India Solar Rooftop Market
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India Solar Rooftop Market, By Capacity (<10 kW, 11 kW–100 kW, >100 kW); By Connectivity (On-Grid, Off-Grid); By End User (Residential, Commercial, Industrial); By Region (North India, South India, East India, West India), Trend Analysis, Competitive Landscape & Forecast, 2019–2030
- Published Date: June 2024
- Report ID: BWC24431
- Available Format: PDF
- Page: 200
Report Overview
An increasing cost of conventional electricity, a spurring demand for renewable energy driven by the government’s supportive subsidies and net metering policies, and growing adoption of advancements in solar technology enhancing efficiency and affordability are expected to drive the India Solar Rooftop Market during the forecast period between 2024 and 2030.India Solar Rooftop Market – Industry Trends & Forecast Report, 2030
The India Solar Rooftop Market size was estimated at USD 5.23 billion in 2023. During the forecast period between 2024 and 2030, the India Solar Rooftop Market size is projected to grow at a CAGR of 7.88% reaching a value of USD 6.19 billion by 2030. Prominent drivers of the market include an increasingly high demand for renewable energy from the commercial and industrial sectors, along with government initiatives promoting renewable energy integration. Solar Rooftop installations empower individuals and businesses to embrace clean and sustainable electricity generation, fostering energy independence and environmental well-being. Also, growing consumer and business awareness regarding the detrimental effects of fossil fuels is propelling market expansion. Solar energy emerges as the clean, sustainable answer, mitigating greenhouse gas emissions and lessening reliance on non-renewable resources. Technological advancements and economies of scale have slashed solar panel costs in recent years, making this clean energy solution more financially attractive for homeowners and businesses, thereby accelerating its market adoption.
Solar Rooftop – Overview
Solar Rooftop refers to the installation of photovoltaic (PV) panels on the roof of a building to generate electricity from sunlight. PV systems convert sunlight directly into electricity, which can be used to power the building's electrical systems, stored in batteries, or fed into the electric grid. Solar Rooftop systems can be installed on residential, commercial, or industrial buildings and are a key component of distributed renewable energy generation. They help reduce reliance on fossil fuels, decrease electricity costs, and lower carbon emissions.
India Solar Rooftop Market
Growth Drivers
Growing Demand for Clean Energy
The growing demand for clean energy is significantly enhancing the India Solar Rooftop Market. Renewable energy has become increasingly popular due to its cost-effectiveness, low maintenance requirements, and ability to reduce the carbon footprint by cutting greenhouse gas emissions. The shortage of conventional energy sources like coal further accelerates the shift towards solar energy. As reported by the United Nations, resource extraction and processing contribute to half of the global greenhouse gas emissions. The photovoltaic cells in solar panels harness sunlight to generate electricity efficiently. Government initiatives, such as the Suryodaya scheme, are pivotal in this growth. By providing 300 units of free electricity monthly to 10 million households, the scheme aims to add nearly 30GW of Solar Rooftop capacity. Despite challenges like policy inconsistencies and financing hurdles, advancements in solar technology and reduced costs make Solar Rooftop increasingly viable and attractive. As of December 2023, Solar Rooftop capacity stood at 11GW, representing 14.5% of India’s total installed solar capacity. This growth underscores the significant role of clean energy in driving the expansion of the Solar Rooftop market in India.
Supportive Subsidies and Net Metering Policies
India's Solar Rooftop market is propelled by government initiatives, particularly subsidies and net metering policies. The Ministry of New and Renewable Energy (MNRE) reports India as the fifth global leader in solar power deployment, with 70.10 GW capacity commissioned as of June 30, 2023. Solar Rooftop capacity surged to 8,877 MW by March 2023, attributed partly to heightened awareness and government subsidies. Notable initiatives include Rajasthan Electricity Regulatory Commission's expansion of net metering capacity to 1 MW in March 2024 and Tamil Nadu Electricity Regulatory Commission's 50% network charge exemption for MSME Solar Rooftop consumers in November 2023. Such incentives drive market growth, with new schemes expected to further fuel adoption across residential, commercial, and industrial sectors.
