Solar market share in India | Industry Trends & Forecast 2025

What is the Solar Market Share?

There are numbers of factors which are contributing in the expansion of the market include increasing adoption of rooftop and utility-scale solar projects, supportive government policies and incentives, rising investments in renewable energy, and growing focus on sustainability. The industry accounted for an estimated market share of over 20% within the renewable energy sector in 2024.

Key Growth Drivers of the India Solar Market

• Rising deployment of rooftop solar systems in residential, commercial, and industrial sectors
• The growth of solar farms and utility-scale solar parks
•  Improvements in photovoltaic panels and ways to store energy
•  Policies, subsidies, and tax breaks from the government that help
•  More money is being put into renewable energy by businesses and individuals.

India Solar Market Trends

India Solar Market is witnessing significant growth with trends such as adoption of high-efficiency monocrystalline and bifacial panels, increasing use of smart solar systems with remote monitoring, and integration with battery storage solutions. Floating solar projects and hybrid systems that use both solar and regular energy are becoming more popular. People like solar panel designs that are modular and light as they are easier to install. Companies are introducing AI-enabled energy management and predictive maintenance solutions. Growth in industrial and corporate solar adoption is rising. Expansion in off-grid solar and microgrid projects is supporting penetration in rural areas.

Emerging Developments in the India Solar Market

India Solar Market is evolving with advancements in perovskite and thin-film solar technologies, improved conversion efficiency, and lower manufacturing costs.E The market is growing since more things are being made and shipped locally. Businesses are spending money on research and development to make solar panels that last a long time and make a lot of power. There are more strategic partnerships between solar project developers, EPC companies, and technology providers. Smart monitoring, AI, and the Internet of Things are connecting more solar systems. More businesses and homes are using rooftop and hybrid solar systems.

List of Leading Companies in the India Solar Market

Some of the leading companies include:

• Tata Power Solar Systems Ltd.
• Adani Solar Pvt. Ltd.
• Waaree Energies Ltd.
• Vikram Solar Pvt. Ltd.
• Renew Power Ltd.
• Indosolar Ltd.
• Suzlon Energy Ltd.

Frequently Asked Questions About the Market Study (FAQs):