Authored By: Sarah
05 Jan 2024

Increasing Investments in Renewable Energy will Fuel up the Solar Power Market in India During 2023-2027

India's journey in solar power is under the spotlight, with numerous reports and market analyses projecting its promising trajectory. India - Solar Power Market growth with a focus on sustainability, the Indian solar energy market has been a pivotal player, witnessing significant growth and transformative changes. 

As per the India - Solar Power market research report forecast, from 2023 to 2027, the India - Solar Power Market is anticipated to grow at a 34.24% CAGR, resulting in an estimated market size surge of USD 273.82 billion.

How did India become a leader in solar energy? 

A major driving force behind India - Solar Power Market growth and trends surge lies in the escalating investments in renewable energy. This shift reflects a global trend toward balancing energy supply and demand while improving energy efficiency. Notably, reports from the International Energy Agency (IEA) highlight that despite the relatively higher cost of electricity production compared to conventional sources, there's been remarkable traction in installed renewable power generation capacity.


The burgeoning attractiveness of this sector owes much to the government's amplified support and enhanced economics. The IEA forecasts a substantial shift in India's energy landscape, predicting the nation to autonomously meet its energy demands by 2040, primarily leveraging renewable energy sources, especially solar power.
 

Technavio's latest report on "Solar Power Market in India by End-user and Application - Forecast and Analysis 2023-2027" is segmented by end-user (utility and rooftop) and application (grid-connected and off-grid).

Solar Power Market Size, Share, Growth and Forecast [2023-2027]

India Solar Energy Market Analysis Report 2023


What is the future of solar power in India? 

As these factors continue to gain momentum, they cast a positive light on India's solar power market. It's poised for significant growth, buoyed by these encouraging indicators and the nation's increasing commitment to renewable energy, paving the way for a promising future in solar power.

ABB Ltd., ACME Solar, Adani Group, Azure Power, Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Lanco Infratech Ltd., Larsen and Toubro Ltd., Mahindra, and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling, and Wilson Renewable Energy Ltd., are some of the major market pioneers contributing to this market development.

When it comes to the India - Solar Power Market trends, Solar power in India is experiencing a notable shift, propelled by the increased adoption of floating solar power plants, an emerging technology still in its nascent stage globally. New systems boast a unique advantage: they can operate in both artificial and natural water bodies, diverging from traditional land-based arrays, offering a promising outlook for India - Solar Power Market growth in the forecast period. Explore the intricate dynamics of the market and unlock key insights from our comprehensive investigation of Solar power in India in our best-selling report.

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