India Development News & Foreign Investment Opportunities

Indian solar market CAGR 38% by 2023

Competition will be intense


Competition will be intense


The solar power market in India will register a CAGR of over 38% by 2023, said the Dublin-based in its latest industry report on India.

But the market appears to be fragmented and with the presence of several companies including ABB and Adani Enterprises, the competitive environment is quite intense.

Key players in the competitive landscape are ABB, Adani Enterprises,
Canadian Solar, Huawei Technologies, JA Solar, Sterling and Wilson among others.

Development of smart cities is to drive market growth, it added in the “Solar Power Market in India 2019-2023”.

The smart city is a designation given to a municipality or a city that uses information and communication technologies (ICT) to increase operational efficiency, performance, and quality of urban services such as transportation, energy, and utilities to reduce the costs, wastage, and resource consumption.

Governments across the world are implementing many initiatives for sustainable smart city developments. Many countries, including India, have set their focus on building smart cities.

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