According to the latest research report titled, “India Solar Energy Market (2024 – 2029)” by Mordor Intelligence, the India Solar Energy Market is estimated at 79.07 GW in 2024 and growing at a CAGR of 19.80% during the forecast period.
In the foreseeable future, the Indian solar energy sector is on a trajectory of robust expansion, driven by several key factors. Foremost among these is the declining cost of solar power technology, rendering it increasingly competitive. Additionally, the growing flexibility of solar systems enhances their attractiveness as a viable energy solution. Moreover, the environmental advantages of solar power, being a greener alternative to conventional electricity generation, further bolster its appeal.
Supportive governmental initiatives, particularly spearheaded by the Ministry of New and Renewable Energy (MNRE), play a pivotal role in fostering the growth of the solar energy market. These initiatives aim to incentivize and promote renewable-based power generation, providing a conducive environment for industry players.
However, India benefits from abundant solar irradiance throughout the year, making it conducive for solar energy utilization. Regions such as Rajasthan, Gujarat, and Andhra Pradesh, known for their ample sunshine, offer ideal conditions for solar energy harnessing. This geographical advantage, combined with significant foreign investment and extensive research and development initiatives aimed at technology enhancement, presents numerous opportunities for the expansion of the Indian solar energy market.
Report Summary
Which are the Top Companies in the India Solar Energy Market?
The Indian solar energy market exhibits fragmentation, with several key companies operating within the sector.
Prominent players in the India Solar Energy Market:
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Key Highlights from the India Solar Energy Market Report
1. Forecast: Solar PV Set to Reign Supreme in Indian Energy Market
2. Energizing Growth: Government Policies Fueling India’s Solar Market
Recent years have witnessed a surge in governmental initiatives aimed at augmenting India’s solar energy contribution to the future renewable power generation mix. According to data from the Ministry of New and Renewable Energy (MNRE) as of February 2023, the installed capacity of solar energy reached 66.70 GW in 2022.
One significant initiative outlined by the MNRE is the national wind-solar hybrid policy, designed to promote the deployment of large grid-connected wind-solar PV hybrid systems. These integrated systems are envisioned to mitigate the variability of renewable energy generation, enhance grid stability, and optimize land and transmission infrastructure utilization.
Additionally, the MNRE has implemented several schemes in the past three years to bolster the solar energy sector. These include the Solar Park Scheme, the 300 MW Defense Scheme, and the 500 MW Viability Gap Funding (VGF) Scheme.
Thus, with the upcoming government projects and supportive policies, solar energy developments are expected to boost the Indian solar energy market in the coming years.
What are the Latest Developments in the India Solar Energy Market?
Mordor Intelligence Report on the India Solar Energy Market segments the market based on product type, application, and geography:
In a nutshell, the Mordor Intelligence Market Research Report provides in-depth market insight to industry players, investors, researchers, consultants, and business strategists, looking for comprehensive details on the India Solar Energy Industry. Get a glance at the India Solar Energy Market Report (2024 – 2029)
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