Solar Power Market in India to grow by USD 240.42 billion from 2021 to 2026; ABB Ltd., ACME Solar, among others identified as key trends - Technavio

NEW YORK, March 15, 2023 /PRNewswire/ -- The solar power market in India size is estimated to grow by USD 240.42 billion from 2021 to 2026. However, the growth momentum will decelerate at a CAGR of 35.24% during the forecast period. The market is segmented by end-user (utility and rooftop) and application (grid-connected and off-grid). The market will witness significant growth in the utility segment during the forecast period. The decline in the prices of solar PV installation and favorable government policies are driving the growth of the segment. To understand more about the solar power market in India, request a sample report.

Solar Power Market in India: Insights

• Vendors: 15+, including ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Investment and Holding Co. Ltd., JA Solar Technology Co. Ltd., juwi AG, Sterling and Wilson Solar Ltd., among others
• Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
• Segments: End-user (utility and rooftop) and Application (grid-connected and off-grid)

Solar power market in India - Vendor Insights

The solar power market in India is fragmented. The market comprises numerous international and regional players that offer a wide range of products and solutions. The threat of rivalry among vendors is moderate owing to high capital requirements. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including –

• ABB Ltd. - The company offers solar power services that include electrical power which includes energy production, power transmission, transportation, process automation and pollution control, under the brand name ABB Ltd.
• ACME Solar - The company offers solar power services that include innovative green energy, energy management solutions such as solar water heating, water heating systems, solar heating, solar ventilation, solar lighting, portable solar, and solar transportation, under the brand name ACME Solar.
• Adani Enterprises Ltd. - The company offers solar power services that include solar electricity, solar water heating, solar heating, solar ventilation, solar lighting, portable solar, solar transportation, and others under the brand name Adani Enterprises Ltd.
• Azure Power - The company offers solar power services that include solar power plants, solar water heating, water heating systems, solar heating, solar ventilation, solar lighting, portable solar, and others under the brand name Azure Power.

Solar Power Market in India – Market Dynamics

The market is driven by increasing investments in renewable energy. However, the presence of alternative energy sources will hinder the growth of the market. The solar power market in India report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.

Drivers and challenges have an impact on market dynamics and can impact businesses. Find some insights from a sample report.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial

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• Add credibility to strategy
• Analyzes competitor's offerings 
• Get a holistic view of the market

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What are the key data covered in this solar power market in India report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the solar power market in India between 2022 and 2026
• Precise estimation of the size of the solar power market in India and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the solar power market across India
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of solar power market vendors in India

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Related Reports:

• The renewable energy market is estimated to grow at a CAGR of 8.91% between 2022 and 2027. The size of the market is forecast to increase by 1,776.08 GW. The market is segmented by end-user (residential, industrial, and commercial), type (hydropower, wind, solar, and others), and geography (APAC, Europe, North America, South America, and Middle East and Africa).
• The off-grid solar power systems market is estimated to grow at a CAGR of 11.92% between 2022 and 2027. The size of the market is forecast to increase by USD 3,263.94 million. The market is segmented by type (AC and DC), application (non-residential and residential), and geography (APAC, Europe, Middle East and Africa, North America, and South America).

Browse through Technavio's Utilities Market Reports

Table of contents:

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Grid-connected - Market size and forecast 2021-2026
• Off-grid - Market size and forecast 2021-2026
• Market opportunity by Application

Market Segmentation by End-user

• Market segments
• Comparison by End-user
• Utility - Market size and forecast 2021-2026
• Rooftop - Market size and forecast 2021-2026
• Market opportunity by End-user

Customer landscape

• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• ABB Ltd.
• ACME Solar
• Adani Enterprises Ltd.
• Azure Power
• Canadian Solar Inc.
• GCL System Integration Technology Co. Ltd.
• Huawei Investment and Holding Co. Ltd.
• JA Solar Technology Co. Ltd.
• juwi AG
• Sterling and Wilson Solar Ltd.

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

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