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India Solar Power Equipment Market Overview
The Indian solar power equipment market is projected to grow at a CAGR of over 12% to reach $ 6.3 billion by 2024, owing to increasing focus on solar power generation. Moreover, government’s plan to achieve 100 GW by 2022, favorable policies & incentives, schemes for development of solar parks and ultra-mega solar power projects are expected to aid the growth of the Indian solar power equipment market in the coming years. Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 is a major initiative taken to promote sustainable development of solar energy sector in the country. Additionally, other factors like constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices are likely to positively influence the Indian solar equipment market over the next five years.
India Solar Power Equipment Market Segment Insights
On the basis of equipment, the Indian solar power equipment market is categorized into solar cell, solar inverter, solar charge controller, solar thermal collector and others. Of all, solar cell market holds significant share in the Indian solar power equipment market and is anticipated to maintain its dominance during forecast period as well. The major factors driving the growth of solar cell market include rising installation of solar projects across different regions and favorable government policies.
India Solar Power Equipment Market Regional Insights
Regionally, southern region is the major demand generator for solar power equipment, with states like Karnataka, Tamil Nadu, Andhra Pradesh and Telangana being the key markets in the region. The market for solar power equipment in the southern region is growing due to increasing investments in solar power equipment and presence of rich states in terms of annual quantity and availability of solar radiation. Southern solar power equipment market is anticipated to witness steady growth during forecast period.
India Solar Power Equipment Market Competitive Landscape
To increase customer demand, major vendors in solar power equipment market are focusing on introducing technologically advanced solutions and systems at cheaper prices. This helps vendors to differentiate themselves from counterparts and sustain competition. Moreover, strategic partnerships & collaborations with Developers & EPC contractors and investments in R&D activities are some of the other strategies adopted by major market players to enhance their existing product portfolio and expand their market footprints. Some of the leading players in the Indian solar power equipment market are Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd., Vikram Solar Limited, Waaree Energies Ltd., among others.
Years considered for this report:
Historical Years: 2014-2017
Base Year: 2018
Estimated Year: 2019
Forecast Period: 2020-2024
Objective of the Study:
- To analyze and forecast the market size of the Indian solar power equipment market.
- To forecast the Indian solar power equipment market based on equipment type, region and company.
- To identify drivers and challenges for the Indian solar power equipment market.
- To conduct pricing analysis for the Indian solar power equipment market.
- To identify and analyze the profile of leading players operating in the Indian solar power equipment market.
Some of the leading players in the Indian solar power equipment market are Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd., Vikram Solar Limited, Waaree Energies Ltd., Indosolar, Goldi Solar Pvt. Ltd., Gautam Solar Pvt. Ltd., Websol Energy System Limited, Central Electronics Limited, and Euro Multivision Ltd.
The author performed both primary as well as exhaustive secondary research for this study. Initially, the author sourced a list of equipment providers across regions in India. Subsequently, the author conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, the author could include the solution providers which could not be identified due to the limitations of secondary research. The author analyzed the service offerings, distribution channels and presence of all major equipment providers across the globe.
The author calculated the market size of the Indian solar power equipment market using a top-down approach, wherein data for various application across various end-user segments was recorded and forecast for the future years. The author sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied.
Key Target Audience:
- Solar power equipment manufacturers, suppliers, distributors and other stakeholders
- Solar project developers and EPC contractor
- Organizations, forums and alliances related to solar power market
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as solution providers and partners, end-users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, the Indian solar power equipment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Market, by Equipment:
- Solar Cell
- - Polycrystalline Cell
- - Monocrystalline Cell
- - Thin Film Solar
- Solar Inverter
- - Central Inverter
- - String Inverter
- Solar Charge Controller
- - Pulse Width Modulation
- - Simple 1 or 2 stage controls
- - Maximum Power Point Tracking
- Solar Thermal Controller
- - Concentrating
- - Non-Concentrating
Market, by Region:
Company Profiles: Detailed analysis of the major companies present in the Indian solar power equipment market.
With the given market data, the author offers customizations according to a company’s specific needs. The following customization options are available for the report:
- Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
- Profit margin analysis in case of direct and indirect sales channel.
*Note - Custom Research License:
10% specific customization is available free of any additional cost, for both the single user and enterprise license, as above. However, alternatively, if you are looking for additional content data or insight related to the scope of the report, you may purchase the new “Custom Research License”. Please enquire for pricing.
The custom research will be delivered in printable PDF format along with the report’s data excel sheet. This license offers 80 analyst hours. It is strongly recommended for an organization which wants to execute short ‘bespoke’ research projects related to the scope of the purchased report.
Please note: With the Enterprise license, the PDF product is printable and editable and comes with a market data excel sheet.
Table of Contents
1. Product Overview2. Research Methodology3. Analyst View
4.2. Factors Influencing Purchase Decision
4.3. Willingness to switch from existing brand
4.4. Challenges & Unmet Needs
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Equipment Type (Solar Cell, Solar Inverter, Solar Charge Controller, Solar Thermal Collector and Others)
6.2.2. By Region
6.2.3. By Company
7.1.1. By Value
7.2. Market Size & Forecast
7.2.1. By Type (Polycrystalline, Monocrystalline and Thin Film Solar)
8.1.1. By Value
8.2. Market Size & Forecast
8.2.1. By Type (Central Inverter and String Inverter)
9.1.1. By Value
9.2. Market Size & Forecast
9.2.1. By Type (Maximum Power Point Tracker, Pulse Width Modulation and Simple 1 or 2 Stage Controls)
10.1.1. By Value
10.2. Market Size & Forecast
10.2.1. By Type (Concentrating and Non-Concentrating)
18.1.1. Mundra Solar PV Ltd (Adani Solar)
18.1.2. Tata Power Solar Systems Ltd.
18.1.3. Vikram Solar Limited
18.1.4. Waaree Energies Ltd.
18.1.6. Goldi Solar Pvt. Ltd.
18.1.7. Gautam Solar Pvt. Ltd.
18.1.8. Websol Energy System Limited
18.1.9. Central Electronics Limited
18.1.10. Euro Multivision Ltd
A selection of companies mentioned in this report includes:
- Mundra Solar PV Ltd (Adani Solar)
- Tata Power Solar Systems Ltd.
- Vikram Solar Limited
- Waaree Energies Ltd.
- Goldi Solar Pvt. Ltd.
- Gautam Solar Pvt. Ltd.
- Websol Energy System Limited
- Central Electronics Limited
- Euro Multivision Ltd