Solar PV Module Market in India 2025:
How Big is the India Solar PV Module Market?
The India solar PV module market size reached USD 7.94 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 21.12 Billion by 2033, exhibiting a growth rate (CAGR) of 10.60% during 2025-2033.
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 7.94 Billion
Market Size in 2033: USD 21.12 Billion
Market Growth Rate (CAGR) 2025-2033: 10.60%
India Solar PV Module Market Trends and Drivers:
The India solar PV module market is experiencing strong growth, as the country seeks to ramp up renewable energy adoption and meet its sustainability ambitions. With government encouragement behind schemes such as PM-KUSUM and the Production Linked Incentive (PLI) plan for manufacturing of solar units, domestic solar module production is gaining increasing momentum. In addition, the price of solar PV technology has been continually falling, and solar power has become more cost-competitive relative to conventional sources. Increasing demand from residential, commercial, and utility segments, as well as favorable policies, is driving installations in urban and rural areas as well. Essentially, the drive towards energy independence and increasing demand for clean, reliable power are providing a fertile ground for solar PV module uptake in different states, particularly in sun-abundant regions such as Rajasthan, Gujarat, and Tamil Nadu.
Besides, foreign direct investments and strategic joint ventures are driving technological innovation in high-efficiency PV modules, such as bifacial and mono PERC technologies. The speedy growth of the electric vehicle (EV) charging infrastructure and smart grid initiatives is also driving the adoption of solar energy solutions. Additionally, concerns over the environment and increasing awareness among end-users are making companies and households turn to solar installations, aided by convenient financing and net-metering laws. The sector is also being fueled by big-ticket infrastructure projects like solar parks and hybrid power plants that integrate solar with storage or wind energy. Essentially, India solar PV module market is well set for long-term growth, with innovation, policy push, and demand-side change driving long-term opportunities for domestic manufacturers, investors, and EPC firms.
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India Solar PV Module Market Segmentation:
The report has segmented the market into the following categories:
Technology Insights:
- Thin Film
- Crystalline Silicon
- Others
Product Type Insights:
- Monocrystalline
- Polycrystalline
- Cadmium Telluride
- Amorphous Silicon
- Others
Connectivity Insights:
- On-Grid
- Off-Grid
Mounting Insights:
- Ground Mounted
- Roof-Top
End Use Insights:
- Residential
- Commercial
- Industrial
Region Insights:
- North India
- South India
- East India
- West India
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Competitive Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Key highlights of the Report:
- Market Performance (2019-2024)
- Market Outlook (2025-2033)
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Structure of the Market
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.
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