Challenges
Government Policy Impact
Changes in government policies or subsidies can significantly affect the growth of the India Solar Rooftop Market. Reductions or removals of subsidies may discourage adoption by making solar systems less financially attractive for consumers. Similarly, inconsistent policies can create uncertainty, leading to hesitancy among investors and consumers. Conversely, stable, and supportive policies can spur growth by providing clarity and incentives for investment in Solar Rooftop installations. Therefore, fluctuations in government policies or subsidies can hinder the growth of the India Solar Rooftop Market.
Impact of Escalating Geopolitical Tensions on India Solar Rooftop Market
Intensifying geopolitical tensions can have a multifaceted impact on the India Solar Rooftop Market. Such tensions may disrupt supply chains, leading to shortages of critical components like solar panels and inverters. Additionally, heightened uncertainties can deter foreign investment, slowing down the pace of project development. Instability can also result in fluctuating currency exchange rates, increasing project costs. Moreover, geopolitical conflicts may divert government attention and resources away from renewable energy initiatives, delaying policy implementations and regulatory support for the solar sector. Consequently, the Solar Rooftop market in India may experience slowdowns or setbacks due to escalating geopolitical tensions.
India Solar Rooftop Market
Segmental Coverage
India Solar Rooftop Market – By Capacity
By capacity, the India Solar Rooftop Market is divided into <10 kW, 11–100 kW, and >100 kW segments. The 11–100 kW capacity segment holds the highest share in the India Solar Rooftop Market. It is primarily due to its versatility and applicability across diverse consumer segments. This segment appeals to a broad spectrum of consumers, including small and medium-sized enterprises (SMEs), educational institutions, and residential complexes. Its moderate capacity strikes a balance between meeting energy needs and ensuring cost-effectiveness, making it attractive for a wide range of rooftop installations. Also, government incentives and favorable policies often target this segment, further driving its market share growth.
India Solar Rooftop Market – By Connectivity
Based on connectivity, the India Solar Rooftop Market is split into On-Grid and Off-Grid segments. The on-grid segment holds a higher share in the India Solar Rooftop Market by connectivity. It can be attributed to its seamless connectivity to the utility grid. With photovoltaic panels linked to the grid through inverters, consumers can efficiently feed excess electricity into the central power system, typically through net-metering arrangements. This setup is favored by various consumer segments, including commercial, industrial, and residential users, seeking to slash electricity costs. India's substantial growth in on-grid solar PV systems stems from supportive government policies and initiatives like the Grid Connected Solar Rooftop Scheme, aiming for a cumulative installed capacity of 40,000 MW by March 2026. Schemes like the Solar Rooftop Program Phase-II and the National Portal streamline installation processes and incentivize adoption, propelling the on-grid segment's expansion. As evidenced by Gujarat, Maharashtra, and Karnataka's significant capacities, the on-grid segment is poised for further growth, driven by rising Solar Rooftop adoption and robust government support.
India Solar Rooftop Market – By End User
Based on end user, the India Solar Rooftop Market is divided into Residential, Commercial, and Industrial segments. The residential segment holds the highest share in the India Solar Rooftop Market by end user. Residential consumers increasingly seek sustainable and cost-effective energy solutions, with Solar Rooftop installations offering them the opportunity to generate their own clean energy and reduce electricity bills. Government incentives and subsidy programs specifically target residential installations, making them more financially accessible. Advancements in solar technology have also made Solar Rooftop systems more efficient, affordable, and aesthetically appealing, further driving residential adoption. Overall, a combination of environmental consciousness, financial incentives, and technological advancements makes the residential segment the leading choice for Solar Rooftop adoption in India.
