As indicated in the latest market research report published by IMARC Group, titled "India Solar Panel Market Report by Product Type (Crystalline Silicon, Thin-Film), Installation Type (Rooftop, Ground-Mounted), Application (Residential, Commercial, Industrial), and Region 2025-2033," this report provides an in-depth analysis of the industry, featuring insights into the India solar panel market share. It encompasses competitor and regional analyses, as well as recent advancements in the market.
Market Size & Future Growth Potential
The India solar panel market size reached 9.9 GW in 2024. Looking forward, IMARC Group expects the market to reach 73.3 GW by 2033, exhibiting a growth rate of 24.89% during 2025-2033.
Latest Market Trends
India's solar panel market is experiencing an unprecedented transformation driven by a perfect convergence of government ambition, declining technology costs, and rapidly evolving consumer preferences. The momentum is undeniable—in just the first half of 2024, the country added a record 15 GW of solar capacity, representing a staggering 282% increase from the same period in 2023. This acceleration reflects a fundamental shift in how India is approaching its renewable energy transition.
One of the most compelling trends shaping the market is the explosive growth in rooftop solar installations. The government's flagship PM Surya Ghar: Muft Bijli Yojana scheme, launched in February 2024, has already catalyzed over 700,000 rooftop installations within just ten months of its launch. This residential solar expansion adds approximately 4.59 GW of capacity annually, making rooftops a critical component of India's distributed energy strategy. The appeal is straightforward—families and businesses can dramatically reduce electricity bills while contributing to India's renewable energy goals. Combined with declining solar panel costs, which have plummeted by 82-85% over the past fifteen years, residential installations have become economically irresistible for middle-class households seeking energy independence.
The localization of solar panel manufacturing has emerged as a game-changing trend. Domestic solar manufacturers supplied 7.56 GW of modules in 2024, a remarkable 65% increase from 4.59 GW in 2023, demonstrating that India's "Make in India" initiative is yielding tangible results. The Production Linked Incentive (PLI) scheme, offering substantial financial incentives to manufacturers, has accelerated this transformation. Major players like Gautam Solar are expanding aggressively—their new 5 GW manufacturing facility in Haryana will be operational by April 2025. Similarly, First Solar completed its 3.3 GW production facility in Tamil Nadu in January 2024, and Luminous Power Technologies inaugurated a manufacturing facility in Uttarakhand in March 2024. This manufacturing surge reduces India's import dependency while creating local employment and strengthening supply chain resilience.
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Market Scope and Growth Factors
The scope of India's solar panel market continues expanding as businesses across every sector recognize solar energy's strategic importance for long-term competitiveness and sustainability. India's installed renewable energy capacity reached 209.4 GW as of December 2024, with solar accounting for over 97 GW and representing nearly 46% of the total renewable energy portfolio. This scale demonstrates that solar has transitioned from an emerging technology to a mainstream energy source shaping India's power architecture.
Government policy frameworks have fundamentally broadened market opportunity. The National Electricity Plan (NEP) mandates India achieve 280 GW of solar PV capacity by 2030, requiring an average annual addition of 30 GW. Current installations and announced tenders suggest this target remains achievable—84.10 GW of solar projects are currently under implementation, while 47.49 GW remain in tendering phases. This pipeline visibility provides unprecedented market certainty for manufacturers, developers, and investors seeking to scale operations.
Infrastructure investments are unlocking distributed solar adoption at previously unattainable scales. The Interstate Transmission System (ISTS) charge waiver, beginning at 25% and progressing to complete elimination by June 2028, significantly reduces project economics for developers. This incentive structure has accelerated commercial solar adoption, as businesses recognize solar power purchase agreements (PPAs) offer cost certainty while reducing exposure to volatile grid electricity tariffs. Commercial electricity prices in India remain elevated, creating compelling value propositions for solar adoption across industrial, retail, and hospitality sectors.
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Comprehensive Market Report Highlights & Segmentation Analysis
Segmentation by Product Type:
- Crystalline Silicon
- Thin-Film
Segmentation by Installation Type:
- Rooftop Solar
- Ground-Mounted Solar
Segmentation by Application:
- Residential
- Commercial and Industrial
- Utility-Scale
Segmentation by Region:
- North India
- South India
- East India
- West India
Competitor Landscape:
The India solar panel market features intense competition among well-established and emerging players competing across manufacturing, installation, and integration services. Major manufacturers including Tata Power Solar, Adani Solar, Waaree Energies, Vikram Solar, RenewSys, Emmvee, Azure Power, Jakson, Goldi Solar, and Servotech Power Systems dominate market share through integrated supply chains, technological innovation, and strategic geographic presence.
Recent News and Developments
- PM Surya Ghar Scheme Success: Over 700,000 rooftop solar installations completed within ten months of scheme launch in February 2024, demonstrating unprecedented residential solar adoption and government policy effectiveness.
- Record Capacity Additions: India added 15 GW of solar capacity in the first half of 2024, representing a 282% increase from the same period in 2023, marking the fastest growth rate in the country's solar history.
- Manufacturing Expansion Acceleration: Gautam Solar announced its 5 GW facility in Haryana operational by April 2025; First Solar completed its 3.3 GW Tamil Nadu facility in January 2024; and Luminous Power Technologies inaugurated its Uttarakhand facility in March 2024.
- Cell Manufacturing Surge: India's solar cell manufacturing capacity reached 7.5 GW in the first half of 2025, with projections to reach 50-55 GW by fiscal year 2027, requiring approximately INR 28,000-30,000 crore in new investment.
- Advanced Technology Deployment: RenewSys signed an agreement in March 2025 to supply 72.5 MWp TOPCon Glass-to-Glass solar PV modules to Radiance Renewables, advancing high-efficiency technology commercialization.
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