India’s solar industry will grow rapidly in 2024 as a result of government initiatives, technological advancements, and growing demand for clean energy. In this year’s solar installation market, these trends are shaping the market:

1. The Rise1. The Rise of High-Efficiency Solar Panels

• TOPCon (Tunnel Oxide Passivated Contact) and heterojunction (HJT) technology panels with efficiency exceeding 22% are increasingly being adopted.

• Bifacial solar panels are gaining popularity for improved energy yield.

2. Growth in Utility-scale solar projects

• Aiming for 500 GW of renewable energy by 2030, India is expanding large-scale solar parks.

• Increased private sector investment in mega solar farms.

3. Solar-Plus Storage Integration

• Rapid deployment of battery energy storage systems (BESS) to enhance grid stability.

• Government policies supporting hybrid solar storage projects.

4. Expansion of rooftop solar for Homes & Businesses

• Residential and commercial solar installations are being driven by subsidies and net metering policies.

• Growing adoption of building-integrated photovoltaics (BIPV).

5. Floating solar installations

• Expansion of floating solar projects in reservoirs and water bodies to overcome land constraints.

• Maharashtra, Kerala, and Gujarat are leading in floating solar adoption.

6. AI & IoT-Based Smart Solar Systems

• AI-powered predictive maintenance and real-time monitoring for solar plants.

• Smart inverters with advanced energy management capabilities.

7. Green Hydrogen & Solar Synergy

• Increasing investments in solar-powered green hydrogen production.

• Government incentives promoting the hydrogen economy.

8. Surge in Agrivoltaics (Solar Farming)

• Combining solar power generation with agriculture to optimize land use.

• PM-KUSUM scheme encourages solar installations for farmers.

9. Made-in-India solar components

• Push for domestic solar manufacturing under the Production-Linked Incentive (PLI) scheme.

• Reduction in dependence on Chinese imports of modules and inverters.

10. Solar-powered EV charging stations

• Growth of solar-powered EV charging infrastructure.

• Vehicle-to-Grid (V2G) integration with solar energy.