Solar Energy Market Landscape in India & Outlook till 2030

India renewable energy (RE) sector has encountered a growth rate of 14% in five years, from FY 2017 to FY 2022. This growth takes India to achieve the milestone of 114 GW of RE capacity as of Sept 2022. Of this total recorded capacity contribution of solar stands to be approx. 51%.The share of solar installed capacity in India has increased at a CAGR of 29% over the last decade from FY 2012, making it to rise from 4% to 51% (as of Sept. 22). Presently, the solar installed capacity of India is 57 GW. Some of the key contributing states to this capacity are -Rajasthan (15 GW), Gujarat (8 GW), Karnataka (7.7 GW), Tamil Nadu (5.8 GW) and Telangana (4.6 GW). Cumulatively these states drive nearly 69% of overall solar installation in the country.

• First-hand sector knowledge and inputs
• Primary research inputs from F2F interviews with domain experts
• Experts insights and market reviews are taken into consideration
• Validated data and analysis | Opportunity mapping and market sizing
• Germinates from minds that think fresh to evolve path-finding guides for all stakeholders through quality information and analysis
• Free query handling and analyst support for three months from the date of report procurement

• Capability examination, Competition landscaping & benchmarking of solar power OEMs in India
• Capability examination, Competition landscaping & benchmarking of solar power developers - utility-scale, rooftop, new solar energy transition (such as – energy storage)
• State-wise indexation of existing solar power capacity, policies & regulatory landscape
• State-wise track of upcoming solar power capacities – zoning the potential opportunity regions
• Development status track of announced/planned/shovel-ready solar power projects
• Track of solar assets that hold M&A potential
• Examining the business potential of the solar industry vis-à-vis: solar utility-scale, solar rooftop, off-grid installation, solar-wind hybrid, BESS, hydrogen segment
• Identifying opportunities for international investment banking/portfolio management/financial institutions
• Solar industry outlook of India till 2030

The Indian solar market prospect looks promising with an annual CAGR of 14.6 % between 2019 and 2022. India’s focus is on the green energy transition for which the production cost of solar power is also reducing with a supportive policy framework, which is, in turn, increasing the scope for solar power. The government of India is actively promoting the development of domestic solar cells and module manufacturing capacity through various schemes under the Make in India initiative. Reduction in solar tariff was also one of the main reasons for the growth in the Indian solar sector which is reduced by approx. 72% in the last decade to 2 INR/kWh till FY 2022. Also, the Solar Industry has been the interest of players involved in this sector for 2-3 years. Other Industry players are also showing interest in Joint ventures and acquisitions of small industries. E.g. JSW which is a steel industry mammoth has installed 10 GW of solar so far and 225 MW of solar projects are under construction. As per our analysis in the BAU scenario, 137 GW of solar is likely to be installed by 2030, while in the high solar scenario, India there is a possibility to achieve 217 GW by 2030. Hence there lies a serious potential business case across the Indian solar segment that needs to be presented but the lack of credible market information is a challenge that needs to be addressed. At Eninrac our focus is to study the markets at multi-layer and unearth the opportunities & challenges for each core segment of industry be it input, process, or output with credible data feeds. Therefore, we are channeling our resources to deliver a dossier of its kind for the assessment of the solar industry outlook in India till 2030 for a wide spectrum of value chains with factored market accelerators required in the country.

• Solar Project Developers
• Solar Rooftop Developers
• Other RE Developers & OEMs
• Independent Power Producers
• EPC companies
• Distribution Companies
• Open Access consumers
• Logistics Companies
• Large Industrial Consumers
• Consulting Agencies
• Government Agencies
• Regulatory Authorities
• Investment Banks
• Funding Bodies

• Waaree Energies Limited
• Mundra Solar PV Ltd.
• Vikram Solar Ltd.
• RenewSys India Pvt. Ltd.
• Premier Energies Photovoltaic Pvt. Ltd
• Tata Power Solar Systems Ltd.
• Mundra Solar Energy Ltd
• Emmvee Photovoltaic Power Pvt. Ltd.
• Goldi Solar Pvt. Ltd.
• Waaree Renewables Pvt. Ltd.
• Reliance New Energy
• Adani Power
• REC Solar
• Faradion Limited
• JSW Energy