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India Solar Power Equipment Market By Equipment Type (Solar Cell, Solar Inverter, Solar Charge Controller, Solar Thermal Collector and Others), Competition, Forecast & Opportunities, 2014-2024

March 2019 | 89 pages | ID: I4878FB3321EN
TechSci Research

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India Solar Power Equipment Market Overview

India solar power equipment market is projected to grow at a CAGR of over 12% to reach $ 6.3 billion by 2024, owing to increasing focus on solar power generation. Moreover, government’s plan to achieve 100 GW by 2022, favorable policies & incentives, schemes for development of solar parks and ultra-mega solar power projects are expected to aid the growth of India solar power equipment market in the coming years. Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 is a major initiative taken to promote sustainable development of solar energy sector in the country. Additionally, other factors like constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices are likely to positively influence India solar equipment market over the next five years.

India Solar Power Equipment Market Segment Insights

On the basis of equipment, India solar power equipment market is categorized into solar cell, solar inverter, solar charge controller, solar thermal collector and others. Of all, solar cell market holds significant share in India solar power equipment market and is anticipated to maintain its dominance during forecast period as well. The major factors driving the growth of solar cell market include rising installation of solar projects across different regions and favorable government policies.

India Solar Power Equipment Market Regional Insights

Regionally, southern region is the major demand generator for solar power equipment, with states like Karnataka, Tamil Nadu, Andhra Pradesh and Telangana being the key markets in the region. The market for solar power equipment in the southern region is growing due to increasing investments in solar power equipment and presence of rich states in terms of annual quantity and availability of solar radiation. Southern solar power equipment market is anticipated to witness steady growth during forecast period.

India Solar Power Equipment Market Competitive Landscape

To increase customer demand, major vendors in solar power equipment market are focusing on introducing technologically advanced solutions and systems at cheaper prices. This helps vendors to differentiate themselves from counterparts and sustain competition. Moreover, strategic partnerships & collaborations with Developers & EPC contractors and investments in R&D activities are some of the other strategies adopted by major market players to enhance their existing product portfolio and expand their market footprints. Some of the leading players in India solar power equipment market are Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd., Vikram Solar Limited, Waaree Energies Ltd., among others.

Years considered for this report:
  • Historical Years: 2014-2017
  • Base Year: 2018
  • Estimated Year: 2019
  • Forecast Period: 2020–2024
Objective of the Study:
  • To analyze and forecast the market size of India solar power equipment market.
  • To forecast India solar power equipment market based on equipment type, region and company.
  • To identify drivers and challenges for India solar power equipment market.
  • To conduct pricing analysis for India solar power equipment market.
  • To identify and analyze the profile of leading players operating in India solar power equipment market.
Some of the leading players in India solar power equipment market are Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd., Vikram Solar Limited, Waaree Energies Ltd., Indosolar, Goldi Solar Pvt. Ltd., Gautam Solar Pvt. Ltd., Websol Energy System Limited, Central Electronics Limited, and Euro Multivision Ltd.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of equipment providers across regions in India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the solution providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels and presence of all major equipment providers across the globe.

TechSci Research calculated the market size of India solar power equipment market using a top-down approach, wherein data for various application across various end user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:
  • Solar power equipment manufacturers, suppliers, distributors and other stakeholders
  • Solar project developers and EPC contractor
  • Organizations, forums and alliances related to solar power market
  • Government bodies such as regulating authorities and policy makers
  • Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as solution providers and partners, end users etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India solar power equipment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
  • Market, By Equipment:
    • Solar Cell
      • Polycrystalline Cell
      • Monocrystalline Cell
      • Thin Film Solar
    • Solar Inverter
      • Central Inverter
      • String Inverter
    • Solar Charge Controller
      • Pulse Width Modulation
      • Simple 1 or 2 stage controls
      • Maximum Power Point Tracking
    • Solar Thermal Controller
      • Concentrating
      • Non-Concentrating
    • Others
  • Market, By Region:
    • East
    • West
    • North
    • South
Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India solar power equipment market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information
  • Detailed analysis and profiling of additional market players (up to five).
Profit Margin Analysis
  • Profit margin analysis in case of direct and indirect sales channel.
1. PRODUCT OVERVIEW

2. RESEARCH METHODOLOGY

3. ANALYST VIEW

4. VOICE OF CUSTOMER

4.1. Aided Brand Awareness
4.2. Factors Influencing Purchase Decision
4.3. Willingness to switch from existing brand
4.4. Challenges & Unmet Needs

5. INDIA POWER GENERATION MARKET OUTLOOK

6. INDIA SOLAR POWER EQUIPMENT MARKET OUTLOOK

6.1. Market Size & Forecast
  6.1.1. By Value
6.2. Market Share & Forecast
  6.2.1. By Equipment Type (Solar Cell, Solar Inverter, Solar Charge Controller, Solar Thermal Collector and Others)
  6.2.2. By Region
  6.2.3. By Company

7. INDIA SOLAR CELL MARKET OUTLOOK

7.1. Market Size & Forecast
  7.1.1. By Value
7.2. Market Size & Forecast
  7.2.1. By Type (Polycrystalline, Monocrystalline and Thin Film Solar)

8. INDIA SOLAR INVERTER MARKET OUTLOOK

8.1. Market Size & Forecast
  8.1.1. By Value
8.2. Market Size & Forecast
  8.2.1. By Type (Central Inverter and String Inverter)

