India Photovoltaic Market Research Report By Type (Organic PV, Inorganic PV)- Forecast to 2035

India Photovoltaic Market Overview

As per MRFR analysis, the India Photovoltaic Market Size was estimated at 7.6 (USD Billion) in 2023. The India Photovoltaic Market Industry is expected to grow from 8.5(USD Billion) in 2024 to 25 (USD Billion) by 2035. The India Photovoltaic Market CAGR (growth rate) is expected to be around 10.304% during the forecast period (2025 - 2035)

Key India Photovoltaic Market Trends Highlighted

The India Photovoltaic Market is experiencing significant trends driven by a combination of government policies and growing environmental consciousness among consumers. The Indian government has set ambitious targets to expand its renewable energy footprint, especially in solar energy. Initiatives like the National Solar Mission aim to promote the widespread adoption of photovoltaic technology, stimulating both production and consumption. This push is supported by incentives such as subsidies on solar equipment and tax breaks for consumers investing in solar energy solutions. 

In recent times, there has been a noticeable shift toward decentralization of energy generation, with more households and businesses opting for rooftop solar installations.This trend is indicative of the increasing recognition of the importance of sustainability and energy independence, which has resulted in the increased utilization of solar photovoltaic systems. The market landscape is becoming more robust as areas with high energy demand in India continue to integrate solar solutions to meet their power requirements as urbanization continues. Storage technology and grid integration are among the sectors in which opportunities are present. 

The proliferation of electric vehicles in India also presents a synergy with solar power, as the charging infrastructure can be fuelled by renewable energy, thereby fostering the adoption of solar power. More opportunities for growth may be unlocked by advancements in photovoltaic technology, such as the integration of smart grid systems and higher-efficiency panels. In general, the photovoltaic market in India is a critical area for investment and development due to the dynamic future that is being shaped by the interplay of supportive governmental policies, increased adoption of sustainable practices, and evolving technologies.

   

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

India Photovoltaic Market Drivers

Government Initiatives and Policies

The Indian government has actively been promoting renewable energy through significant schemes and policies designed to enhance the energy mix in the country. The National Solar Mission, part of the National Action Plan on Climate Change, aims to achieve 100 GW of solar power capacity by 2022 and subsequently increase targets extending to 450 GW by 2030. Such ambitious targets are reinforced by a clear policy framework that includes guaranteed feed-in tariffs and attractive financial incentives for solar installations.The Ministry of New and Renewable Energy has reported that solar capacity in India reached over 40 GW in 2020, showcasing robust growth momentum. 

This is further supported by the Solar Energy Corporation of India, which has been instrumental in facilitating project development and deployment, functioning as a catalyst for market growth in the India Photovoltaic Market Industry. This extensive policy support is expected to ensure the sustained development of the India Photovoltaic Market Industry by providing a stable investment environment.

Rising Energy Demand

India's rapid economic growth has led to a significant increase in energy demand, particularly in urban areas. According to the Central Electricity Authority, India's electricity consumption grew by 4.6% annually over the past five years. This rising demand is pushing the government to diversify its energy sources and increase the share of renewables in the energy mix. 

Particularly, the shift towards solar energy aligns with the government's ambition to provide electricity to every household by 2022, further driving the growth of the India Photovoltaic Market Industry.As energy demands rise, investments in photovoltaic technology are becoming increasingly attractive for both the public and private sectors, ensuring continued market expansion.

Technological Advancements

Significant advancements in photovoltaic technology are enhancing the efficiency and affordability of solar panels. Innovations from organizations such as the Indian Institute of Technology and various private sector players have resulted in solar cells exhibiting conversion efficiencies exceeding 22%, which enhances the overall return on investment for solar energy projects. 

According to the Ministry of New and Renewable Energy, the cost of solar photovoltaic power generation has decreased by nearly 83% over the last decade, making it more competitive against traditional energy sources.With the India Photovoltaic Market Industry evolving in tandem with technological advancements, there is a strong potential for increased adoption and market penetration.

Increased Private Sector Participation

The attractiveness of the India Photovoltaic Market Industry is drawing interest from a range of private sector investors, including large multinational corporations and innovative start-ups. With the sector witnessing a surge in investment, the capacity of solar projects is expanding rapidly. In a recent report, the Indian Renewable Energy Development Agency noted that private firms accounted for over 75% of the installed solar capacity in India as of 2021.

This involvement brings not only funds but also expertise and global best practices into the market, driving further growth and establishing a competitive landscape that incentivizes innovation and efficiency within the India Photovoltaic Market Industry.

India Photovoltaic Market Segment Insights

Photovoltaic Market Type Insights

The India Photovoltaic Market is experiencing noteworthy growth, driven by the increasing emphasis on renewable energy sources and a growing awareness of sustainable practices. Within this market, the Type segment includes both Organic PV and Inorganic PV technologies, each contributing distinct advantages and innovations to the overall landscape. Organic Photovoltaic technology utilizes carbon-based materials for light absorption and energy conversion, offering benefits like lightweight structures and lower production costs, which appeal to a wide range of applications, including portable and flexible solar devices. 

Additionally, Organic PV is cherished for its potential to be environmentally friendly and easy to manufacture, aligning well with India's focus on sustainable development and green energy initiatives. On the other hand, Inorganic PV technology dominates the Indian market, leveraging traditional silicon and compound materials known for their proven efficiency and long lifespan. This segment's stability and reliability make it a preferred choice for utility-scale solar projects, which cater to India's rising energy demands and rapidly urbanizing population. The Indian government has set ambitious targets for solar power generation, which further enhances the significance of Inorganic PV in meeting these goals. 

