India Solar PV Market Analysis by Size, Installed Capacity, Power Generation, Regulations, Key Players and Forecast to 2035

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Published: September 01, 2023 Report Code: GDAE7502IDB-ST

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India Solar PV Market Overview

The cumulative installed capacity for solar PV in India was 66,780.4MW in 2022 and will achieve a CAGR of more than 16% during 2022-2035. In 2023, Rajasthan Solar Farm – AGESL had the highest total capacity.

India Solar PV Market Outlook, 2022-2035 (MW)

India Solar PV Market Outlook, 2022-2035 (MW)

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The report discusses the renewable power market in the country and predicts future outcomes until 2035. The report also gives detailed coverage of the renewable energy policy framework governing the Indian solar PV market.

Cumulative Installed Capacity (2022) 66,780.4MW
CAGR (2022-2035) >16%
Historical Period 2010-2022
Forecast Period 2023-2035
Key Regulators ·       Asset Transactions

·       Debt Offerings
Key Companies ·       Tata Power Renewable Energy Ltd

·       Solar Energy Corporation of India Ltd

·       Reliance Power Ltd

·       NLC India Ltd

·       Adani Green Energy Ltd
Key Deal Types ·       Asset Transactions

·       Debt Offerings

·       Acquisition

·       Partnerships

·       Private Equity
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India Renewable Energy Policy Framework

  • The renewable power market registered considerable growth in the last 10 years, with a significant increase in the installed capacity of renewable power sources.
  • Prime Minister Narendra Modi announced new targets for the country in the COP26 UN Climate Change Conference held in November 2021. The targets include increasing the share of non-fossil energy capacity to 500 GW and meeting 50% of the country’s electricity needs through renewables by 2030.
  • The government in the country has been promoting wind power projects by providing various fiscal and promotional incentives. Accelerated Depreciation (AD) is one of the most important current support schemes. It excise duty exemptions to manufacturers, concessional import duties on certain components of wind electricity generators, and a tax holiday on income generated from wind power projects

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India Solar PV Market Segmentation by Deal Types

The key deal types in the Indian solar photovoltaic market are asset transactions, debt offerings, acquisitions, partnerships, private equity, equity offerings, and venture financing. Asset transactions had the largest number of deals in the Indian solar PV market in 2022.

India Solar PV Market Analysis by Deal Types, 2022 (%)

India Solar PV Market Analysis by Deal Types, 2022 (%)

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India Solar PV Market – Competitive Landscape

The key companies in the solar photovoltaic market in Brazil are Tata Power Renewable Energy Ltd, Solar Energy Corporation of India Ltd, Reliance Power Ltd, NLC India Ltd., and Adani Green Energy Ltd.

Tata Power Renewable Energy Ltd: It is a subsidiary of Tata Power Company Limited is a provider of renewable energy in India. The company generates and sells power to the local distribution companies. It develops, constructs, and operates wind, solar, and waste gas-based power assets.

India Solar PV Market Analysis by Companies, 2023

India Solar PV Market Analysis by Companies, 2023

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Segments Covered in The Report

India Solar PV Market Deal Types Outlook (Cumulative Installed Capacity, MW, 2010-2035)

  • Debt Offerings
  • Acquisition
  • Partnerships
  • Asset Transactions
  • Private Equity
  • Equity Offerings
  • Venture Financing

Scope

The report analyses India’s solar photovoltaic (PV) market. The scope of the research includes –

  • A brief introduction on global carbon emissions and global primary energy consumption.

  • An overview of the country’s renewable power market, highlighting installed capacity trends (2010-2035), generation trends (2010-2035), and installed capacity split by various renewable power sources.

  • Detailed overview of the country’s solar PV market with installed capacity and generation trends, and major active and upcoming solar PV projects.

  • Deal analysis of the country’s solar PV market.

  • Key policies and regulatory framework supporting the development of solar PV.

  • Snapshots of some of the major market participants in the country.

Reasons to Buy

  • Enhance your decision-making capability in a more rapid and time-sensitive manner.

