The solar photovoltaic (PV) module market in India has gained major traction in recent years on account of the prevalent energy crisis and rising pollution levels in the country. Solar PV modules effectively harness sunlight and convert it directly into electricity that can power various residential and commercial applications. Some key advantages of solar PV modules include low operational and maintenance costs, enhanced energy security, and generation of electricity without polluting the environment. With India aiming to achieve 450 GW of renewable energy capacity by 2030, the demand for cost-effective and sustainable solar PV modules is expected to surge substantially.
The Global India Solar PV Module Market is estimated to be valued at US$ 8.83 Billion in 2025 and is expected to exhibit a CAGR of 9.7% over the forecast period 2025-2032.
Key Takeaways
Key players: Key players operating in the India Solar PV Module market are Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, Servotech Power Systems, Saatvik Green Energy Pvt. Ltd., Moser Baer Solar, Websol Energy System Ltd., Photon Energy Systems Ltd., SWELECT Energy Systems Ltd., Premier Solar Systems Pvt. Ltd., Surana Ventures Ltd., Jupiter Solar Power Ltd., Sova Solar, KSK Energy Ventures. These players account for a major share of the market owing to their diversified product portfolio and widespread distribution network across the country.
Growing demand: The India Solar Pv Module Market Demand is growing exponentially as solar becomes more affordable due to declining module prices and supportive government policies. Both commercial and residential consumers are increasingly adopting solar PV modules to reduce their carbon footprint and electricity bills.
Global expansion: Leading solar panel manufacturers are expanding their manufacturing footprints in India to cater to the rising local demand. For instance, Canadian Solar plans to set up a 1.2 GW module factory in Tamil Nadu.
Market Key Trends
Ramping up domestic manufacturing is one of the key trends being witnessed in the India solar PV module market. Previously heavily dependent on Chinese imports, the government is now placing increased focus on boosting indigenous solar manufacturing through production-linked incentive schemes and phased manufacturing programs. This is expected to bolster the growth of domestic module players while also creating new job opportunities. It will help reduce Solar PV costs through economies of scale and make the country self-reliant in terms of renewable energy.
Porter's Analysis
Threat of new entrants: Low as it requires high capital investment and technological expertise to manufacture solar PV modules. Established players enjoy economies of scale.
Bargaining power of buyers: High as buyers have many domestic and international suppliers to choose from. They can negotiate on price and quality.
Bargaining power of suppliers: Moderate as availability of raw materials like polysilicon, solar cells is consistent but any disruption can impact suppliers.
Threat of new substitutes: Low as solar energy is one of the most reliable and affordable sources of renewable energy with no substitutes available.
Competitive rivalry: High among domestic and international players. Players differentiate based on technology, quality, warranty to gain market share. Price wars are common.
Geographical regions: Currently, southern states like Tamil Nadu, Telangana and Andhra Pradesh account for over 55% of total solar PV installations in India due to abundant solar radiation. Rooftop solar potential is high in densely populated urban centers.
The fastest growing region for India solar PV module market is northern and western states. States like Rajasthan, Gujarat and Punjab are aggressively adding solar capacities to meet renewable purchase obligations and achieve sustainable development goals. Various schemes by central and state governments promote rural electrification through decentralized solar projects.
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