INDIA SOLAR PV MODULE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2025-2032)

India has been a leader in solar adoption due to its abundant solar resources and supportive policies for promoting renewable energy usage. Solar photovoltaic (PV) technology has emerged as one of the most promising renewable energy sources for catering to India's energy needs. Rising electricity demand, issues with fossil fuel imports and climate change concerns have encouraged the government to push for higher solar PV adoption targets. Solar PV modules are a key component in the solar power value chain. Lower module prices globally have made large-scale solar projects more economically viable in India.

Market Dynamics

India solar PV module market growth is driven by factors like rising renewable energy targets by government, lower module prices globally making solar projects more cost-competitive, abundant solar resources, and growing emphasis on offsetting fossil fuel imports. However, intermittent nature of solar power generation, high initial capital costs for deploying large solar projects and technology performance risks can hamper the market growth. Policy and regulatory uncertainties with regard to land availability and power evacuation infrastructure can also hamper the market growth. The production-linked incentive (PLI) scheme for solar modules manufacturing presents opportunities for attracting investments and strengthening domestic manufacturing capabilities in the near future.

Key features of the study

• This report provides in-depth analysis of the India solar PV module market, and provides market size (USD Mn) and compound annual growth rate (CAGR%) for the forecast period (2025–2032), considering 2024 as the base year.
• It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market.
• This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players.
• It profiles key players in the India solar PV module market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies.
• Key companies covered as a part of this study include, Ece (India) Energies Pvt Ltd.,Icon Solar En-Power Technologies Pvt Ltd.,PV Power Technology Pvt Ltd.,Navitas Green Solutions Pvt. Ltd.,Adani Group.
• Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics.
• The report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts.
• Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the India solar PV module market.

Market Segmentation

• By Type Insights (Revenue, USD Mn, 2025 - 2032)
  • Monocrystalline
  • Polycrystalline
  • Thin-Film
• By End User Insights (Revenue, USD Mn, 2025 - 2032)
  • Residential
  • Commercial
  • Utility-Scale
• By Application Insights (Revenue, USD Mn, 2025 - 2032)
  • Grid-Connected
  • Off-Grid
• Key Players Insights
  • Ece (India) Energies Pvt Ltd.
  • Icon Solar En-Power Technologies Pvt Ltd.
  • PV Power Technology Pvt Ltd.
  • Navitas Green Solutions Pvt. Ltd.
  • Adani Group