The India solar PV module market is a rapidly growing solar power generation industry. Solar PV modules, also known as solar panels, convert sunlight directly into electricity. They play a vital role in harnessing solar energy for residential, commercial and utility-scale power generation applications. The growing concern over carbon emissions and climate change has prompted the Indian government to invest heavily in developing renewable sources of energy like solar. Solar PV modules have minimal maintenance requirements and offer clean electricity without pollution. Their declining costs have also made solar power one of the most affordable renewable energy solutions for both large- and small-scale users.

India solar PV module market is estimated to be valued at US$ 8.05 Bn in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024 to 2031.

Key Takeaways

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. Tata Power Solar and Adani Solar are the dominant players with a major share of the market. The companies are investing heavily in expanding manufacturing capacity to fulfill the rising demand.

India Solar PV Module Market Size for solar power growth including strong government support programs, falling module prices, and abundant solar resources. The country has set an ambitious target of having 280 GW of solar power by 2030 under its NDC commitments. Rapid urbanization and increasing electrification of rural areas will further boost demand.

Major global solar panel manufacturers are leveraging India's low production costs and favorable policies to set up large manufacturing plants in the country. This allows them to effectively cater to both the domestic and international markets. Indian companies are also partnering with global firms and researching advanced solar technologies to strengthen their position in the global renewable energy supply chain.

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