India Solar Energy Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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The installed solar energy capacity capacity is expected to expand at a CAGR of 27.84% during the FY 2022 to FY 2027 period.
There has been a spurt in the demand for renewable energy since conventional electricity generation methods such as thermal power plants are getting exhausted. In India, solar power is one of the most popular renewable sources of energy. The solar energy market is constantly expanding through efficient collaboration between the government and the private sector. In FY 2020, India ranked fifth in solar power installed capacity. The Ministry of New and Renewable Energy (MNRE) regulates the market.
Some of the major producers are Adani Power Limited, The Tata Power Company Limited, ReNew Energy Global Plc, and Torrent Power Limited.
Market insights:
Solar energy generation has become central to the National Action Plan on Climate Change. At present, most of the solar photovoltaic (PV) panel installations in India are done using crystalline silicon, which improves the power efficiency by about 22% The National Solar Mission is one of the key initiatives to promote solar power expansion/generation. Solar power capacity has increased by more than 15 times in the last seven years, from 2.6 GW in March 2014 to 41.09 GW in May 2021.
Segment insights:
The solar energy market can be segmented on the basis of grid connected solar applications and off-grid solar applications. The grid connected solar application segment holds the largest market share. Application-wise status of installations under the Off-grid and Decentralised Solar PV Applications Programme is comparatively much lower than grid connected applications. Ministry of New and Renewable Energy (MNRE) has aimed to provide solar PV-based applications in areas where grid power is either not available or is unreliable, with the help of its Off-grid Solar PV Applications Programme.
COVID-19 impact analysis:
In India, demand for electricity dropped when a lockdown was imposed during the first wave of COVID-19, causing commercial and office spaces to stay closed. This adversely impacted the demand for solar power. The supply side was also negatively impacted as 85% of the migrant labor in solar parks returned to their villages during the lockdown. With the easing of restrictions on movement, solar companies started procuring and setting up solar plants once again. The government also started promoting domestic solar products and introduced several policies to boost the solar energy market before and after the second wave of the pandemic. Given the government’s efforts to revive the market in light of the pandemic, solar energy along with other renewable resources may be dedicated to tackle climate change.
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Our most recent research report showcases the thriving expansion of the India Solar Energy Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Solar Energy market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Solar Energy in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Solar Energy market?
- What is the market share of the top 5 players in the India Solar Energy market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Solar Energy market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Solar Energy market?
- What are the challenges related to the supply chain and logistics that India Solar Energy market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Solar Energy market?
- What are the potential risks and uncertainties associated with investing in the India Solar Energy market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Solar Energy market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Solar Energy market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Solar Energy market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Solar Energy business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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