India Photovoltaics Market Assessment, By Type [Monocrystalline Silicon, Polycrystalline Silicon, Thin Film Cells, Organic PV], By Grid Type [On grid, Off grid, and Hybrid], By Installation [Ground Mounted, Roof Mounted, BIPV, & Floating PV], By Application [Solar Farms, Electronic Devices, Healthcare Facilities, Public Infrastructure, Aerospace, Construction, Military, and Defence, Transportation, and Others], By End-user [Residential, Commercial & Industrial, and Utility], By Region, Opportunities, and Forecast, FY2017-FY2031F

Photovoltaics Market in India has been experiencing robust growth and is projected to reach USD 8.12 billion by FY2031 from USD 4.37 billion in FY2023 growing at CAGR of 8.05% for the forecast period between FY2024 and FY2031.

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Photovoltaics Market in India has been experiencing robust growth and is projected to reach USD 8.12 billion by FY2031 from USD 4.37 billion in FY2023 growing at CAGR of 8.05% for the forecast period between FY2024 and FY2031. Significant factors include the government’s vision to provide electricity in rural areas of the country, a robust rise in the number of rooftop solar panel installations in the residential sector, a large number of the population willing to reduce electricity bills emerging from the increased power consumption across the nation coupled with continuous government initiatives and schemes being offered to solar energy companies in terms of subsidies and tax rebates are likely to propel the demand of solar panels in coming years. All these drivers play a significant role in fuelling the market size of India’s photovoltaics market during the forecast period.

India saw the highest year-on-year (Y-o-Y) growth in renewable energy additions of 9.83% in 2022. Over the past nine years, the installed capacity of solar energy has grown significantly, multiplying by a factor of 24.4. As of February 2023, the total installed solar energy capacity in India stands at 63.3 gigawatts (GW). Furthermore, among the total installed solar capacity of 50 gigawatts (GW), a significant majority of 42 GW is contributed by ground-mounted solar photovoltaic (PV) systems. On the other hand, rooftop solar (RTS) installations account for only 6.48 GW, while off-grid solar PV contributes 1.48 GW.

A Substantial Increase in the Number of Solar Parks

Solar parks or solar farms in India has witnessed a significant increase over the last few years. Some of the major solar parks of India includes Bhadla Solar Park having a capacity of 2,245 MW which is also the world’s largest PV solar park followed by Pavagada solar park with a capacity of 2,050 megawatts that’s makes it second largest in the world. Government of India has been taking several initiatives for setting up multiple solar parks across the country for which a scheme was rolled out by Ministry of New & Renewable Energy to provide Central Financial Assistance (CFA) of up to Rs. 25 lakh per solar park for preparation of Detailed Project Report. With the increase in the number of solar parks, the photovoltaics market is expected to surge as solar panels are largely being used at these solar farms. Several international solar energy companies have an opportunity to tap this market potential in India by setting up their solar plants. India holds a great opportunity for photovoltaics market owing to the maximum sunny days (300 out of 365) which becomes a great resource for this market.

Rise in Rooftop Solar Panels Leading to Demand for Monocrystalline Silicon

The cost of solar panels has significantly decreased in recent years, making rooftop solar installations more affordable and financially attractive. Technological advancements, economies of scale, and increased competition have contributed to the cost reduction. Moreover, advances in solar technology have made rooftop solar panels more efficient, durable, and aesthetically appealing. With over 300 million households and an abundance of sunshine for most of the year, India possesses immense potential for rooftop solar installations in residential areas. Rising demand among consumers along with the government support pushes the market for the rooftop solar panels in India cities, particularly in Gujarat and Rajasthan.

As per the most recent data provided by the ministry, the rooftop solar capacity increased to 8,877 megawatts (MW) by 31st March 2023, compared to 7,520 MW recorded on 30th September 2022.  Since, the rooftop solar panels are mostly composed of monocrystalline silicon, hence the demand for monocrystalline silicon solar PV panels is increasing at a rapid rate.

