The India solar PV panels market is set to reach USD 13.69 billion by 2030, expanding at a CAGR of 9.4% from 2024 to 2030. This growth is driven by the cost competitiveness of solar PV compared to grid power and strong government support.
Government Policies and Technological Advancements
The Indian government’s firm commitment to promoting solar energy through various policies and initiatives significantly boosts the solar energy market. The National Solar Mission aims to increase solar capacity, supported by state-level incentives such as net metering and open access for solar projects. The decreasing cost of solar photovoltaic (PV) technology, driven by technological advancements, economies of scale, and government incentives, further propels the market.
Significant Cost Savings and Tax Benefits
Large consumers and governments are attracted to solar energy due to potential cost savings through reduced electricity expenses. Tax benefits like accelerated tax depreciation and income tax exemptions for solar projects also encourage investment. The emphasis on environmental sustainability through initiatives such as the Companies Act and Corporate Social Responsibility (CSR) goals supports the market’s growth.
Strategic Acquisitions Enhancing Solar Technology
In June 2021, SolarSquare acquired PV Diagnostics to enhance residential solar standards. This acquisition aims to improve solar energy efficiency and performance through advanced diagnostics technology, demonstrating the sector’s ongoing technological advancements and investment potential.
The combination of government support, technological advancements, and significant cost savings positions the India solar PV panels market for substantial growth. As investments and policy support continue, the market is expected to expand rapidly in the coming years.
Source: globenewswire.com
