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 share. It encompasses competitor and regional analyses, as well as recent advancements in the market. the report offers a comprehensive analysis of the industry, including India solar panel market share, and regional insights.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.
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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.
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.
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