India Solar Rooftop Market

As we dive into the India Solar Rooftop Market and analyze the current scenario and situation, let’s dig deep into what are Solar Rooftop systems?

Solar rooftop systems, solar panels, or photovoltaic (PV) systems generate electricity by harnessing sunlight with renewable energy installations. The solar rooftop systems consist of photovoltaic cells to convert sunlight, an Inverter for converting DC electricity into alternating current AC, a mounting structure for holding the solar panels, and wiring and electrical components for connecting the panels to the inverter and the electrical grid.

On-grid solar rooftop systems are the most common and off-grid ones require battery storage for nighttime or cloudy days.

According to giiresearch,

Significant growth has been seen in the Indian rooftop solar market, suggesting an increase from 14, 845 MW in 2024 to 41,778 MW by 2029, with a compound annual growth rate (CAGR) of over 22.99%.

The growth is mostly seen in the industrial sector, Gujrat, Haryana, and Maharashtra are the key states dominated due to favorable policies for net metering and subsidies.

In India, the total solar PV energy capacity installed in 2022 was 62.80 GW, marking a 27.4% increase from the previous year. Renewable energy integration has been actively promoted by the government with initiatives such as grid-connected rooftop solar programs aiming to install about 40 GW capacity in 2022.

“Ministry of New and Renewable Energy (MNRE) reported a 44.9% increase in rooftop solar capacity from September 2022 to July 2023”

Market Size of Solar Rooftop Panels

According to MMR, The solar rooftop market size in India was valued at USD 5.36 Billion in 2023, and the revenue of the India Solar Rooftop Market is expected to reach USD 6.17 Billion by 2030, at a CAGr of 15.19%.

According to Techsciresearch, and Mordor Intelligence,

The key players in the market are Clean Max Enviro Energy Solutions Pvt. Ltd, Tata Power Solar Systems Limited, and others. The leading regions in on-grid rooftop solar PV installed capacity are Gujarat, Maharashtra, and Karnataka.

The other significant states in the market are Tamil Nadu, Uttar Pradesh, and Rajasthan. The core advantages are clean energy, reduced electricity bills, and low operating costs.

Key Challenges in Solar Rooftop Panels

• The initial cost of the solar rooftop panel installation is expensive. The cost is a major hindrance, hence the European countries are facing the major disruption in terms of cost compared to the Asian countries.
• Solar rooftop panel installation is also highly technical and awareness is needed to know the advantages and how it can be beneficial in the long term. Also, a need to understand the costs and advantages of the installation.
• The rooftop needs to be spacious to install the solar panels. The space is also a major challenge to install such solar panels. Also, the alignment and tilting knowledge for the maximum sunlight exposure and get the max out of it.
• Also are there any obstacles that are preventing the sunlight from falling on the solar panels? Does anything act as a shade to cover up the panel?

Conclusion

In my opinion, solar rooftop panels are reshaping the renewable energy industry as well as the way we used to generate electricity in India. The Indian solar rooftop panels are supported by government policies and are also the major way of reducing electricity bills and having control of it.