+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

PRINTER FRIENDLY

India Rooftop Solar Market - Growth, Trends, and Forecasts (2020 - 2025)

  • ID: 5120374
  • Report
  • June 2020
  • Region: India
  • 100 pages
  • Mordor Intelligence

FEATURED COMPANIES

  • Azure Power India Pvt Ltd
  • Mahindra Susten Pvt Ltd
  • ReNew Power Pvt Ltd.
  • Sunsource Energy Pvt Ltd
The India rooftop solar market is expected to grow at a CAGR of more than 25% over the period of 2020-2025. Factors such as rising environmental concerns, favorable government policies, incentives and tax benefits for solar panel installation, and high cost of grid expansion especially in rural areas are expected to be major drivers driving the market. Additionally, the advancement in technology leading to solar panel manufacturing cost reduction and an increase in efficiency has been a major factor for the growth of the India rooftop solar market. Lack of general awareness is likely to restrain the growth of the India rooftop solar market in the coming years.
  • The industrial sector is expected to dominate the market during the forecast period, owing to factors like very high tariffs for electricity from central grids.
  • Commercial and industrial sectors are showing a growing interest in distributed solar power generation due to various economic benefits and a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids. This has created a huge opportunity for rooftop solar in the country.
  • The gradual shift from energy generation from conventional sources such as coal and natural gas to clean energy is expected to help grow the rooftop solar market in the country.
Key Market Trends

Industrial Sector to Dominate the Market
  • The industrial sector had dominated the rooftop solar market in recent years and is expected to witness significant growth in the forecast period, owing to factors like high tariff rate of electricity from central grids, reduced payback period, and increasing demand for clean energy.
  • The share of the industrial sector in solar rooftop installed capacity has grown each year, from a mere 32% in 2015 to 63% in 2019. This trend is expected to continue in the forecast period too.
  • Solar power is now cheaper for industrial entities as compared to electricity from central grids. The average tariff from the central grid is around INR 6-11/kWh, while the levelized cost of electricity (LCOE) for rooftop solar averages around INR 3-5/kWh.
  • The payback period for industrial consumers has come down to 3-4 years and is likely to further reduce with the advancement in technology, reduction in equipment costs, and rise in retail tariffs of industrial entities by ailing distribution utilities.
  • Therefore, the aforementioned factors are expected to help grow the market in the forecast period.
Increasing Demand for Clean Energy to Drive the Market
  • Increasing demand for clean energy is one of the primary drivers for the rooftop solar market in the country.
  • Rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
  • Commercial and industrial systems remain the largest segment because their electricity tariffs are relatively higher than other sectors; also they have a relatively stable load profile during the day that can enable larger savings on electricity bills, depending on the policy scheme in place.
  • Rooftop solar installed capacity grew from a total of 623 MW in 2015 to 5,440 MW by the end of 2019. The five largest states by installed rooftop solar are Maharashtra, Rajasthan, Tamil Nadu, Karnataka, and Gujrat; these states combined make up around 46% of India’s installed rooftop solar capacity.
  • These, in turn, likely to propel the demand for rooftop solar in the region during the forecast period.
Competitive Landscape

The India rooftop solar market is fragmented. Some of the key players in this market include Cleantech Solar Energy India Pvt Ltd, Fourth Partner Energy Pvt Ltd, Amplus Solar Power Pvt Ltd, Tata Power Solar Systems Limited, and Growatt New Energy Technology CO.,LTD.

Reasons to Purchase this report:
  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • Azure Power India Pvt Ltd
  • Mahindra Susten Pvt Ltd
  • ReNew Power Pvt Ltd.
  • Sunsource Energy Pvt Ltd
1 INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions

2 EXECUTIVE SUMMARY

3 RESEARCH METHODOLOGY

4 MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in MW, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry

5 MARKET SEGMENTATION
5.1 End-User
5.1.1 Commercial
5.1.2 Industrial
5.1.3 Residential

6 COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 Cleantech Solar Energy India Pvt Ltd
6.3.2 Fourth Partner Energy Pvt Ltd
6.3.3 Amplus Solar Power Pvt Ltd
6.3.4 Azure Power India Pvt Ltd
6.3.5 Clean Max Enviro Energy Solutions Pvt Ltd
6.3.6 Sunsource Energy Pvt Ltd
6.3.7 ReNew Power Pvt Ltd.
6.3.8 Tata Power Solar Systems Limited
6.3.9 Mahindra Susten Pvt Ltd
6.3.10 Growatt New Energy Technology CO.,LTD
6.3.11 Sungrow Power Supply Co Ltd

7 MARKET OPPORTUNITIES AND FUTURE TRENDS
Note: Product cover images may vary from those shown

Loading
LOADING...

  • Cleantech Solar Energy India Pvt Ltd
  • Fourth Partner Energy Pvt Ltd
  • Amplus Solar Power Pvt Ltd
  • Azure Power India Pvt Ltd
  • Clean Max Enviro Energy Solutions Pvt Ltd
  • Sunsource Energy Pvt Ltd
  • ReNew Power Pvt Ltd.
  • Tata Power Solar Systems Limited
  • Mahindra Susten Pvt Ltd
  • Growatt New Energy Technology CO.,LTD
  • Sungrow Power Supply Co Ltd
Note: Product cover images may vary from those shown

Loading
LOADING...

Adroll
adroll