India Solar Rooftop Market – By Region
Geographically, the India Solar Rooftop Market is divided into North India, South India, East India, and West India regions. South India region holds the highest share in the India Solar Rooftop Market. It is primarily driven by its substantial solar and wind energy potential. States like Karnataka, Kerala, Tamil Nadu, Andhra Pradesh, and Telangana boast significant renewable energy resources, totaling 1,526 GW of solar energy potential and 1,124 GW of wind energy potential. However, realizing this potential necessitates substantial investments in strengthening intra-region transmission infrastructure. Collaborative efforts among policymakers, industry stakeholders, and civil society are crucial to accelerate South India's transition to net-zero emissions, positioning it as a leader in Solar Rooftop adoption and contributing significantly to India's renewable energy targets by 2030.
Competitive Landscape
Major players operating in India Solar Rooftop Market include Tata Power Solar, Adani Solar, Vikram Solar, Waaree Energies, Renew Power, Azure Power, CleanMax Solar, Hero Future Energies, Fourth Partner Energy, and Amplus Solar. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
Recent Developments
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In April 2024 - Apple revealed its plans to collaborate with CleanMax, a renewable energy developer, to invest in six Solar Rooftop projects in India. These projects, with a combined capacity of 14.4 MW, aim to power Apple's facilities, including offices and retail stores in Mumbai and New Delhi, once operational.
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In March 2024 - GAIL (India) issued a call for bids for a Solar Rooftop project. The project involves the design, supply, installation, testing, and commissioning of a grid-tied Solar Rooftop PV system. Additionally, it encompasses a comprehensive 5-year Annual Maintenance Contract (AMC) to distribute electricity generated by the project to the Krishna Godavari Basin region.
Scope of the Report
Attributes |
Details |
Years Considered |
Historical Data – 2019–2030 |
Base Year – 2023 |
|
Estimated Year – 2024 |
|
Forecast Period – 2024–2030 |
|
Facts Covered |
Revenue in USD Billion |
Market Coverage |
India |
Product/ Service Segmentation |
Capacity, Connectivity, End User, Region |
Key Players |
Tata Power Solar, Adani Solar, Vikram Solar, Waaree Energies, Renew Power, Azure Power, CleanMax Solar, Hero Future Energies, Fourth Partner Energy, Amplus Solar |
By Capacity
-
<10 kW
-
11–100 kW
-
>100 kW
By Connectivity
-
On-Grid
-
Off-Grid
By End User
-
Residential
-
Commercial
-
Industrial
By Region
-
North India
-
South India
-
East India
-
West India
- Research Framework
- Research Objective
- Product Overview
- Market Segmentation
- Executive Summary
- India Solar Rooftop Market Insights
- Industry Value Chain Analysis
- DROC Analysis
- Growth Drivers
- Subsidies and net metering policies
- Increasing cost of conventional electricity
- Growing Demand for Clean Energy
- Advancements in solar technology enhancing efficiency and affordability
- Restrains
- Impact of changes in government policies or subsidies
- Effects of global supply chain disruptions on project timelines and costs
- Need for careful planning and investment for large-scale Solar Rooftop integration into the existing grid infrastructure
- Opportunities
- Significant potential for Solar Rooftop adoption in MSME sector
- Peer-to-peer trading incentives
- Development of innovative financing solutions to reduce upfront installation costs
- Smart grid integration
- Challenges
- High upfront installation costs
- Limited awareness of benefits and economics of Solar Rooftop
- Growth Drivers
- Technological Advancements/Recent Developments
- Regulatory Framework
- Porter’s Five Forces Analysis
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- Threat of New Entrants
- Threat of Substitutes
- Intensity of Rivalry
- India Solar Rooftop Market: Pricing Analysis
- India Solar Rooftop Market: Marketing Strategies
- India Solar Rooftop Market Overview
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Capacity
- <10 kW
- 11–100 kW
