India Solar Energy Market to Reach ~USD 34.7 Billion by 2033, Driven by Utility-Scale Expansion, Rooftop Adoption & Falling Solar Costs

— December 9, 2025 — New Delhi, India — Phoenix Research Forecasts a Strong 12.5% CAGR for the India Solar Energy Market as Rajasthan Leads and Maharashtra–Karnataka Emerge as the Fastest-Growing Regions

Phoenix Research today announced the release of its latest publication titled “India Solar Energy Market Size & Share Analysis 2025–2033.” According to the Phoenix Demand Forecast Engine, the India Solar Energy Market, valued at USD 12.4 billion in 2025, is projected to reach ~USD 34.7 billion by 2033, growing at a robust CAGR of ~12.5% (2026–2033). “India’s solar landscape is transforming rapidly as falling solar costs, stronger policy support, and rising corporate renewable demand accelerate nationwide deployment,” said Rachna Patni, Senior Analyst at Phoenix Research. The market is accelerating as India pushes toward 500 GW of renewable capacity, supported by cheaper modules, strong corporate demand, rapid rooftop growth, and major investments in utility-scale and floating solar parks.

Market Highlights of the India Solar Energy Market

• India’s solar sector is growing rapidly, fueled by national renewable energy targets and supportive policies like the National Solar Mission, accelerated depreciation, VGF, and green-energy corridors.

• Rajasthan and Gujarat remain the largest markets, supported by high irradiation, abundant land, and strong industrial uptake.

• Maharashtra and Karnataka are the fastest-growing states, driven by C&I rooftop adoption, corporate PPAs, and hybrid energy solutions.

• Falling solar module prices and BOS cost reductions continue to lower LCOE and accelerate adoption across utility, rooftop, and microgrid applications.

• Corporate sustainability commitments (ESG) and open-access PPAs are unlocking large-scale commercial installations.

• Floating solar and hybrid solar-storage systems are emerging as high-potential segments.

• International financing, low-interest loans and climate funds are boosting investment momentum.

Competitive Landscape of the India Solar Energy Market

The India Solar Energy Market remains highly competitive, with strong participation from developers, EPC companies, manufacturers, and technology providers.

Key companies include: Adani Green Energy Ltd.,Tata Power Solar Systems Ltd., ReNew Power Pvt. Ltd.,ACME Solar Holdings,Azure Power India Pvt. Ltd., Suzlon Energy Ltd. (Hybrid Solutions), Vikram Solar Pvt. Ltd., Waaree Energies Ltd., Exicom Tele-Systems (Inverters & Storage), LONGi Solar India,

Adani Green Energy is one of India’s largest solar developers, with significant utility-scale and rooftop portfolios across multiple states.

Regional Landscape

Rajasthan & Gujarat — Largest Utility-Scale Hubs

High irradiation, vast land availability, strong state policies, and industrial adoption strengthen their leadership.

Tamil Nadu — Strong Rooftop & Industrial Penetration

Large manufacturing clusters, export industries, and rising C&I rooftop installations support growth.

Maharashtra & Karnataka — Fastest-Growing States

Corporate PPAs, urban rooftop demand, hybrid solar-storage solutions, and high C&I consumption are accelerating adoption.

Emerging States — Growing Clean Power Opportunity

Uttar Pradesh, Andhra Pradesh, and Madhya Pradesh are expanding solar irrigation, microgrids, and semi-urban electrification.

Final Takeaway of the India Solar Energy Market

The India Solar Energy Market is on a powerful multi-year growth trajectory, driven by ambitious national renewable energy goals, cost competitiveness, rising corporate sustainability commitments, and rapid technological advancements. As states scale utility parks, expand rooftop adoption, and promote hybrid solar-plus-storage systems, the sector is set for sustained expansion through 2033. Companies that strengthen supply chains, integrate storage, invest in domestic manufacturing, and form strategic partnerships will lead India’s transition to a clean, secure and future-ready energy ecosystem.

To get the entire report plaese use the below link

India Solar Energy Market size and share Analysis 2025-2033