As indicated in the latest market research report published by IMARC Group, titled "India Solar Panel Market Report by Product Type (Crystalline Silicon, Thin-Film), Installation Type (Rooftop, Ground-Mounted), Application (Residential, Commercial, Industrial), and Region 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the India solar panel market share. It encompasses competitor and regional analyses, as well as recent advancements in the market.
Market Size & Future Growth Potential
The India solar panel market size reached 9.9 GW in 2024. Looking forward, IMARC Group expects the market to reach 73.3 GW by 2033, exhibiting a growth rate of 24.89% during 2025-2033.
Latest Market Trends
India's solar panel market is experiencing an unprecedented transformation driven by a perfect convergence of government ambition, declining technology costs, and rapidly evolving consumer preferences. The momentum is undeniable—in just the first half of 2024, the country added a record 15 GW of solar capacity, representing a staggering 282% increase from the same period in 2023. This acceleration reflects a fundamental shift in how India is approaching its renewable energy transition.
One of the most compelling trends shaping the market is the explosive growth in rooftop solar installations. The government's flagship PM Surya Ghar: Muft Bijli Yojana scheme, launched in February 2024, has already catalyzed over 700,000 rooftop installations within just ten months of its launch. This residential solar expansion adds approximately 4.59 GW of capacity annually, making rooftops a critical component of India's distributed energy strategy. The appeal is straightforward—families and businesses can dramatically reduce electricity bills while contributing to India's renewable energy goals. Combined with declining solar panel costs, which have plummeted by 82-85% over the past fifteen years, residential installations have become economically irresistible for middle-class households seeking energy independence.
The localization of solar panel manufacturing has emerged as a game-changing trend. Domestic solar manufacturers supplied 7.56 GW of modules in 2024, a remarkable 65% increase from 4.59 GW in 2023, demonstrating that India's "Make in India" initiative is yielding tangible results. The Production Linked Incentive (PLI) scheme, offering substantial financial incentives to manufacturers, has accelerated this transformation. Major players like Gautam Solar are expanding aggressively—their new 5 GW manufacturing facility in Haryana will be operational by April 2025. Similarly, First Solar completed its 3.3 GW production facility in Tamil Nadu in January 2024, and Luminous Power Technologies inaugurated a manufacturing facility in Uttarakhand in March 2024. This manufacturing surge reduces India's import dependency while creating local employment and strengthening supply chain resilience.
Request Free Sample Report: https://www.imarcgroup.com/india-solar-panel-market/requestsample
Market Scope and Growth Factors
The scope of India's solar panel market continues expanding as businesses across every sector recognize solar energy's strategic importance for long-term competitiveness and sustainability. India's installed renewable energy capacity reached 209.4 GW as of December 2024, with solar accounting for over 97 GW and representing nearly 46% of the total renewable energy portfolio. This scale demonstrates that solar has transitioned from an emerging technology to a mainstream energy source shaping India's power architecture.
Government policy frameworks have fundamentally broadened market opportunity. The National Electricity Plan (NEP) mandates India achieve 280 GW of solar PV capacity by 2030, requiring an average annual addition of 30 GW. Current installations and announced tenders suggest this target remains achievable—84.10 GW of solar projects are currently under implementation, while 47.49 GW remain in tendering phases. This pipeline visibility provides unprecedented market certainty for manufacturers, developers, and investors seeking to scale operations.
Explore the Full Report: https://www.imarcgroup.com/india-solar-panel-market
Comprehensive Market Report Highlights & Segmentation Analysis
Breakup by Type:
- Crystal Silicon
- Monocrystalline Silicon
- Polycrystalline Silicon
- Thin Film
- Others
Breakup by End Use:
- Commercial
- Residential
- Industrial
Breakup by Region:
- North India
- West and Central India
- South India
- East and Northeast India
Competitor Landscape:
The India solar panel market features intense competition among well-established and emerging players competing across manufacturing, installation, and integration services. Major manufacturers including Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, and Servotech Power Systems dominate market share through integrated supply chains, technological innovation, and strategic geographic presence. Emerging competitors like IB Solar, Gautam Solar, Luminous Power Technologies, and Grew Energy are rapidly expanding manufacturing capabilities, leveraging government incentives to establish competitive positions.
- PM Surya Ghar Scheme Success: Over 700,000 rooftop solar installations completed within ten months of scheme launch in February 2024, demonstrating unprecedented residential solar adoption and government policy effectiveness.
- Record Capacity Additions: India added 15 GW of solar capacity in the first half of 2024, representing a 282% increase from the same period in 2023, marking the fastest growth rate in the country's solar history.
- Manufacturing Expansion Acceleration: Gautam Solar announced its 5 GW facility in Haryana operational by April 2025; First Solar completed its 3.3 GW Tamil Nadu facility in January 2024; and Luminous Power Technologies inaugurated its Uttarakhand facility in March 2024.
Discuss Your Needs with Our Analyst – Get Customized Report Now: https://www.imarcgroup.com/request?type=report&id=21647&flag=E
Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.
About IMARC Group
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC's information products include major market, scientific, economic, and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology, and novel processing methods are at the top of the company's expertise.
Contact Us
IMARC Group
134 N 4th St. Brooklyn, NY 11249, USA
Email: Sales@imarcgroup.com
Tel No: (D) +91 120 433 0800
Americas: +1-201971-6302 | Africa and Europe: +44-702-409-7331