Government Regulations

The Indian government is placing significant emphasis on advancing the technology of solar photovoltaics (PV) and is making substantial investments in this area. Additionally, the government has implemented a range of policies aimed at enhancing the solar PV market in the years ahead. For example, Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM-KUSUM) scheme was launched in 2019 to promote the installation of solar pumps and the solarization of agricultural feeders. It aims to increase farmer income, reduce dependence on grid electricity, and promote sustainable agriculture practices. Under PM-KUSUM, farmers in Gujarat have been able to install solar-powered irrigation pumps on their agricultural lands. These solar pumps provide a reliable and cost-effective source of energy for irrigation, reducing farmers' dependence on traditional grid electricity. In 2022, the scheme successfully incorporated a solar capacity of 30,800 megawatts (MW) with a total financial support of Rs. 34,422 Crore from the central government. This financial support includes service charges provided to the implementing agencies.

Additionally, the Atal Jyoti Yojana (AJAY) was introduced by the Ministry of New and Renewable Energy (MNRE) to bring light to areas with inadequate illumination by installing solar streetlights. It is a sub-scheme under the off-grid and decentralized solar application scheme of the Ministry of New and Renewable Energy (MNRE), Government of India.

Impact of COVID-19

The Indian solar industry has experienced significant challenges as a result of the COVID-19 pandemic. These challenges include cash flow shortages, difficulties in recovering payments from distribution companies, limited working capital, workforce availability concerns, and disruptions in the supply chain. Despite these obstacles, the government has displayed a positive approach to mitigating the adverse impacts on the sector.

The ongoing pandemic may serve as a catalyst for the Indian government, the solar industry, and related stakeholders to strategize and navigate towards the achievement of India's solar energy targets effectively.

India Photovoltaics Market: Report Scope

"India Photovoltaics Market Assessment, Opportunities, and Forecast, FY2017-FY2031" is an extensive report published by Markets & Data. The report offers a detailed analysis and evaluation of the present state of the photovoltaics market in India, including insights into industry dynamics, potential opportunities, and forecasts for the period from FY2024 to FY2031. Moreover, the report provides profiles of key industry players, highlighting their market share, business models, competitive intelligence, and other relevant information.


Report Attribute


Base Year of the Analysis


Historical Period


Forecast Period


Projected Growth Rate

CAGR of 8.05% between FY2024-FY2031

Revenue Forecast in FY2031

USD 8.12 billion


Revenue in USD billion

Segments Covered

Type, Grid Type, Application, & End-User

Regions Covered

North, East, West & Central, and South

Key Companies Profiled

Saatvik Green Energy Pvt. Ltd., Adani Green Energy Ltd, Waaree Energies Ltd., Tata Power Solar, Vikram Solar Limited, Loom Solar Pvt. Ltd., Renewsys Solar, Insolation Energy Ltd. (INA), Pixon Energy, Goldi Solar, etc.

Customization Scope

15% free report customization with purchase

Pricing and Purchase Options

Avail the customized purchase options to fulfill your precise research needs

Delivery Format

PDF and Excel through email (subject to the license purchased)


In this report, India Photovoltaics Market has been segmented into the following categories:

1.       By Type

1.1.    Monocrystalline Silicon

1.2.    Polycrystalline Silicon

1.3.    Thin Film Cells

1.3.1.Amorphous silicon

1.3.2.CIGS (Copper Indium Gallium Selenide)

1.3.3.Cadmium Telluride (CDTE)