  • Identify key growth and investment opportunities in the country’s solar PV market.

  • Facilitate decision-making based on strong historical and forecast data for the solar PV market.

  • Position yourself to gain the maximum advantage of the industry’s growth potential.

  • Develop strategies based on the latest regulatory events.

  • Identify key partners and business development avenues.

  • Understand and respond to your competitors’ business structure, strategy, and prospects.

Tata Power Renewable Energy Ltd
Solar Energy Corporation of India Ltd
Reliance Power Ltd
NLC India Ltd
Adani Green Energy Ltd

Table of Contents

  • 1. Introduction

  • 1.1 Carbon Dioxide Emissions, Global, 2001–2022

  • 1.2 Primary Energy Consumption, Global, 2001–2022

  • 1.3 Report Guidance

  • 2. Renewable Power Market, India

  • 2.1 Renewable Power Market, India, Installed Capacity, 2010-2035

  • 2.2 Renewable Power Market, India, Power Generation, 2010-2035

  • 3. Solar PV Market, India

  • 3.1 Solar PV Market, India, Installed Capacity, 2010-2035

  • 3.2 Solar PV Market, India, Power Generation, 2010-2035

  • 3.3 Solar PV Market, India, Market Size, 2010-2030

  • 3.4 Solar PV Market, India, Power Plants

  • 3.5 Solar PV Market, India, Deal Analysis, 2022

  • 3.6 Solar PV Module Market, India, 2012-2026

  • 4. Renewable Energy Policy Framework, India

  • 4.1 Renewable Energy Market, Overview

  • 4.2 Policy Snapshot

  • 4.3 Renewable Energy Targets

  • 4.4 Electricity Act of 2003

  • 4.5 Electricity (Amendment) Bill, 2022

  • 4.6 National Renewable Energy Act, 2015

  • 4.7 Cross Border Power Trade Regulation, 2020

  • 4.8 Cross Border Electricity Trade, 2021

  • 4.9 Scheme for Supply of Round-The-Clock (RTC) Renewable Energy

  • 4.10 National Action Plan on Climate Change

  • 4.11 Amendments in National Tariff Policy

  • 4.12 Renewable Energy Certificates

  • 4.13 Memorandum- “Make in India” for Local Content in Renewable Energy Products

  • 4.14 Memorandum-Quality of Solar Modules

  • 4.15 National Wind-Solar Hybrid Policy

  • 4.16 Quality Control Manual for Grid Connected Rooftop Solar PV Systems and Solar PV Water Pumping Systems

  • 4.17 Green Term Ahead Market (GTAM)

  • 4.18 Green Energy Corridor

  • 4.19 Interstate Transmission Network System (ISTS)-Connected Wind-Solar Hybrid Power Projects

  • 4.20 Extension on Waiver of Inter-State Transmission Charges

  • 4.21 Union Budget Allocation

  • 4.22 National Hydrogen Mission

  • 4.23 Renewable Energy Auctions

  • 4.24 Feed-in-Tariffs

  • 4.25 Support for Renewable Energy, India

  • 5. Solar PV Power Market, India, Company Profiles

  • 5.1 Tata Power Renewable Energy Ltd

  • 5.2 Solar Energy Corporation of India Ltd

  • 5.3 Reliance Power Ltd

  • 5.4 NLC India Ltd

  • 5.5 Adani Green Energy Ltd

  • 6. Appendix

  • 6.1 Abbreviations

  • 6.2 Market Definitions

  • 6.3 Methodology

  • 7. Contact Us

Table

Table 1: Carbon Dioxide Emissions from Energy Consumption, Global, 2001-2022

Table 2: Primary Energy Consumption, Global, 2001-2022

Table 3: Renewable Power Market, India, Cumulative Installed Capacity by Source (MW), 2010-2035

Table 4: Renewable Power Market, India, Cumulative Installed Capacity Share by Source (%), 2022 and 2035

Table 5: Renewable Power Market, India, Net Capacity Additions by Source (MW), 2022-2035

