INDIA SOLAR PV MODULE MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Intermittency nature of solar power can hamper the India solar PV module market growth. Being dependent on sunlight, solar PV modules can only generate power during daytime and the power output keeps fluctuating throughout the day based on availability of sunlight. This makes solar power unreliable to meet round-the-clock electricity demand of residential and industrial customers. The storage of solar power generated during daytime for usage at night still remains an expensive option. Finding cost-effective solutions for large-scale electricity storage will be crucial to address the intermittency challenge and allow higher penetration of solar power into the India's energy mix. Unless this issue is resolved, reliance on non-renewable sources like coal will continue for base load power requirements.

Market Opportunity: Off-grid and decentralized applications

Off-grid and decentralized renewable energy applications in India offer growth opportunities for the India solar PV module market growth. Large section of India's population still lacks access to reliable electricity supply from the grid. Several industrial and agricultural operations in rural areas also depend on diesel generators for meeting their energy needs. Rooftop and small-scale solar systems offer a viable solution to electrify off-grid villages and decentralized applications. These can help displace costly diesel usage and improve energy access for millions. This off-grid solar market is can witness growth in the near future due to various government initiatives. It can boost demand for domestically manufactured solar PV modules and components.