1.3.4.Perovskite Solar Cells

1.4.    Organic PV

2.       By Grid Type

2.1.     On Grid

2.2.     Off Grid

2.3.     Hybrid

3.       By Installation

3.1.    Ground Mounted

3.1.1. Foundation mount

3.1.2. Ballasted footing mount

3.1.3. Pole mount

3.1.4. Multi-pole mount

3.1.5. Smart Flower

3.2.      Roof-Mounted

3.2.1. Railed Mounting

3.2.2. Rail-less mounting

3.2.3. Shared rail mounting

3.2.4. Flat roof ballasted Racking System

3.3.      BIPV

3.4.      Floating PV

4.       By Applications

4.1.      Solar Farms

4.2.      Electronic Devices

4.3.      Healthcare Facilities

4.4.      Public Infrastructure

4.5.      Aerospace

4.6.      Construction

4.7.      Military and Defence

4.8.      Transportation

4.9.      Others

5.       By End-user

5.1.      Residential

5.2.      Commercial & Industrial

5.3.      Utility

6.       By Region 

6.1.     North

6.2.     East

6.3.     West & Central

6.4.     South

Key Players Landscape and Outlook

The solar photovoltaic market in India is witnessing notable growth, leading international companies to prioritize quality and brand positioning in order to sustain their market share and expand their global presence. These companies are increasing their investments in research and development, marketing, and the expansion of distribution networks. Manufacturers are actively studying consumer behavior to gain deeper insights into their requirements and are continuously introducing new products to meet those demands.

On May 12th, 2023, TP Saurya Limited, a subsidiary of Tata Power Renewable Energy Limited (TPREL), signed a power purchase agreement (PPA) with Tata Power Trading Company Limited. The agreement is for the establishment of a 200 MW AC solar project in Bikaner, Rajasthan. Once the project becomes operational, it is expected to generate approximately 485 million units of energy annually over a span of 25 years.

Market Xcel’s reports answer the following questions:

·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their invest case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

Key Players Operating in India Photovoltaics Market

·         Saatvik Green Energy Pvt. Ltd.

·         Adani Green Energy Ltd.

·         Waaree Energies Ltd.

·         Tata Power Solar Systems Pvt. Ltd.

·         Vikram Solar Limited

·         Loom Solar Pvt. Ltd.

·         Pixon Energy

·         Renewsys Solar

·         Insolation Energy Ltd. (INA)

·         Goldi Solar

If you can't find what you're searching for or have any custom requirements for India Photovoltaics Market, you may approach our team at

Table of Contents

1.       Research Methodology

2.       Project Scope & Definitions

3.       Impact of Covid-19

4.       Executive Summary

5.       Voice of Customer

6.1. Product and Market Intelligence

6.2. Sources of Information

6.3. Factors Considered in Purchase Decisions

6.3.1.       Overall Expenses

6.3.2.       Facility Requirement

6.3.3.       Operational Manpower Expertise

6.3.4.       Number of Installation Units

6.3.5.       Experience in the Industry

6.3.6.       Efficiency

6.3.7.       After-Sales Support

6.4. Purpose of Installation

6.5. Demand and Supply Mechanism

6.6. Consideration and Understanding of Safety Regulations

6.7. Application of Legal Compliances

6.8. Existing User or Intended Purchaser

7.       India Photovoltaics Market Outlook, FY2024-FY2031F

7.1. Market Size & Forecast

7.1.1.       By Value

7.1.2.       By Volume

7.2. By Type

7.2.1.       Monocrystalline Silicon

7.2.2.       Polycrystalline Silicon

7.2.3.       Thin Film Cells  Amorphous silicon  CIGS (Copper Indium Gallium Selenide)  Cadmium Telluride (CDTE)  Perovskite Solar Cells

7.2.4.       Organic PV

7.2.5.       By Grid Type   On Grid   Off Grid   Hybrid

7.2.6.       By Installation  Ground Mounted         Foundation mount         Ballasted footing Mount.         Pole mount         Multi-pole mount         Smart Flower    Roof Mounted         Railed Mounting         Rail-less mounting         Shared rail mounting         Flat roof ballasted Racking System    BIPV    Floating PV

