India Solar Energy Market Report 2021: Latest Trends, Top Manufacturers, Product Type, End User, Impact Due to COVID-19 and Forecast 2027

 A comprehensive overview of the India Solar Energy market is recently added by UnivDatos Market Insights to its humongous database. The India Solar Energy market report has been aggregated by collecting informative data of various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the India Solar Energy market. The India Solar Energy market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the India Solar Energy market at the global and regional levels. India Solar Energy market is expected to grow at a CAGR of ~8% during the analyzed period.

Market Overview  

In 2014, the government of India launched a scheme for the development of solar parks. It is aimed to provide impetus solar power generation by tackling acute challenges which are related to land acquisition and transmission connectivity. As of 2019, 38 solar parks with the total capacity of 23,104 MW have been approved by MNRE across 16 states. India has been endowed with a vast potential of solar energy. Approximately 5,000 trillion kWh of energy per years is incident on India with most parts receiving 4-7 kWh per sq. m per day. Solar photovoltaics power can be harnessed effectively and can provide huge scalability in India. Power can be generated on distributed basis with solar energy and enables rapid capacity additions with short lead times. Off grid decentralized and low temperature application can be beneficial in rural electrification and meet other energy needs for power, heating and cooling in both urban and rural areas. Solar is the most secure form of energy and its vastly available in India. Theoretically, if even a small fraction of the incident solar energy is captured effectively, it can meet the entire power requirements of the country.

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COVID-19 Impact

There was a 36% decrease in solar power capacity reductions during 2021 which fell by 36% as compared to 2020. This is largely attributed to supply chain disruptions, logistical restrictions and construction delays during the pandemic lockdowns. However, despite these roadblocks, the aggregate solar capacity of India surpassed the total wind capacity in February 2021. Additionally, between April 2020 and February 2021, solar generation was almost 8% higher than the previous fiscal and its share in the total supply was consistently higher. Even though the overall electricity demand fell during the lockdown, there was an attractiveness towards the renewable energy sector. As auctions continued, record low solar tariffs were witnessed, new market entrants won some bids, commissioning deadlines were extended, must-run status was ensured and investors generally shoed a strong interest in the share of renewable companies. In addition to this Indian renewable companies managed to raise billions of dollars of debt from overseas sources till the end of 2021. One dark side of all this progress is that a significant amount of auctioned capacity, mostly solar, has still not been able to find buyers.

India Solar Energy market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Technology, the market is primarily segmented into

·        Photovoltaic systems

·        Concentrated solar power systems

o   Parabolic trough

o   Solar power tower

o   Fresnel reflectors

o   Dish Stirling

Amongst Technology, the Concentrated solar power systems segment of the India Solar Energy market dominated the market and is expected to maintain its dominance through the forecast period.

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By Solar Module, the market is primarily segmented into

·        Monocrystalline

·        Polycrystalline

·        Cadmium telluride

·        Amorphous silicon cells

·        Others

Amongst Solar Module, Polycrystalline segment accounted for major share in 2020.

By Application, the market is primarily segmented into

·        Residential

·        Commercial

·        Industrial

Amongst Application, the Residential segment dominated the market, owing to rising disposable income paired with frequent decrease in prices of solar PV in India.

By End-Use, the market is primarily segmented into

·        Electricity generation

·        Lighting

·        Heating

·        Charging

Amongst End-Use, the Lighting segment dominated the market in 2020.

India Solar Energy Market Geographical Segmentation Includes:

·        East India

·        West India

·        North India

·        South India

Based on the estimation, the West India region dominated the India Solar Energy market, due to growing urbanization rate in the region.  

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The major players targeting the market includes

·        Adani Group

·        Emmvee Solar

·        Mahindra Susten Pvt. Ltd

·        Sterling and Wilson Pvt. Ltd

·        Tata Power Solar Systems Ltd

·        Vikram Solar Limited

·        ReNew Power Pvt. Ltd

·        NTPC Ltd

·        Azure Power Global Ltd

 

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts’ sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the India Solar Energy market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

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Key questions resolved through this analytical market research report include:

·        What are the latest trends, new patterns, and technological advancements in the India Solar Energy market?

·        Which factors are influencing the India Solar Energy market over the forecast period?

·        What are the global challenges, threats, and risks in the India Solar Energy market?

·        Which factors are propelling and restraining the India Solar Energy market?

·        What are the demanding global regions of the India Solar Energy market?

·        What will be the global market size in the upcoming years?

·        What are the crucial market acquisition strategies and policies applied by global companies?

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