Market Size and Overview-
The India Solar PV Module Market size is estimated to be valued at USD 8.83 Bn in 2025 and is expected to reach USD 16.90 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 9.7% from 2025 to 2032.
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Key Takeaways:
Segment Covers:
– Technology Segments:
• Monocrystalline: >22% efficiency used in utility-scale arrays, exemplified by a 2 GW Gujarat park in 2024.
• Polycrystalline: Cost-effective option powering solar parks in Rajasthan; 30% of 2024 installations.
• Thin-Film: Niche use in agrivoltaics and floating PV, with 100 MW deployed in 2024 lake projects.
– Installation Type:
• Rooftop: Residential systems grew 35% YoY, driven by net metering incentives.
• Ground-Mounted: 12 GW added in 2024, representing 60% of total capacity additions.
• Floating PV: Pilot projects in Kerala and Telangana reached 150 MW by end-2024.
– End User Segments:
• Residential: Average system size rose to 5 kW in 2024, enabling household energy savings.
• Commercial: Warehouses and campuses installed 1–5 MW arrays, up 28% vs. 2023.
• Industrial: Large enterprises adopted 10–50 MW installations, driving corporate sustainability goals.
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Growth Factors:
– Government Support: Production-Linked Incentive (PLI) allocation of USD 2 billion spurred module capacity from 5 GW in 2023 to 8 GW in 2024.
– Cost Declines: Average module pricing dipped to USD 0.18/W in 2024, down 12% YoY, boosting adoption across all segments.
– Financing Innovations: Green bonds totaling USD 1.2 billion channeled to solar projects in FY2024, expanding project pipelines and reducing cost of capital.
Market Trends:
– High-Efficiency Modules: Adoption of PERC and bifacial cells surged to 55% penetration in 2024, augmenting energy yield.
– Localization Push: Domestic cell manufacturing increased by 40% YoY, reducing import dependency from China.
– Integrated Storage: Hybrid PV-battery systems accounted for 10% of new installations in 2024, addressing grid intermittency.
– India Solar PV Module Market trends now emphasize circular economy practices, with recycling pilots processing 5 MW of retired panels in 2024.
Actionable Insights:
– Supply-Side Indicators:
• Production Capacity: Installed module manufacturing capacity reached 12 GW by Q4 2024.
• Pricing: Average ex-factory price stood at USD 0.18/W in 2024, underpinning market affordability.
• Exports: Module shipments worth USD 1.5 billion were exported in 2024, a 25% increase over 2023.
– Demand-Side Indicators:
• Imports: Module imports stabilized at 3 GW in 2024 amid rising domestic output.
• Use Cases: Agriculture sector installations grew by 30%, tapping solar irrigation schemes.
– Micro-Indicators: Average solar plant yield improved to 1,600 kWh/kW/year in 2024, up 5% vs. 2023.
– Nano-Size Indicators: Degradation rate metrics refined to 0.45% per annum for PERC modules, extending warranty profiles.
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Key Players:
– Tata Power Solar
– Adani Solar
– Vikram Solar
– Waaree Energies
– Goldi Solar
– Loom Solar
– Daqo New Energy
– LONGi Green Energy
– Trina Solar
– JinkoSolar
– Azure Power
– Risen Energy
Competitive Strategies:
• Tata Power Solar expanded cell capacity by 1.5 GW under PLI in 2024, driving India Solar PV Module Market share gains of 8% in utility-scale tenders.
• Adani Solar diversified into exports, securing contracts worth USD 200 million in Latin America, boosting India Solar PV Module Market revenue by 18% YoY.
• Vikram Solar launched 540 W panels with higher module efficiency, capturing key corporate PPAs and enhancing business growth through technology differentiation.
FAQs
1. Who are the dominant players in the India Solar PV Module Market?
Leading suppliers include Tata Power Solar, Adani Solar, Vikram Solar, and Waaree Energies, which together account for over 50% of domestic capacity.
2. What will be the size of the India Solar PV Module Market in the coming years?
The market is projected to grow from USD 8.83 Bn in 2025 to USD 16.90 Bn by 2032 at a 9.7% CAGR, driven by policy support and falling costs.
3. Which end-user industry has the largest growth opportunity?
Ground-mounted utility parks dominate near-term demand, but commercial rooftops are fast-growing, registering 28% YoY expansion in 2024.
4. How will market development trends evolve over the next five years?
Trends will shift towards bifacial modules, integrated storage solutions, and recycling ecosystems as industry share moves toward circular economy models.
5. What is the nature of the competitive landscape and challenges in the India Solar PV Module Market?
Intense price competition, supply-chain localization, and raw material constraints remain challenges; differentiation via efficiency and financing partnerships is key.
6. What go-to-market strategies are commonly adopted in the India Solar PV Module Market?
Key strategies include PLI-backed capacity expansion, direct EPC and O&M service offerings, and international market diversification through export partnerships.
✍️ Author of this marketing PR:
Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc.
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