered
|
Technology
Grid-type
End User
Region
|
|
Region Scope
|
West
India, North India, South India, East India
|
|
Key Companies Profiled
|
Cleantech Solar
Energy India Pvt. Ltd, Fourth Partner Energy Pvt. Ltd, Amplus Solar Power
Pvt. Ltd, Clean Max Enviro Energy Solutions Pvt. Ltd, Sunsource Energy Pvt.
Ltd, Orb Energy Private Limited, Tata Power Solar Systems Limited, Mahindra
Susten Pvt. Ltd, Growatt New Energy Technology Co. Ltd, Sungrow Power Supply
Co. Ltd
|
|
Customization Scope
|
10% free
report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and Purchase Options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
|
PDF
and Excel through Email (We can also provide the editable version of the report
in PPT/Word format on special request)
|
Report
Scope:
In this
report, the India rooftop solar market has been segmented into the following
categories, in addition to the industry trends which have also been detailed
below:
- India Rooftop Solar Market, By
Technology:
- Thin Film
- Crystalline Silicon
- India Rooftop Solar Market, By
Grid-type:
- India Rooftop Solar Market, By
End-use:
- Residential
- Commercial
- Industrial
- India Rooftop Solar Market, By Region:
- West India
- North India
- South India
- East India
Competitive
Landscape
Company
Profiles: Detailed analysis of the major
companies present in the India Rooftop Solar Market.
Available
Customizations:
With
the given market data on the India rooftop solar market, TechSci Research
offers customizations according to a company's specific needs. The following
customization options are available for the report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
The India
rooftop solar market is an upcoming report to be released soon. If you wish an
early delivery of this report or want to confirm the date of release, please
contact us at [email protected]