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India Solar Energy Market - Growth, Trends, and Forecast (2020 - 2025)

  • ID: 5012247
  • Report
  • March 2020
  • Region: India
  • 90 pages
  • Mordor Intelligence
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FEATURED COMPANIES

  • ACME Solar
  • Adani Group
  • EMMVEE SOLAR
  • First Solar, Inc
  • Hanwha Q CELLS Co. Ltd
  • Mahindra Susten Pvt. Ltd
  • MORE
India's solar energy market is expected to grow at a CAGR of around 15% during the forecast period. In 2018, solar energy had an installed capacity of around 27 GW, accounting for nearly 23% of the total installed renewable energy in India. Major factors driving the market studied are the declining cost of the solar modules and the supportive government policies such as allowing 100% FDI under automatic route for renewable power generation and distribution projects which is expected to increase the participation from global players in the Indian market. The sharp decline in prices of solar technologies by about 77% between 2010 and 2018 (in kWh terms) has been one of the biggest drivers in the adoption of solar PV in the country. However, the tariff caps, land acquisition and import duty on solar cells and modules are expected to hinder the market growth during the forecast period.

With a majority market share of solar PV in 2018, the segment is expected to dominate the market during the forecast period owing to the upcoming solar PV projects.

India has abundant availability of solar irradiance and receives solar energy throughout the year. This has created enormous opportunities to exploit solar energy from the sunniest sites in the country, especially, Rajasthan, Gujarat and Andhra Pradesh. The aforementioned factor clubbed with foreign investment and extensive R&D projects are expected to provide an ample amount of opportunity for the growth of the solar energy market in India.

Key Market Trends

Solar Photovoltaic (PV) to Dominate the Market
  • India's solar energy sector includes solar photovoltaic and concentrated solar power projects. which has an installed capacity of around 26 GW and 0.22 GW in 2018.
  • India’s renewable energy capacity is forecast to double over 2018-23 as ambitious government targets and supportive policies at both the national and state level spur additions of 107 GW. Almost 60% of the growth is expected to come from solar PV projects.
  • To boost the solar PV projects, the government is taking various steps to mitigate various challenges such as land acquisition, and grid integration. The government is planning to allocated land and transmission infrastructure to the winning projects within a solar park.
  • India has few biggest solar PV projects in the world. The prominent among the projects is the Pavagada Solar Park, the world's largest solar PV project, which has a capacity of around 2050 MW and is spread over a land of 13,000 acres.
  • As of October 2019, India has 17 GW of under construction projects, which are expected to be in various stages of installation. Moreover, the governmnet is planning to tender nearly 36 GW of solar projects during the upcoming years. Implementation of these projects is expected to boost up solar PV market during the upcoming years.
Increasing Demand for the Solar Photovoltaic (PV) to Drive the Market
  • India is endowed with a very vast solar energy potential. The average solar radiation incident over the land is in the range of 4-7 kWh per day.
  • Moreover, Solar energy is becoming inexpensive in comparison to other conventional energy sources due to innovations in the solar sector that have reduced the global average selling prices of solar PV. With the anticipated improvements in technology and increased supply of panels from China/Europe, the capital costs are expected to stabilize at lower levels. As a result, investors/developers are expected to focus on the commercial viability of solar projects.
  • With the government promoting solar installation in the rural area by providing subsidized solar panels and other incentives, the solar PV installation is ought to increase during the forecast period and is expected to drive the market.
  • So far, only five CSP projects, namely, ACME solar tower (2.5 MW), Dhursar (125 MW), Godawari solar project (50 MW), Megha solar plant (50 MW), and national solar thermal power facility (1 MW) have started operations in India. Owing to factors, such as, huge capital expenditure, difficulty in securing land and water, and insufficient DNI data, other projects have been delayed.
Competitive Landscape

The India solar energy market is fragmented. Some of the major companies include Adani Group, EMMVEE SOLAR, Azure Power Global Limited, JinkoSolar Holdings Co. Ltd, and First Solar Inc.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This report will be delivered within 2 business days.
Note: Product cover images may vary from those shown
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FEATURED COMPANIES

  • ACME Solar
  • Adani Group
  • EMMVEE SOLAR
  • First Solar, Inc
  • Hanwha Q CELLS Co. Ltd
  • Mahindra Susten Pvt. Ltd
  • MORE
1 INTRODUCTION
1.1 Scope of the Report
1.2 Market Definition
1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Evolution of the Solar Power Market in India
4.3 Power Generation Mix, 2018
4.4 Solar Energy Installed Capacity and Forecast in MW, till 2025
4.5 Government Policies and Regulations
4.6 Recent Trends and Developments
4.7 Key Projects Information
4.8 Market Dynamics
4.8.1 Drivers
4.8.2 Restraints
4.9 Supply Chain Analysis
4.10 PESTLE Analysis

5 MARKET SEGMENTATION
5.1 Technology
5.1.1 Solar Photovoltaic (PV)
5.1.2 Concentrated Solar Power (CSP)
5.2 Deployment
5.2.1 Rooftop
5.2.2 Ground Mounted

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Key Company Profiles
6.3.1 Domestic Players
6.3.1.1 ACME Solar
6.3.1.2 Adani Group
6.3.1.3 Azure Power Global Limited
6.3.1.4 EMMVEE SOLAR
6.3.1.5 Mahindra Susten Pvt. Ltd
6.3.1.6 Sterling And Wilson Pvt. Ltd
6.3.1.7 Tata Power Solar Systems Ltd
6.3.1.8 Vikram Solar Limited
6.3.2 Foreign Players
6.3.2.1 JinkoSolar Holdings Co. Ltd
6.3.2.2 First Solar, Inc
6.3.2.3 Hanwha Q CELLS Co. Ltd
6.3.2.4 SMA Solar Technology AG
6.3.2.5 Trina Solar Limited

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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  • ACME Solar
  • Adani Group
  • Azure Power Global Limited
  • EMMVEE SOLAR
  • Mahindra Susten Pvt. Ltd
  • Sterling And Wilson Pvt. Ltd
  • Tata Power Solar Systems Ltd
  • Vikram Solar Limited
  • JinkoSolar Holdings Co. Ltd
  • First Solar, Inc
  • Hanwha Q CELLS Co. Ltd
  • SMA Solar Technology AG
  • Trina Solar Limited
Note: Product cover images may vary from those shown
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