Solar panel market size and share in India | Industry Trends & Forecast 2025

What is the India Solar Panel Market share and growth rate?

There are numbers of factors contributing to the expansion of the market, including increasing adoption of solar energy across residential, commercial, and industrial sectors, government initiatives and incentives for renewable energy, declining cost of solar panels, growing focus on environmental sustainability. This industry accounted for an estimated market share of over 40% within renewable power generation ecosystem in 2024.

Key Growth Drivers of the India Solar Panel Market

• Increasing deployment of rooftop solar systems in urban and semi-urban areas
• The Expansion of large-scale solar parks and projects
• Government subsidies, tax incentives, and renewable energy policies
• Technological advancements in photovoltaic panel efficiency and durability
• The rising awareness of clean energy and sustainability
• Growth in off-grid and decentralized solar power solutions

India Solar Panel Market Trends

India Solar Panel Market is witnessing strong growth with trends such as the adoption of high-efficiency monocrystalline and bifacial solar panels, increased use of smart solar modules with IoT-enabled monitoring, and integration with energy storage systems. The places where water is hard to come by, floating solar projects are becoming more common. People are now using hybrid systems that use both solar and regular energy. Lightweight and modular panel designs are best for homes and businesses. They are also becoming more popular as they have new panel coatings, last longer, and are better at withstanding heat.

Emerging Developments in the India Solar Panel Market

India Solar Panel Market is evolving with advancements in perovskite and thin-film solar technologies, improved energy conversion efficiency, and low-cost manufacturing techniques. Investments in R&D for durable, high-output panels are ongoing. Expansion of domestic manufacturing capabilities is supporting market growth. Businesses are working with EPC service providers to make installations and maintenance more efficient. The people are using AI and smart monitoring tools to keep track of performance in real time. The number of solar projects on rooftops, in businesses, and at utility scales is growing faster. Policy incentives and financing options for renewable energy projects are helping the market grow even more.

List of Leading Companies in the India Solar Panel 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.

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