India Solar Panel Market Overview
Base Year: 2023
Historical Years: 2018-2023
Forecast Years: 2024-2032
Market Growth Rate: 26.20% (2024-2032)
The India solar panel market is experiencing significant growth, driven by a confluence of factors that are shaping its trajectory. According to IMARC Group, India solar panel market size is projected to exhibit a growth rate (CAGR) of 26.20% during 2024-2032.
India Solar Panel Industry Trends and Drivers:
One of the primary drivers is the government's strong commitment to increasing the country's renewable energy capacity. India is setting ambitious targets under its National Solar Mission, aiming to install 280 gigawatts (GW) of solar power capacity by 2030. This commitment is underpinned by favorable policies and incentives, such as subsidies, tax benefits, and accelerated depreciation, which reduce the initial investment burden for solar projects. Additionally, the introduction of the Goods and Services Tax (GST) at a lower rate for solar equipment is further incentivizing investments in the solar sector. The growing awareness among the masses about climate change and the need for sustainable energy solutions are also catalyzing the demand for solar panels in the country. As India is facing severe air pollution and environmental degradation, there is an increasing push towards cleaner energy sources. Solar power offers a viable solution to reduce greenhouse gas emissions and reliance on fossil fuels, aligning with global sustainability goals and improving air quality. This environmental awareness is translating into increased adoption of solar technology by both residential and commercial sectors.
Economic factors play a crucial role in the expansion of the solar panel market. The declining cost of solar technology, driven by advancements in photovoltaic (PV) cells and economies of scale, is making solar energy more competitive with traditional energy sources. This reduction in cost is attributed to technological innovations, improved manufacturing processes, and increased competition among solar panel manufacturers. As solar panels are becoming more affordable, they are becoming an attractive option for people and businesses looking to lower their energy expenses. In addition, India's vast geographical expanse and high solar irradiance provide ideal conditions for solar power generation. The country enjoys ample sunlight throughout the year, making solar energy a reliable and abundant resource. This geographic advantage enhances the efficiency and productivity of solar installations, further improving their appeal. The development of large-scale solar parks and solar farms in various states is a testament to the potential that India's climate offers for solar energy production.
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India Solar Panel Industry Segmentation:
The report has segmented the market into the following categories:
Type Insights:
- Crystal Silicon
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
End Use Insights:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Key highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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