Solar Power Market To Grow At 52.07% CAGR

India has a large potential for solar energy growth, with the National Institute of Solar Energy (NISE) estimating its solar potential at?748 gigawatts peak (GWp).?India's solar power capacity has grown significantly in recent years, and the country is expected to see continued growth in solar energy:?

Market growth

The India solar power market is expected to grow at a CAGR of 52.07% between 2023 and 2028.?

Some factors that are contributing to India's solar growth include:?rising investments in renewable energy, supportive government regulations, and increased adoption of microgrid along with adoption of independently solar power products like solar street lights being installed across highways in states like Maharashtra, Gujarat and cities like Pune, Nagpur etc.

1. Solar Water Heaters

• Market Size & Growth: The solar water heater market in India is growing steadily, with the market size expected to increase from INR 1,800 crore in 2020 to INR 4,500 crore by 2030, marking a compound annual growth rate (CAGR) of around 9-10%(6Wresearch).
• Drivers: Rising demand in residential, commercial, and industrial sectors is being fueled by government incentives, sustainability goals, and increased consumer awareness(6Wresearch).
• Technology: Evacuated tube collectors and flat plate collectors dominate the market(6Wresearch).

2. Solar Garden Lights

• Market Size & Growth: The garden solar light segment is a rapidly growing sector, driven by consumer demand for eco-friendly and low-maintenance lighting solutions. Annual sales growth has been observed at 12-14%, with the increasing trend of smart home solutions contributing to this expansion(Mordor Intelligence)(6Wresearch).
• Key Players: Brands like Hardoll and Homehop dominate the online sales channels with products listed on platforms like Amazon and Flipkart(Mordor Intelligence).

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