- >100 kW
- By Connectivity
- On-Grid
- Off-Grid
- By End User
- Residential
- Commercial
- Industrial
- By Region
- North India
- South India
- East India
- West India
- By Capacity
- Market Size & Forecast, 2019–2030
- North India Solar Rooftop Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Capacity
- By Connectivity
- By End User
- Market Size & Forecast, 2019–2030
- South India Solar Rooftop Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Capacity
- By Connectivity
- By End User
- Market Size & Forecast, 2019–2030
- East India Solar Rooftop Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Capacity
- By Connectivity
- By End User
- Market Size & Forecast, 2019–2030
- West India Solar Rooftop Market
- Market Size & Forecast, 2019–2030
- By Value (USD Billion)
- Market Share & Forecast
- By Capacity
- By Connectivity
- By End User
- Market Size & Forecast, 2019–2030
- Competitive Landscape
- List of Key Players and Their Products
- India Solar Rooftop Company Market Share Analysis, 2023
- Competitive Benchmarking, By Operating Parameters
- Key Strategic Developments (Mergers, Acquisitions, Partnerships)
- Impact of Escalating Geopolitical Tensions on India Solar Rooftop Market
- Company Profiles (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook, and SWOT Analysis)
- Tata Power Solar
- Adani Solar
- Vikram Solar
- Waaree Energies
- Renew Power
- Azure Power
- CleanMax Solar
- Hero Future Energies
- Fourth Partner Energy
- Amplus Solar
- Other Prominent Players
- Key Strategic Recommendations
- Research Methodology
- Qualitative Research
- Primary & Secondary Research
- Quantitative Research
- Market Breakdown & Data Triangulation
- Secondary Research
- Primary Research
- Breakdown of Primary Research Respondents
- Assumptions & Limitations
- Qualitative Research
*Financial information of non-listed companies can be provided as per availability.
**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.
List of Figures
Figure 1 India Solar Rooftop Segmentation
Figure 2 India Solar Rooftop Market Value Chain Analysis
Figure 3 Company Market Share Analysis, 2023
Figure 4 India Solar Rooftop Market Size, By Value (USD Billion), 2019–2030
Figure 5 India Solar Rooftop Market Share, By Type, By Value (USD Billion), 2019–2030
Figure 6 India Solar Rooftop Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030
Figure 7 India Solar Rooftop Market Share, By Technology, By Value (USD Billion), 2019–2030
Figure 8 India Solar Rooftop Market Share, By End User, By Value (USD Billion), 2019–2030
Figure 9 India Solar Rooftop Market Share, By Purchase Type, By Value (USD Billion), 2019–2030
List of Tables
Table 1 India Solar Rooftop Market Size, By Value (USD Billion), 2019–2030
Table 2 India Solar Rooftop Market Share, By Type, By Value (USD Billion), 2019–2030
Table 3 India Solar Rooftop Market Share, By Distribution Channel, By Value (USD Billion), 2019–2030
Table 4 India Solar Rooftop Market Share, By Technology, By Value (USD Billion), 2019–2030
Table 5 India Solar Rooftop Market Share, By End User, By Value (USD Billion), 2019–2030
Table 6 India Solar Rooftop Market Share, By Purchase Type, By Value (USD Billion), 2019–2030
Table 7 Tata Power Solar Company Overview
Table 8 Tata Power Solar Financial Overview
Table 9 Adani Solar Company Overview
Table 10 Adani Solar Financial Overview
Table 11 Vikram Solar Company Overview
Table 12 Vikram Solar Financial Overview
Table 13 Waaree Energies Company Overview
Table 14 Waaree Energies Financial Overview
Table 15 Renew Power Company Overview
Table 16 Renew Power Financial Overview
Table 17 Azure Power Company Overview
Table 18 Azure Power Financial Overview
Table 19 CleanMax Solar Company Overview
Table 20 CleanMax Solar Financial Overview
Table 21 Hero Future Energies Company Overview
Table 22 Hero Future Energies Financial Overview
Table 23 Fourth Partner Energy Company Overview
Table 24 Fourth Partner Energy Financial Overview
Table 25 Amplus Solar Company Overview
Table 26 Amplus Solar Financial Overview
Table 27 Other Prominent Players Company Overview
Table 28 Other Prominent Players Financial Overview
Market Segmentation
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