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India Solar Energy and Battery Storage Market
ID: MRFR/EnP/53936-HCR
200 Pages
June 2025
India Solar Energy and Battery Storage Market Research Report: By Application (Residential, Commercial, Utility), By Battery Type (Lithium-Ion, Lead-Acid, Flow Battery, Nickel-Cadmium), By Technology (Solar Photovoltaic, Concentrated Solar Power, Solar Thermal) andBy End Use (Grid-tied, Off-grid, Hybrid)- Forecast to 2035 India Solar Energy and Battery Storage Market Overview: As per MRFR analysis, the India Solar Energy and Battery Storage Market Size was estimated at 16
Industry Developments
Recent developments in the India Solar Energy and Battery Storage Market are noteworthy, with significant activity in 2023. Adani Green Energy announced plans to raise capital through the issuance of green bonds, aiming to support its ambitious renewable expansion initiatives. Suntech Power has also reinforced its commitment to research and technology advancements in photovoltaic solutions, ensuring competitiveness in the fast-evolving market. In terms of mergers and acquisitions, JSW Energy and Renew Power have been exploring strategic partnerships to enhance their market footprints, although no confirmed deals have emerged recently. Meanwhile, Amara Raja Batteries launched a new range of advanced energy storage solutions, reflecting the increasing demand for efficient battery systems. The regulation surrounding renewable energy continues to adapt; the Indian government announced incentives for solar manufacturers in September 2023, fostering domestic production. The overall valuation of companies like Tata Power and Vikram Solar has seen an uptick, driven by rising investor interest and favorable government policies. Major projects, such as those initiated by the Solar Energy Corporation of India, are also shaping the landscape, indicating a robust growth trajectory in solar energy and battery storage locally.
Report Scope
Report Scope:
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2018 | 16.85(USD Billion) |
| MARKET SIZE 2024 | 18.73(USD Billion) |
| MARKET SIZE 2035 | 67.8(USD Billion) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 12.406% (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 | Amara Raja Batteries, Suntech Power, JSW Energy, Adani Green Energy, Renew Power, Sterling and Wilson, Hindustan Aeronautics Limited, Mahindra Solar, Trina Solar, Solar Energy Corporation of India, Exide Industries, Wärtsilä, Luminous Power Technologies, Tata Power, Vikram Solar |
| SEGMENTS COVERED | Application, Battery Type, Technology, End Use |
| KEY MARKET OPPORTUNITIES | Rural electrification projects, Government incentives for solar adoption, Growing demand for energy storage, Increasing awareness of sustainability, Industrial solar solutions expansion |
| KEY MARKET DYNAMICS | Government incentives and policies, Increasing renewable energy adoption, Rising electricity demand, Technological advancements in storage, Cost reduction in solar systems |
| COUNTRIES COVERED | India |
FAQs
What is the expected market size of the India Solar Energy and Battery Storage Market in 2024?
The market is expected to be valued at 18.73 USD Billion in 2024.
What will be the projected value of the India Solar Energy and Battery Storage Market by 2035?
By 2035, the market is projected to reach a value of 67.8 USD Billion.
What is the expected CAGR for the India Solar Energy and Battery Storage Market from 2025 to 2035?
The expected CAGR for this market during that period is 12.406%.
Which application segment will dominate the market in 2024?
The Utility application segment is expected to dominate the market with a size of 7.23 USD Billion in 2024.
How is the market value for the Residential application projected to grow by 2035?
The Residential application market value is expected to grow to 18.5 USD Billion by 2035.
Who are the key players in the India Solar Energy and Battery Storage Market?
Major players include Adani Green Energy, Renew Power, Tata Power, and Vikram Solar among others.
What is the market value for the Commercial application in 2024?
In 2024, the market value for the Commercial application is expected to be 6.5 USD Billion.
What will the Utility application market size be by 2035?
The Utility application market size is projected to reach 28.3 USD Billion by 2035.
What are the growth opportunities in the India Solar Energy and Battery Storage Market?
Growing demand for renewable energy solutions presents significant growth opportunities in the market.
How does regionality influence the market growth for Solar Energy and Battery Storage in India?
Regional policies and sunlight availability greatly influence market growth, favoring regions with abundant solar potential.
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