Overall, both Organic and Inorganic PV brings unique strengths to the table, creating a diverse and robust landscape that supports India's energy transition while collectively contributing to the market growth and bolstering India Photovoltaic Market statistics. The emphasis on integrating advanced technologies and innovative solutions in these segments is shaping a promising outlook for the future of solar energy adoption in India. With ongoing efforts towards research and development, the India Photovoltaic Market is expected to evolve and adapt, addressing challenges while seizing opportunities in energy efficiency and sustainability.

   

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

India Photovoltaic Market Key Players and Competitive Insights

The competitive landscape of the India Photovoltaic Market is characterized by rapid growth and innovation, driven by an increasing focus on renewable energy and sustainability. With a commitment from the Indian government to enhance solar power generation capabilities, the market has seen a surge in investments and partnerships aimed at improving infrastructure and technology. Domestic and international players are vying for market share, resulting in a dynamic environment where companies are continually adapting to changing policies, technological advancements, and customer preferences. 

The market features a mix of established entities that bring in experience and new entrants that focus on innovative solutions, creating a competitive milieu rich with opportunities and challenges.Renew Power stands as a significant player in the India Photovoltaic Market, noted for its extensive portfolio and leadership in renewable energy generation. With a strong focus on solar power projects, the company has developed a robust presence across various states in India. Renew Power's major strengths lie in its ability to procure financing effectively and its impressive track record in project execution and management. The company's commitment to sustainability and its reputation for operational excellence have garnered it a loyal customer base. 

Additionally, Renew Power's strategic collaborations with local stakeholders and investment in research and development initiatives have positioned it favorably in a competitive landscape, allowing it to maintain an edge in technological adaptation and efficiency.Jakson Group is another formidable entity in the India Photovoltaic Market, known for its diversified range of offerings that include solar energy products and solutions. The company is recognized for its end-to-end capabilities in solar power generation, encompassing manufacturing, engineering, and project development. Jakson Group has established a significant market presence through its innovative solar modules and integrated solutions, catering to both residential and commercial segments. 

The company's strengths are further bolstered by its commitment to quality and customer service, along with its strategic partnerships and collaborations that have enhanced its operational reach. Furthermore, Jakson Group has made notable strides in mergers and acquisitions to bolster its capabilities and expand its footprint within the renewable energy sector, enabling it to adapt swiftly to the evolving demands of the Indian market.

Key Companies in the India Photovoltaic Market Include

• Renew Power


• Jakson Group


• Vikram Solar


• Canadian Solar


• Trina Solar


• Luminous Power Technologies


• First Solar


• UPS Solar


• JinkoSolar


• LONGi Solar


• Tata Power


• Adani Green Energy


• Mahindra Susten


• REC Solar


• O2 Power

India Photovoltaic Market Industry Developments

Recent developments in the India Photovoltaic Market have showcased significant advancements and collaborations among key players. Renew Power has announced its plans to expand renewable energy capacity, aiming for a substantial proportion of its portfolio to include solar power. In September 2023, the Ministry of New and Renewable Energy outlined initiatives to boost the solar sector, encouraging investments and technology upgrades that will positively influence companies like Jakson Group and Vikram Solar. The rapid growth of market valuation for firms such as Tata Power and Adani Green Energy indicates a robust demand for solar installations driven by policy support and increasing energy needs. 

Notably, in August 2023, JinkoSolar's merger with a local supplier was highlighted, consolidating its presence in the Indian market. Furthermore, LONGi Solar and First Solar have also made strides in securing key projects and partnerships to enhance solar panel production and deployment, contributing to India's ambitious target of achieving 300 GW of solar capacity by 2030. Current affairs continue to reflect a dynamic environment, with increasing government incentives and growing consumer awareness about renewable energy's benefits driving the overall market forward.

India Photovoltaic Market Segmentation Insights

Photovoltaic Market Type Outlook

• Organic PV


• Inorganic PV

 

Report Attribute/Metric Source:	Details
MARKET SIZE 2023	7.6(USD Billion)
MARKET SIZE 2024	8.5(USD Billion)
MARKET SIZE 2035	25.0(USD Billion)
COMPOUND ANNUAL GROWTH RATE (CAGR)	10.304% (2025 - 2035)
REPORT COVERAGE	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
BASE YEAR	2024
MARKET FORECAST PERIOD	2025 - 2035
HISTORICAL DATA	2019 - 2024
MARKET FORECAST UNITS	USD Billion
KEY COMPANIES PROFILED	Renew Power, Jakson Group, Vikram Solar, Canadian Solar, Trina Solar, Luminous Power Technologies, First Solar, UPS Solar, JinkoSolar, LONGi Solar, Tata Power, Adani Green Energy, Mahindra Susten, REC Solar, O2 Power
SEGMENTS COVERED	Type
KEY MARKET OPPORTUNITIES	Rooftop solar installations growth, Government incentives and subsidies, Large-scale solar farms expansion, Innovative energy storage solutions, Increasing demand for clean energy
KEY MARKET DYNAMICS	Government policies and incentives, Rapid technological advancements, Growing demand for renewable energy, Declining solar panel costs, Increased investment in solar projects
COUNTRIES COVERED	India