NEW
YORK, Sept. 13, 2024 /PRNewswire/ -- Report with
market evolution powered by AI- The global solar power market
in India size is estimated
to grow by USD 792.5 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of 52.07% during the forecast period.
Increasing investments in renewable energy is driving market
growth, with a trend towards declining costs of solar
energy. However, increase in availability of other energy
sources poses a challenge. Key market players include ABB
Ltd., ACME Solar, Adani Group, Azure Power Ltd., Canadian Solar
Inc., GCL System Integration Technology Co. Ltd., Huawei
Technologies Co. Ltd., JA Solar Technology Co. Ltd., Larsen and
Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance
Industries Ltd., ReNew Energy Plc, Risen Energy Co. Ltd., SMA Solar
Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow
Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy Ltd..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
Application
(Grid-connected and Off-grid), End-user (Utility and Rooftop), and
Geography (APAC)
|
Region
Covered
|
India
|
Key companies
profiled
|
ABB Ltd., ACME Solar,
Adani Group, Azure Power Global Ltd., Canadian Solar Inc., GCL
System Integration Technology Co. Ltd., Huawei Technologies Co.
Ltd., JA Solar Technology Co. Ltd., Larsen and Toubro Ltd.,
Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries
Ltd., ReNew Energy Global Plc, Risen Energy Co. Ltd., SMA Solar
Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow
Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy
Ltd.
|
Key Market Trends Fueling
Growth
The solar power market in India
has experienced significant growth due to the remarkable decrease
in solar energy costs. In 2010, solar electricity cost around
USD 268 per MWh, but by 2020, it had
dropped to approximately USD 38 per
MWh, representing an impressive 85% reduction. This cost reduction
can be attributed to technological advancements, increased
manufacturing capacity, economies of scale, and competitive
auctions. India's solar capacity
has grown from 17.8 GW in 2018 to over 40 GW by 2021. The cost
competitiveness of solar power with fossil fuels is strengthening
investor confidence and aiding India's transition to renewable energy
sources. Additionally, importing solar panels from countries like
China at affordable prices is
increasing the demand for solar power systems in India, further fueling market
growth.
The solar power market is witnessing a significant growth with
an increasing focus on renewable energy and reliance on low-carbon
sources. Manufacturing facilities for solar modules and solar
panels are expanding to meet the growing demand for solar power
technology. Reliance Industries, among others, is investing heavily
in this sector. India's Solar Park
Scheme and Wind-solar hybrid policy are attracting foreign
investment. Solar PV, or photovoltaic, is becoming a popular choice
for power supply, with solar systems generating electricity from
solar irradiance. Solar permits are streamlined to encourage
adoption. Batteries and fuel cells are used to store excess energy,
reducing carbon emissions and CO2. The defense sector is also
adopting solar power, with GW-scale projects underway. The solar
industry is also exploring green hydrogen ecosystems, using
electrolyzers, as a greener way to produce hydrogen. The shift
towards renewable energy is a step towards a sustainable
future.
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Market Challenges
• The global
power generation market is dominated by fossil fuels, which
accounted for 76.1% of the total power generated in 2019, according
to the International Energy Agency. Renewable energy sources,
including solar, wind, and hydropower, accounted for 23.1% of the
total power generation. However, the preference for non-renewable
energy sources is high due to their abundant availability and lower
cost of production. In India, coal
remains the primary energy source, accounting for 45%-50% of the
country's energy production in 2022. Renewable energy sources,
excluding large hydro, contribute 30.08% of India's total installed power capacity, with
wind energy accounting for nearly twice the installed capacity of
solar power. The increasing adoption of wind power and the presence
of other energy sources pose a significant challenge to the growth
of the solar power market in India. According to the Global Wind Energy
Council, the global wind power capacity increased from 539 GW in
2017 to over 830 GW by 2022. This growth, along with the
availability and affordability of other energy sources, is expected
to impede the growth of the solar power market in India during the forecast period.
• The solar
power market is witnessing significant growth as businesses shift
towards low-carbon sources of electricity. However, challenges
persist. Manufacturing facilities for solar modules and solar
panels face hurdles due to power supply issues. Reliance
Industries, a key player, aims to increase India's renewable energy capacity. Solar
irradiance varies, impacting installed capacity. Solar permits and
solar PV policies need streamlining. Renewable energy integration
with wind power through hybrid policies is crucial. Artificial
intelligence and batteries help manage intermittency. Carbon
emissions from fossil fuels must decrease. India's Solar Park Scheme and Defense Scheme
encourage foreign investment. Gigawatts (GW) of solar power and
green hydrogen ecosystems offer a greener way forward. Solar PV
technology, electrolyzers, and fuel cells are essential components.
Let's work together to overcome these challenges and build a
sustainable future.
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driving growth- Download a Sample Report
Segment Overview
This solar power market in India report extensively covers market
segmentation by
- Application
- 1.1 Grid-connected
- 1.2 Off-grid
- End-user
- Geography
1.1 Grid-connected- The solar power market is
growing rapidly, with businesses and homeowners increasingly
turning to renewable energy sources. In 2020, the global solar
power market size was valued at USD120.7
billion and is projected to expand at a compound annual
growth rate (CAGR) of 14.5% from 2021 to 2028. This growth is
driven by factors such as government incentives, falling solar
panel prices, and increasing environmental concerns. Companies in
the solar industry are investing in research and development to
improve efficiency and reduce costs, making solar power a
cost-effective and sustainable energy solution for businesses and
individuals alike.
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gain insights into AI's impact on market dynamics, emerging trends,
and future opportunities- including forecast (2024-2028) and
historic data (2018 - 2022)
Research Analysis
Solar power, derived from Solar Photovolvoltaic (PV) technology,
is a renewable and low-carbon source of electricity. The global
installed capacity of solar power has been rapidly growing, with
over 800 GW (gigawatts) installed as of 2021. Solar power
technology converts sunlight into electricity using Solar PV
systems, making it an increasingly popular choice for a greener way
to generate electricity. Solar energy is a viable alternative to
fossil fuels, which contribute significantly to carbon emissions.
Artificial intelligence is being integrated into solar power
systems to optimize energy production and reduce waste. Solar
permits and the installation of Solar panels require careful
planning and adherence to regulations. Tax breaks and incentives
are often available to encourage the adoption of solar power and
other renewable energy sources. Wind power is another renewable
energy source that complements solar power in providing a diverse
mix of clean energy options.
Market Research Overview
Solar power is an essential part of the global shift towards
renewable, low-carbon sources of electricity. Solar energy is
derived from the sun's solar irradiance, which is converted into
electricity using solar photovoltaic (PV) technology. Solar power
is becoming increasingly competitive with fossil fuels, offering a
greener way to meet power supply demands. The solar power market is
expanding rapidly, with new manufacturing facilities being set up
and installed capacity increasing at a record pace. Gigawatts (GW)
of solar PV capacity are being added every year, and the solar park
scheme is attracting significant foreign investment. Solar systems
are being integrated with batteries, electrolyzers, and fuel cells
to create a green hydrogen ecosystem. The defense scheme is also
recognizing the strategic importance of solar power and is
investing in it. Solar permits are streamlined to encourage the
adoption of solar power, and wind-solar hybrid policies are being
adopted to optimize the use of renewable energy sources. Artificial
intelligence is being used to optimize solar power generation and
distribution, making it a more efficient and reliable source of
electricity. The solar power technology market is expected to
continue growing, offering exciting opportunities for innovation
and growth.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- End-user
-
- Geography
-
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio