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Green technology

Solar Power Market in India to Grow by USD 240.42 Billion During 2021-2026

Strategic Insights

— 1 min read

The solar power market in India is expected to experience significant growth over the next five years, driven by increasing adoption of renewable energy sources and government initiatives to promote solar power. The market is segmented by end-user and application, with the utility segment expected to see significant growth due to the benefits of stable electricity pricing and energy storage. The report by Technavio, a leading global technology research and advisory company, provides critical information and factual data about the solar power market in India, including market drivers, limitations, and future prospects.

Key Takeaways:

  • The solar power market in India is expected to grow at a CAGR of 35.24% during 2022-2026, with a market growth of USD 240.42 billion.
  • The utility segment is expected to see significant growth due to the benefits of stable electricity pricing and energy storage.
  • The market is dominated by leading companies such as ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., and GCL System Integration Technology Co. Ltd.
  • The solar power market in India is expected to be driven by increasing adoption of renewable energy sources and government initiatives to promote solar power.
  • The report provides information on various market vendors, including their product offerings and growth strategies.
  • The market is expected to be affected by factors such as parental market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Statistics:

  • The solar power market in India is expected to grow at a CAGR of 35.24% during 2022-2026.
  • The market growth is expected to be USD 240.42 billion.
  • The forecast period is 2021-2026.
  • The market has been segmented by end-user and application, with the utility segment expected to see significant growth.
  • The market is dominated by leading companies such as ABB Ltd., ACME Solar, Adani Enterprises Ltd., Azure Power, Canadian Solar Inc., and GCL System Integration Technology Co. Ltd.

Sources:

  • Technavio Research
  • Jesse Maida, Media & Marketing Executive, Technavio
  • Technavio Solar Power Market In India Scope Report
  • Technavio Research: VIEW ORIGINAL CONTENT TO DOWNLOAD MULTIMEDIA

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