Table 6: Renewable Power Market, India, Capacity Growth by Source, 2022-2035

Table 7: Renewable Power Market, India, Power Generation by Source (GWh), 2010-2035

Table 8: Renewable Power Market, India, Growth in Power Generation by Source, 2022-2035

Table 9: Solar PV Market, India, Installed Capacity (MW), 2010-2035

Table 10: Solar PV Market, India, Power Generation (GWh), 2010-2035

Table 11: Solar PV Market, India, Market Size ($M), 2010-2030

Table 12: Solar PV Market, India, Major Active Plants

Table 13: Solar PV Market, India, Snapshot of Upcoming Plants

Table 14: Solar PV Market, India, Key Under-construction Projects

Table 15: Solar PV Market, India, Deal Volume vs. Deal Value ($M), 2010-2022

Table 16: Solar PV Market, India, Deals by Type, 2022

Table 17: Solar PV Module Market, India, Crystalline Modules, Market Size ($M), 2012-2026

Table 18: Solar PV Module Market, India, Thin-film Modules, Market Size ($M), 2012-2026

Table 19: Policy Snapshot, India, 2022

Table 20: Renewable energy market, India, state-wise renewable energy targets vs actuals, 2022

Table 21: Renewable Energy Market, India, Renewable Purchase Obligation (%), 2023-2030

Table 22: Renewable Energy Certificate Volume, India, 2022-23

Table 23: Renewable Energy Auctions, India, 2018-2022

Table 24: Renewable Energy Market, India, FiT for Small Hydro, 2019-2023

Table 25: Renewable Energy Market, India, FiT for Biopower-based Power Plants, FY2022-23

Table 26: Renewable Energy Market, India, Net Metering Regulations in Leading States

Table 27: Renewable Energy Market, India, Net Metering and Gross Metering Policy, Karnataka

Table 28: Tata Power Renewable Energy Ltd, Major Products and Services

Table 29: Solar Energy Corporation of India Ltd, Major Products and Services

Table 30: Reliance Power Ltd, Major Products and Services

Table 31: NLC India Ltd, Major Products and Services

Table 32: Adani Green Energy Ltd, Major Products and Services

Table 33: Abbreviations

Figures

Figure 1: Carbon Dioxide Emissions from Energy Consumption, Global, 2001-2022

Figure 2: Primary Energy Consumption, Global, 2001-2022

Figure 3: Renewable Power Market, India, Cumulative Installed Capacity by Source (MW), 2010-2035

Figure 4: Renewable Power Market, India, Cumulative Installed Capacity Share by Source (%), 2022 and 2035

Figure 5: Renewable Power Market, India, Net Capacity Additions by Source (MW), 2022-2035

Figure 6: Renewable Power Market, India, Capacity Growth by Source, 2022-2035

Figure 7: Renewable Power Market, India, Power Generation by Source (GWh), 2010-2035

Figure 8: Renewable Power Market, India, Growth in Power Generation by Source, 2022-2035

Figure 9: Solar PV Market, India, Installed Capacity (MW), 2010-2035

Figure 10: Solar PV Market, India, Power Generation (GWh), 2010-2035

Figure 11: Solar PV Market, India, Market Size ($M), 2010-2030

Figure 12: Solar PV Market, India, Snapshot of Upcoming Plants

Figure 13: Solar PV Market, India, Deal Volume vs. Deal Value ($M), 2010-2022

Figure 14: Solar PV Market, India, Split by Deal Type (%), 2022

Figure 15: Solar PV Module Market, India, Crystalline Modules, Market Size ($M), 2012-2026

Figure 16: Solar PV Module Market, India, Thin-film Modules, Market Size ($M), 2012-2026

Figure 17: Renewable Auctions, Auctioned Capacity (GW) Vs. Awarded Capacity (GW), India, 2017-2022

Figure 18: Renewable Auctions, Awarded Capacity (GW) by Technology, India, 2017-2022

Figure 19: Renewable Auctions, Solar PV Prices ($/MWh), India, 2017-2023

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