Source: IMARC Group | Category: Energy & Mining

Report Introduction

According to IMARC Group’s latest report titled "India Solar Energy Market Size, Share, Trends and Forecast by Deployment, Application, and Region, 2026-2034", this study offers a granular analysis of the industry's shift towards sustainable power generation. The study offers a profound analysis of the industry, encompassing India solar energy market share, size, growth factors, key trends, and regional insights. The report covers critical market dynamics, including the impact of the PM Surya Ghar: Muft Bijli Yojana, the integration of Battery Energy Storage Systems (BESS), and the rise of Floating Solar projects in land-constrained regions.

Market At-A-Glance: Key Statistics (2026-2034):

  • Current Market Size (2025): USD 30,032.78 Million
  • Projected Market Size (2034): USD 5,38,913.68 Million
  • Growth Rate (CAGR): 37.82%
  • Dominant Region: West India
  • Key Segments: Ground-mounted Deployment, Commercial and Industrial Application.

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India Solar Energy Market Overview

The India solar energy market size reached USD 30,032.78 Million in 2025. Looking forward, IMARC Group expects the market to reach USD 5,38,913.68 Million by 2034, exhibiting an exponential growth rate (CAGR) of 37.82% during 2026-2034.

The market is witnessing a structural shift, primarily driven by the government's aggressive target to achieve 500 GW of non-fossil fuel capacity by 2030. This ambition is supported by declining photovoltaic (PV) module costs and supportive policies like the Production Linked Incentive (PLI) scheme for high-efficiency solar modules. The market is further propelled by the increasing adoption of rooftop solar in the residential sector, fueled by subsidies and rising electricity tariffs. Additionally, the commercial and industrial (C&I) segment is rapidly transitioning to solar through open access and captive power models to meet corporate sustainability goals and reduce operational costs.

Top Emerging Trends in the India Solar Energy Market:

  • Rapid Expansion of Utility-Scale Solar Parks Across States: Large solar parks are expanding across Rajasthan, Gujarat, and Andhra Pradesh, enabling economies of scale, faster capacity addition, and improved grid integration nationwide.
  • Growing Adoption of Rooftop Solar by Commercial and Industrial Users: Commercial and industrial consumers increasingly install rooftop solar systems to reduce electricity costs, manage power reliability, and meet corporate sustainability commitments.
  • Shift Toward Hybrid Solar-Wind and Storage-Linked Projects: Developers are integrating solar with wind and battery storage to ensure round-the-clock renewable supply and improved grid stability.
  • Rising Focus on Domestic Solar Manufacturing Ecosystem: Companies are investing in local module, cell, and wafer manufacturing to reduce import dependence and strengthen supply chain resilience.
  • Use of Advanced Technologies Like Bifacial Panels and Trackers: Adoption of bifacial modules, trackers, and digital monitoring tools is improving energy yield and project efficiency.

India Solar Energy Market Growth Factors (Drivers)

  • Strong Government Targets and Renewable Energy Commitments: Ambitious national renewable energy targets and policy support are accelerating large-scale solar capacity deployment across India.
  • Declining Solar Power Generation Costs: Falling module prices and improved efficiencies are making solar power increasingly cost-competitive compared to conventional energy sources.
  • Rising Electricity Demand Driven by Urbanization and Industrialization: Growing power demand from cities, industries, and infrastructure projects is supporting large-scale solar adoption.
  • Improved Grid Infrastructure and Transmission Connectivity: Expansion of green energy corridors and transmission networks is enabling higher solar power evacuation capacity.
  • Increasing Corporate Demand for Clean and Green Energy: Corporates are procuring solar power through open access and PPAs to meet ESG goals and reduce carbon footprints.

Explore the Full Report with Charts, Table of Contents, and List of Figures: https://www.imarcgroup.com/india-solar-energy-market

Market Segmentation

Analysis by Deployment:

  • Ground-mounted (Dominant Segment due to utility-scale parks)
  • Rooftop

Ground-mounted systems dominate the market, accounting for 58.05% of the total share in 2025. This leadership is supported by ample land availability in rural regions, strong utility-scale project economics, and supportive regulatory frameworks. Additionally, higher operational efficiency and scalability make ground-mounted installations particularly well-suited for large, grid-connected solar projects.

Analysis by Application:

  • Commercial and Industrial (Largest share driven by cost savings)
  • Utility-scale
  • Residential

The commercial and industrial segment leads with a 36.1% market share in 2025, driven by growing corporate sustainability initiatives, attractive returns on investment, and significant reductions in electricity operating costs. Favorable net-metering policies across the country further encourage businesses to adopt solar solutions as part of their long-term energy strategies.

Regional Insights:

  • West India: Leading region driven by Gujarat and Maharashtra’s progressive policies and industrial demand.
  • North India: Significant growth led by Rajasthan's vast solar parks.
  • South India: Strong contribution from Tamil Nadu, Karnataka, and Telangana.
  • East India: Emerging market with increasing government focus.

India Solar Energy Market Recent Developments & News

  • November 2025: BC Jindal Group signed a 150 MW round-the-clock renewable energy PPA with SECI, deploying storage-backed hybrid systems to ensure grid stability.
  • 2025 Milestone: The PM Surya Ghar: Muft Bijli Yojana successfully facilitated over 19 lakh rooftop solar installations, delivering zero electricity bills to over 7.7 lakh households.
  • Capacity Addition: Mahindra Susten commissioned a massive 560 MW utility-scale solar project across Gujarat and Rajasthan, highlighting the scale of ongoing developments.

Why Buy This Report? (High-Value Insights)

  • Granular Segmentation: Detailed analysis of Rooftop vs. Ground-mounted deployment, helping investors understand where the volume versus value growth lies.
  • Regional Hotspots: In-depth breakdown of key states like Gujarat and Rajasthan to target the most policy-friendly investment zones.
  • Future-Ready Trends: Insights into the viability of Floating Solar and BESS, highlighting the next frontier of investment opportunities in the sector.

Key Highlights of the Report

  • Market Forecast (2026-2034): Quantitative data on market value and explosive growth.
  • Competitive Landscape: Comprehensive analysis of key market players and their project portfolios.
  • Strategic Analysis: Porter’s Five Forces analysis and value chain assessment.
  • Technological Trends: Insights into advancements in bifacial modules and smart inverters.

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