India Solar Pv Panels Market Size & Outlook, 2023-2030
India solar pv panels market, 2018-2030 (US$M)
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India solar pv panels market highlights
- The India solar pv panels market generated a revenue of USD 7,313.4 million in 2023 and is expected to reach USD 13,685.2 million by 2030.
- The India market is expected to grow at a CAGR of 9.4% from 2024 to 2030.
- In terms of segment, thin film was the largest revenue generating technology in 2023.
- Thin Film is the most lucrative technology segment registering the fastest growth during the forecast period.
Solar pv panels market data book summary
| Market revenue in 2023 | USD 7,313.4 million |
| Market revenue in 2030 | USD 13,685.2 million |
| Growth rate | 9.4% (CAGR from 2023 to 2030) |
| Largest segment | Thin film |
| Fastest growing segment | Thin Film |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Thin Film, Crystalline Silicon |
| Key market players worldwide | JinkoSolar Holding Co Ltd DR, Canadian Solar Inc, Hanwha, GCL Technology Holdings Ltd, First Solar Inc, SunPower Corp |
Other key industry trends
- In terms of revenue, India accounted for 4.3% of the global solar pv panels market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China solar pv panels market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 13,685.2 million by 2030.
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Solar PV Panels Market Scope
Solar PV Panels Market Companies
| Name | Profile | # Employees | HQ | Website |
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India solar pv panels market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to solar pv panels market will help companies and investors design strategic landscapes.
Thin film was the largest segment with a revenue share of 48.32% in 2023. Horizon Databook has segmented the India solar pv panels market based on thin film, crystalline silicon covering the revenue growth of each sub-segment from 2018 to 2030.
India is recognized as one of the fastest-growing economies in Asia Pacific as well as the world. Increasing foreign direct investments in the country and rising number of foreign companies entering the Indian market are expected to boost the growth of the solar PV panels market.
India is considered as one of the emerging solar PV panel markets in the world on account of the growing government support with various schemes to promote power generation through renewable sources. In 2022, the Government of India launched central and state-wide subsidy for the installation of solar PV panels under which the net cost of solar PV panels decreased from 30% to 50%.
Additionally, the Ministry of New and Renewable Energy introduced Central Financial assistance programs and subsidies for various residential, commercial, and industrial users for setting up solar projects.
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Horizon Databook provides a detailed overview of country-level data and insights on the India solar pv panels market , including forecasts for subscribers. This country databook contains high-level insights into India solar pv panels market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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India solar pv panels market size, by technology, 2018-2030 (US$M)
India Solar PV Panels Market Outlook Share, 2023 & 2030 (US$M)
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