Solar Industry in India Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Solar in India Market Analysis:

The Indian solar energy market is expected to reach 79.07 GW by the end of this year and is projected to grow to 195.11 GW in the next five years, with a compound annual growth rate of 19.8%. The growth of the market can be attributed to the declining cost of solar power technology, increased flexibility of solar systems, and the environmentally friendly nature of solar power. The government’s supportive policies, particularly those of the Ministry of New and Renewable Energy, are also contributing to the growth of the market. However, challenges such as transmission and distribution losses and power supply unpredictability are hindering the market’s growth. Despite these challenges, India’s abundant solar irradiance and year-round solar energy availability provide ample opportunities for the market to expand, especially in the sunniest regions of the country such as Rajasthan, Gujarat, and Andhra Pradesh. Additionally, foreign investment and ongoing research and development efforts to improve solar technology are further bolstering the potential for growth in the Indian solar energy market.

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