India Rooftop Solar Panel Market Growth, Trends, Share and Forecast 2025-2033

India Rooftop Solar Panel Market Overview

The India rooftop solar panel market size reached USD 2.35 Billion in 2024. The market is expected to grow at a CAGR of 6.82% during the forecast period of 2025-2033, reaching a market value of USD 4.46 Billion by 2033. Growth is driven by supportive government initiatives, rising environmental consciousness, and advancements in solar technology fostering adoption across residential, commercial, industrial, and public sectors. The report presents a thorough review featuring the India rooftop solar panel market growth, share, trends, and research of the industry.

India Rooftop Solar Panel Market Study Assumption Years

• Base Year : 2024

• Historical Year/Period : 2019-2024

India Rooftop Solar Panel Market Key Takeaways

• Current Market Size : USD 2.35 Billion

• CAGR : 6.82%

• Forecast Period : 2025-2033

• The market benefits from strong government support, including the PM Surya Ghar: Muft Bijli Yojana targeting 10 million homes by 2027.

• Subsidies of up to 40% and financial incentives encourage widespread solar panel adoption.

• The market is expanding across residential, commercial, industrial, and public sectors.

• Technological advancements such as utility-scale string inverters enhance market growth.

• Collaborative industry efforts and strategic partnerships are aiding sustainable energy adoption.

Request Free Sample Report: www.imarcgroup.com/i...

India Rooftop Solar Panel Market Growth Factors

Government policies drive the India rooftop solar panel market. These policies include subsidies of up to 40% and the PM Surya Ghar: Muft Bijli Yojana. The PM Surya Ghar: Muft Bijli Yojana seeks to put rooftop solar on 10 million homes by 2027. Additionally, the government provides tax incentives, measures nets, and simplifies regulations plus approves solar development in the residential, commercial, and utility sectors.

Emerging trends include rising electricity prices and increasing energy demand among consumers and businesses with their shift to green energy for energy self-sufficiency, cost-saving measures, and sustainability goals. Corporations and residential customers are transitioning into solar energy systems. Improvements over time in solar panel, inverter and battery technologies and their economics can potentially positively influence the market's outlook.

Environmental awareness, falling costs for the installation of solar technology and energy, cheap loans and financing from banks and other financial institutions, government encouragement and cooperation between market players, and the introduction of new technologies have combined to drive strong market growth for rooftop solar energy installs in recent years.

India Rooftop Solar Panel Market Trends

Government schemes and policies contribute a major role in the growth of the India rooftop solar panel market. The Indian government launched PM Surya Ghar: Muft Bijli Yojana to provide rooftop solar panels to 1 Crore (10 Million) houses before March 2027. The program has subsidies up to 40% and a potential savings of INR 75,000 Crore annually. Total solar installations reached 630,000 as of 5 December 2024 with a 70,000 average each month. Subsidies, tax incentives, and net metering policies make people adopt solar throughout the residential, commercial, and industrial space.

Fewer regulatory barriers and simpler permitting processes have led to the rise of rooftop photovoltaic systems, which encourage energy decentralization and grid independence. Access is improved, particularly in rural areas, by way of financial institutions which enable the installation of rooftop solar systems via low-interest loan arrangements.

Other factors are improvements in new technology such as solar panels, inverters, and battery storage devices which are becoming more efficient and cheaper. Solplanet and Festa Solar offer new utility scale string inverters in India. People and businesses worry more about the environment for energy independence and sustainability, which makes solar more mainstream.

Buy the Full Report for Complete Data, Trends, and Opportunities: www.imarcgroup.com/c...

India Rooftop Solar Panel Market Segmentation

Type of Solar Panel Insights:

• Monocrystalline Solar Panels: High efficiency panels suitable for various applications.

• Polycrystalline Solar Panels: Cost-effective panels with moderate efficiency.

• Thin-Film Solar Panels: Flexible panels offering diverse installation options.

• Bifacial Solar Panels: Panels capturing sunlight on both sides for enhanced performance.

Capacity Insights:

• Below 10 kW: Small-scale installations typically for residential use.

• 10 kW to 100 kW: Medium-scale installations for commercial and industrial users.

• Above 100 kW: Large-scale rooftop solar systems for extensive applications.

Connectivity Insights:

• On-Grid: Solar systems connected to the electricity grid.

• Off-Grid: Independent solar systems not connected to the grid.

End-User Insights:

• Residential: Households adopting solar for electricity needs.

• Commercial: Businesses incorporating solar to reduce costs and enhance sustainability.

• Industrial: Manufacturing and industrial facilities deploying rooftop solar.

• Government and Public Sector: Public institutions implementing solar projects.

India Rooftop Solar Panel Market Regional Insights

• North India

• South India

• East India

• West India

The North India region dominates the market with the largest share, driven by strong adoption and government support. The market across all regions is projected to grow at a CAGR of 6.82% during 2025-2033.

India Rooftop Solar Panel Market Key Players

The report offers an in-depth examination of the competitive landscape, including market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.

India Rooftop Solar Panel Market Recent Developments & News

• On December 30, 2024, Jakson Group and OMC Power announced a joint project to develop a 50-MW rooftop solar project in Uttar Pradesh worth INR 200 Crore (approximately USD 24.10 Million). This initiative is expected to offset 62,500 tonnes of CO₂ emissions annually.

• On June 15, 2024, the Multilateral Investment Guarantee Agency (MIGA) committed a USD 317.5 Million guarantee to support State Bank of India in refinancing a USD 500 Million loan for grid-connected rooftop solar photovoltaic systems, advancing clean energy and emission reductions.

India Rooftop Solar Panel Market Key Highlights of the Report

• Comprehensive quantitative analysis of market segments and trends from 2019-2033.

• Detailed coverage of drivers, challenges, and opportunities.

• Porter’s five forces analysis to gauge industry competitiveness.

• Inclusive coverage of segmentation by panel type, capacity, connectivity, end-user, and region.

• Competitive landscape analysis with company positioning and strategies.

Get Your Customized Market Report Instantly: www.imarcgroup.com/r...

Customization Note: If you require any specific information not covered within this report’s scope, we will provide it as part of the customization.

About Us

IMARC Group is a global management consulting firm that helps ambitious changemakers create a lasting impact. The company offers comprehensive market assessment, feasibility studies, incorporation support, regulatory assistance, branding and strategy services, and procurement research.

Contact Us

IMARC Group

134 N 4th St. Brooklyn, NY 11249, USA

Email: [email protected]

Tel: (D) +91 120 433 0800

United States: +1-201971-6302