by The India solar PV module market has been gaining significant prominence over the last few years. Solar PV modules directly convert sunlight into electricity by way of the photovoltaic effect. These modules consist of a number of solar cells that absorb and convert sunlight into electricity. Advantages offered by solar PV modules include unlimited availability of the sun, no emissions, minimal maintenance requirements, portability, and decentralization of energy systems. Surging concerns over greenhouse gas emissions and climate change have boosted adoption of solar energy. Rising electricity demand from the burgeoning population and rapid industrialization has led to growing power deficits, necessitating alternative energy sources like solar.
India Solar PV Module Market is estimated to be valued at US$ 8.05 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the India solar PV module market are Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd. Key players are investing heavily in R&D to develop more efficient solar PV modules with focus on enhancing power output and reducing costs.
Growing energy India Solar PV Module Market Size from various end-use industries coupled with initiatives by the government supporting solar energy adoption have propelled demand for solar PV modules. Rooftop solar projects are gaining significant traction in the country with government aims to achieve 40GW of installed rooftop solar capacity by 2022.
The market is witnessing increased global investments and partnerships for enhancing solar PV module manufacturing capacity. For instance, there are plans by Chinese manufacturers like Trina Solar and Canadian Solar to establish mega solar parks in India. Global leaders are expanding their presence to leverage the large renewable energy market in India.
Market key trends
One of the key trends witnessed is growing focus on developing flexible thin-film solar PV modules. Flexible thin-film solar modules offer advantages of light weight and portability allowing ease of installation. They are also less expensive to produce and have significant applications in building integrated photovoltaics. Various companies are engaged in R&D and commercialization of organic PV and third generation solar cell technologies to make solar even more affordable. This will boost large-scale adoption of solar energy for various applications going ahead.
Porter’s Analysis
Threat of new entrants: Solar PV module manufacturing requires high capital investments which pose barriers for new companies.
Bargaining power of buyers: In India, falling module prices and availability of financing options have increased buyers’ bargaining power.
Bargaining power of suppliers: Major polysilicon and wafer suppliers have significant global capacity and supply chains which gives them better negotiating power.
Threat of new substitutes: Technological advancements in battery storage and emerging renewable energy sources like wind power pose potential threats.
Competitive rivalry: The Indian solar market is highly competitive due to presence of global and domestic players with aggressive pricing influencing market shares.
Geographical concentration: Currently, the states of Tamil Nadu, Rajasthan, Gujarat and Andhra Pradesh account for over 70% of India’s total solar capacity as these regions offer favourable solar insolation and supportive state policies.
Fastest growing region: The implementation of new state solar policies and competitive tender prices are expected to drive accelerated capacity additions in the northern states of Punjab, Haryana, Uttar Pradesh and Madhya Pradesh over the forecast period. Advancing grid infrastructure and availability of land at competitive rates would aid the emergence of these regions.
*Note:
1. Source: Coherent Market Insights, Public Source, Desk Research
2. We have leveraged AI tools to mine information and compile it.
About Author - Ravina Pandya
Ravina Pandya,a content writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemicals and materials, etc. With an MBA in E-commerce, she has expertise in SEO-optimized content that resonates with industry professionals. LinkedIn Profile
