Dublin, Dec. 23, 2024 (GLOBE NEWSWIRE) -- The "Solar Energy Market in India" report has been added to ResearchAndMarkets.com's offering.
India's cumulative installed solar energy capacity increased from 22.35 GW in FY 2018 to 90.76 GW in FY 2024, expanding at a compound annual growth rate (CAGR) of ~26.31%.
India's solar energy sector is growing rapidly due to ambitious government policies and a global shift toward renewable energy. With a record 10 GW of capacity added in Q1 2024 alone, the nation is on track to meet its target of 500 GW by 2030.
India's solar market growth is driven by supportive initiatives such as the PM-KUSUM scheme for rural solar adoption, the Solar Energy Corporation of India's (SECI) large-scale auctions, and strong private sector investments. In 2024, utility-scale solar projects dominate installations, accounting for 70% of new capacity. Rooftop solar adoption also increased, though challenges in financing and grid infrastructure persist. The market is set to benefit from India's planned solar parks and manufacturing incentives, aiming for a 40% reduction in renewable energy costs by 2029.
Segment insights:
The solar energy market in India can be segmented into utility-scale, rooftop, and off-grid solar. Utility-scale projects lead in capacity additions, with major hubs in Rajasthan and Gujarat, while rooftop solar sees steady growth across urban commercial and residential segments, especially with recent financial support schemes. Off-grid solar, focused on rural and underserved areas, is set to grow with investments in microgrids and agricultural applications. This segmentation reflects varying demand, cost structures, and geographic suitability across India.
Market Opportunities:
Significant opportunities lie in solar infrastructure development, such as floating solar projects to maximize land use and expand capacity. The rise of solar energy storage solutions also presents potential for advancements, particularly with government backing for energy storage policies. Furthermore, growth in solar panel manufacturing, incentivized by India's Production Linked Incentive (PLI) scheme, could reduce import dependency, boost domestic production, and create jobs. The emphasis on clean energy in India's economic planning signals a steady demand for innovative solar solutions over the next five years.
Key Topics Covered:
Chapter 1: Executive Summary
Chapter 2: Socio-Economic Indicators
Chapter 3: Introduction
3.1. Market Definition and Structure
3.2. Share of Solar Energy within Total Installed Capacity of Renewable Energy (as of September 2024)
3.3. Comparison of State Level Renewable Energy Potential and its Installed Capacity (as of September 2024)
Chapter 4: Market Overview
4.1. Solar Energy Market in India - An Overview
4.2. Solar Energy Cumulative Installed Capacity (FY 2018 - FY 2024)
4.3. Current Market Scenario
4.4. Porters' Five Force Analysis
Chapter 5: Market Segmentation
5.1. Solar Energy Market Segmentation:
5.2. Solar Energy Market Installed Capacity (Based on Category)
5.3. Top 10 States with Maximum Solar Energy Capacity (as of 30.09.2024)
Chapter 6: Market Influencers
6.1. Market Drivers
6.2. Market Challenges
Chapter 7: Market Opportunities
7.1. Key Market Opportunities
Chapter 8: Government Initiatives
8.1. Key Initiatives by the Government Supporting the Solar Energy Market in India
Chapter 9: Competitive Landscape
9.1. Adani Power Limited
- Company Information
- Business Description
- Products/Services
- Key People
- Financial Snapshot
- Key Ratios
- Key Financial Performance Indicators
- Key Business Segments
- Key Geographic Segments
9.2. Azure Power Global Limited
9.3. CESC Limited
9.4. JSW Energy Limited
9.5. NTPC Limited
9.6. ReNew Energy Global Plc
9.7. Reliance Power Limited
9.8. SJVN Limited
9.9. The Tata Power Company Limited
9.10. Torrent Power Limited
Chapter 10: Recent Developments
For more information about this report visit https://www.researchandmarkets.com/r/8yxdjs
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