9. INDIA SOLAR CHARGE CONTROLLER MARKET OUTLOOK

9.1. Market Size & Forecast
  9.1.1. By Value
9.2. Market Size & Forecast
  9.2.1. By Type (Maximum Power Point Tracker, Pulse Width Modulation and Simple 1 or 2 Stage Controls)

10. INDIA SOLAR THERMAL COLLECTOR MARKET OUTLOOK

10.1. Market Size & Forecast
  10.1.1. By Value
10.2. Market Size & Forecast
  10.2.1. By Type (Concentrating and Non-Concentrating)

11. IMPORT & EXPORT ANALYSIS

12. PRICING ANALYSIS

13. DEMAND-SUPPLY GAP ANALYSIS

14. MARKET DYNAMICS

15. MARKET TRENDS & DEVELOPMENTS

16. POLICY & REGULATORY LANDSCAPE

17. INDIA ECONOMIC PROFILE

18. COMPETITIVE LANDSCAPE

18.1. Company Profiles
  18.1.1. Mundra Solar PV Ltd (Adani Solar)
  18.1.2. Tata Power Solar Systems Ltd.
  18.1.3. Vikram Solar Limited
  18.1.4. Waaree Energies Ltd.
  18.1.5. Indosolar
  18.1.6. Goldi Solar Pvt. Ltd.
  18.1.7. Gautam Solar Pvt. Ltd.
  18.1.8. Websol Energy System Limited
  18.1.9. Central Electronics Limited
  18.1.10. Euro Multivision Ltd

19. STRATEGIC RECOMMENDATIONS

LIST OF TABLES

Table 1: India Solar Rooftop Targets Under National Solar Mission, By State & Capacity, 2019E-2022F (MW)
Table 2: Discom-wise Average Power Cut Duration in India, March 2017 & March 2018
Table 3: State-wise Estimated Solar Energy Potential in India
Table 4: State-wise Allocation of 3000 MW State Specific Bundling Scheme under NSM Phase-II, Batch-II
Table 5: State-wise Allocation of 50 MW Canal-Top Solar PV Projects
Table 6: Break Up of 2050 MW Project Commissioned as on 30.11.2017
Table 7: Solar Project Tendering Target, By Volume (GW), 2018-2020

LIST OF FIGURES

Figure 1: Installed Electricity Generation Capacity (GW) in India, By Fuel Type, As on 31 January 2019
Figure 2: Electricity Production in India (Billion Units)
Figure 3: Installed Electricity Generation Capacity in India (GW)
Figure 4: India Cumulative Installed Solar Power Capacity, 2012-2019E (GW)
Figure 5: Renewable Energy Break Up, By Different Sources, 2019E (GW)
Figure 6: Utility Solar vs Rooftop Solar Break Up, 2019E (% share)
Figure 7: India Solar Power Equipment Market Size, By Value, 2014–2024F (USD Million)
Figure 8: Year-wise Solar Power Installed Capacity in India (GW), 2014-2019E
Figure 9: India Solar Power Equipment Market Share, By Equipment Type, By Value, 2014–2024F
Figure 10: India Solar Power Equipment Market Share, By Region, By Value, 2018 & 2024F
Figure 11: India Solar Power Equipment Market Share, By Company, By Value, 2018
Figure 12: India Solar Cell Market Size, By Value, 2014–2024F (USD Million)
Figure 13: India Solar Rooftop Installed Capacity, By Sector (As on January 2019)
Figure 14: India Solar Cell Market Share, By Type, By Value, 2014–2024F
Figure 15: India Solar Inverter Market Size, By Value, 2014–2024F (USD Million)
Figure 16: Price Trend of Solar Inverter in India (USD/Watt), 2015-2018
Figure 17: India Solar Inverter Market Share, By Type, By Value, 2014–2024F
Figure 18: India Solar Charge Controller Market Size, By Value, 2014–2024F (USD Million)
Figure 19: Share of Respondents across Solar Industry Value Chain, 2018
Figure 20: India Solar Charge Controller Market Share, By Type, By Value, 2014–2024F
Figure 21: India Solar Thermal Collector Market Size, By Value, 2014–2024F (USD Million)
Figure 22: India Solar Water Heater Market Size, By Volume (Per Thousand Square Meter), 2014-2018
Figure 23: India Solar Thermal Collector Market Share, By Type, By Value, 2014–2024F
Figure 24: India Solar Power Equipment Imports, By HS Code, By Value, 2015-2019 (USD Million)
Figure 25: India Solar Power Equipment Import, By HS Code, By Volume, 2015-2019 (‘000 Units)
Figure 26: India Solar Power Equipment Export, By HS Code, By Value, 2015-2019 (USD Million)
Figure 27: India Solar Power Equipment Export, By HS Code, By Volume, 2015-2019 (‘000 Units)
Figure 28: India Solar Power Equipment Pricing Analysis, By Equipment Type, 2014-2024 (USD Million/MW)
Figure 29: India Solar Power Equipment Demand Supply Gap Analysis, By Equipment Type 2015-2018 (USD Million)
Figure 30: Polycrystalline vs Monocrystalline Solar Cell Market Share, By Value, 2020-2024
Figure 31: India Utility Scale Solar Project Market Share, By State, By Value, 2019
Figure 32: South India Solar Capacity Addition Market Share, By Value, 2020-2024


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