India Solar PV Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The India Solar Photovoltaic Market is segmented by Product Type (Thin Film, and Crystalline Silicon), End User (Residential, Commercial and Industrial (C&I), and Utility), and by Deployment (Ground-mounted and Rooftop Solar).

India Solar PV Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

India Solar Photovoltaic Market Size

View Global Report
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 8.90 %
Market Concentration Low

Major Players

*Disclaimer: Major Players sorted in no particular order

Compare market size and growth of India Solar Photovoltaic (PV) Market with other markets in Energy & Power Industry

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India Solar Photovoltaic Market Analysis

The India Solar Photovoltaic Market is expected to register a CAGR of greater than 8.9% during the forecast period.

  • The solar PV rooftop segment is expected to dominate the market during the forecast period. Owing to increasing solar PV installations in the commercial and industrial segment during recent years.
  • India has an abundance of solar irradiance and receives solar energy throughout the year. This has created umpteen opportunities to exploit solar energy from the sunniest sites in the country, especially Rajasthan, Gujarat, and Andhra Pradesh. The factor mentioned above, clubbed with foreign investment and extensive R&D projects to improve the technology, provides ample opportunities for the growth of the solar energy market in India.
  • The market is also propelled by supportive government policies, particularly the plans formulated by the Ministry of New & Renewable Energy (MNRE) to encourage renewables-based power generation.

India Solar Photovoltaic Industry Overview

The India Solar Photovoltaic (PV) Market is fragmented. Some of the major players includes Tata Power Solar, Adani Group, Azure Power Global Limited, EMMVEE SOLAR, Mahindra Susten Pvt Ltd.

India Solar Photovoltaic Market Leaders

  1. Tata Power Solar Systems Ltd

  2. Adani Group

  3. Azure Power Global Limited

  4. EMMVEE Solar

  5. Mahindra Susten Pvt. Ltd.,

  6. *Disclaimer: Major Players sorted in no particular order
Tata Power Solar Systems Ltd, Adani Group, Azure Power Global Limited, EMMVEE Solar, Mahindra Susten Pvt. Ltd.,
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India Solar Photovoltaic Market News

  • In January 2022, SJVN (Satluj Jal Vidyut Nigam Ltd.) bagged a solar project of 125MW in Uttar Pradesh, through a bidding process held by Uttar Pradesh New and Renewable Energy Development Agency (UPNEDA). It includes a 75MW grid-connected solar PV project in Jalaun and a 50MW solar project in Kanpur Dehat districts.
  • In December 2021, Tata Power clinched the largest solar plus battery project in India from Solar Energy Corporation of India. The contract includes a 100MW EPC solar project and a 120MWh utility-scale Battery Energy Storage System. The total project outlay was around INR 945 crores.

India Solar Photovoltaic Market Report - Table of Contents

1. Introduction

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Renewable Energy Mix, India, 2021
  • 4.3 Solar Energy Installed Capacity and Forecast, in GW, till 2027
  • 4.4 Government Policies and Regulations
  • 4.5 Recent Trends and Developments
  • 4.6 Market Dynamics
    • 4.6.1 Drivers
    • 4.6.2 Restraints
    • 4.6.3 Opportunities
  • 4.7 Supply Chain Analysis
  • 4.8 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 By Type
    • 5.1.1 Thin film
    • 5.1.2 Crystalline Silicon
  • 5.2 By End-User
    • 5.2.1 Residential
    • 5.2.2 Commercial and Indudstrial (C&I)
    • 5.2.3 Utility
  • 5.3 By Deployment
    • 5.3.1 Ground-mounted
    • 5.3.2 Rooftop-Solar

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 Domestic Players
    • 6.3.1.1 ACME Solar
    • 6.3.1.2 Adani Group
    • 6.3.1.3 Azure Power Global Limited
    • 6.3.1.4 EMMVEE SOLAR
    • 6.3.1.5 Mahindra Susten Pvt. Ltd
    • 6.3.1.6 Sterling And Wilson Pvt. Ltd
    • 6.3.1.7 Tata Power Solar Systems Ltd
    • 6.3.1.8 Vikram Solar Limited
    • 6.3.2 Foreign Players
    • 6.3.2.1 ABB
    • 6.3.2.2 First Solar, Inc.
    • 6.3.2.3 Hanwha Q CELLS Co. Ltd
    • 6.3.2.4 SMA Solar Technology AG
    • 6.3.2.5 Trina Solar Limited
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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India Solar Photovoltaic Industry Segmentation

The India Solar Photovoltaic (PV) Market report includes:

By Type Thin film
Crystalline Silicon
By End-User Residential
Commercial and Indudstrial (C&I)
Utility
By Deployment Ground-mounted
Rooftop-Solar
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India Solar Photovoltaic Market Research FAQs

What is the current India Solar Photovoltaic (PV) Market size?

The India Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 8.9% during the forecast period (2025-2030)

Who are the key players in India Solar Photovoltaic (PV) Market?

Tata Power Solar Systems Ltd, Adani Group, Azure Power Global Limited, EMMVEE Solar and Mahindra Susten Pvt. Ltd., are the major companies operating in the India Solar Photovoltaic (PV) Market.

What years does this India Solar Photovoltaic (PV) Market cover?

The report covers the India Solar Photovoltaic (PV) Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the India Solar Photovoltaic (PV) Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

India Solar Photovoltaic Industry Report

Statistics for the 2025 India Solar Photovoltaic (PV) market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. India Solar Photovoltaic (PV) analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.