7.2.7.       By Applications    Solar Farms    Electronic Devices    Healthcare Facilities    Public Infrastructure    Aerospace    Construction    Military and Defence    Transportation    Others

7.2.8.       By End-User    Residential    Commercial & Industrial    Utility

7.2.9.       By Region   North   East   West & Central   South

7.3. By Company Market Share (%), FY 2023

8.       Market Mapping, FY2023

8.1. By Type

8.2. By Grid Type

8.3. By Installation

8.4. By Applications

8.5. By End-user

8.6. By Region

9.       Macro Environment and Industry Structure

9.1. Supply Demand Analysis

9.2. Import Export Analysis

9.3. Value Chain Analysis

9.4. PESTEL Analysis

9.4.1.       Political Factors

9.4.2.       Economic System

9.4.3.       Social Implications

9.4.4.       Technological Advancements

9.4.5.       Environmental Impacts

9.4.6.       Legal Compliances and Regulatory Policies (Statutory Bodies Included)

9.5. Porter’s Five Forces Analysis

9.5.1.       Supplier Power

9.5.2.       Buyer Power

9.5.3.       Substitution Threat

9.5.4.       Threat from New Entrant

9.5.5.       Competitive Rivalry

10.   Market Dynamics

10.1.                     Growth Drivers

10.2.                     Growth Inhibitors (Challenges and Restraints)

11.   Key Players Landscape

11.1.                     Competition Matrix of Top Five Market Leaders

11.2.                     Market Revenue Analysis of Top Five Market Leaders (in %, 2022)

11.3.                     Mergers and Acquisitions/Joint Ventures (If Applicable)

11.4.                     SWOT Analysis (For Five Market Players)

11.5.                     Patent Analysis (If Applicable)

12.   Pricing Analysis

13.   Case Studies

14.   Key Players Outlook

14.1.                     Saatvik Green Energy Pvt. Ltd.

14.1.1.    Company Details

14.1.2.    Key Management Personnel

14.1.3.    Products & Services

14.1.4.    Financials (As reported)

14.1.5.    Key Market Focus & Geographical Presence

14.1.6.    Recent Developments

14.2.                     Adani Green Energy Ltd

14.3.                     Waaree Energies Ltd.

14.4.                     Tata Power Solar

14.5.                     Vikram Solar Limited

14.6.                     Loom Solar Pvt. Ltd.

14.7.                     Renewsys Solar

14.8.                     Insolation Energy Ltd. (INA)

14.9.                     Pixon Energy

14.10.                  Goldi Solar

*Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work

15.   Strategic Recommendations

About Us & Disclaimer

List of Figure-India Photovoltaics Market

Figure 1. India Photovoltaics Market, By Value, In USD Billion, FY2017-2031F

Figure 2. India Photovoltaics Market, By Volume, In Gigawatts, FY2017-2031F

Figure 3. India Photovoltaics Market Share, By Type, In USD Billion, FY2017-2031F

Figure 4. India Photovoltaics Market Share, By Grid Type, In USD Billion, FY2017-2031F

Figure 5. India Photovoltaics Market Share, By Installation, In USD Billion, FY2017-2031F

Figure 6. India Photovoltaics Market Share, By Applications, In USD Billion, FY2017-2031F

Figure 7. India Photovoltaics Market Share, By End User, In USD Billion, FY2017-2031F

Figure 8. India Photovoltaics Market Share, By Region, In USD Billion, FY2017-2031F

Figure 9. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 10. By Grid Type Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 11. By Installation Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 12. By Applications Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 13. By End User Map-Market Size (USD Billion) & Growth Rate (%), FY2023

Figure 14. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2023

List of Table-India Photovoltaics Market

Table 1. Pricing Analysis of Products from Key Players

Table 2. Competition Matrix of Top 5 Market Leaders

Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)

Table 4. About Us - Regions and Countries Where We Have Executed Client Projects

What is the market size and growth rate of India Photovoltaics Market?


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