Solar Equipment Market Analysis

Type Segment Analysis

In the type segment, the solar panels are expected to capture the largest revenue share of 70.5% in the solar power equipment market over the forecasted years. The rising adoption, increased efficiency are the key factors driving the subtype’s leadership. In July 2025, Tata Power Renewable Energy Ltd. announced the launch of the Ghar Ghar Solar campaign in Jaipur to accelerate residential rooftop solar adoption, offering systems from ₹7,499 (USD 83.4) for 2 kW with affordable monthly instalments and central subsidies under the PM Surya Ghar Yojana. The company also mentioned that this initiative aims to install 125 MW of rooftop capacity in Rajasthan this financial year, supported by 39 local channel partners and strategic MoUs with the state’s Discoms. Furthermore, TPREL also introduced lifestyle solutions, MySine for solar + battery backup, and solar design spaces for aesthetic installations, hence increasing the demand for solar panels.

Solar Technology Segment Analysis

In the solar power equipment market, photovoltaics is set to grow with a considerable share by the end of 2035, owing to the continued advancements in panel efficiency. This makes it highly prioritized by residential, commercial, and utility-scale deployments.  Also, the subtype’s cost-effectiveness, coupled with the higher returns on energy generation, is positioning it at the forefront of revenue generation in this field. In March 2025, Alpex Solar Limited announced that it had secured a Rs 210.71 crore  (USD 25.5 million) order from SECI to supply advanced solar PV modules across India, to be completed within nine months using its expanded 1.2 GW Greater Noida facility. Besides, the company recently also won a Rs 45 crore (≈ USD 5.5 million) order from MSEDCL for 2,000 solar water pumps under the Magel Tyala Saur Krushi Pump scheme, thereby supporting clean energy in agriculture. Furthermore, Alpex is also expanding its manufacturing footprint with a 1.6 GW solar cell facility in Mathura and additional units for aluminum frames and PV module production, hence denoting a wider segment scope.Top of Form

End user Segment Analysis

Based on the end user, the utility-scale segment is expected to lead the solar power equipment market by 2035, capturing a significant revenue share. The renewable energy adoption, tax rebates, and increasing environmental awareness are the primary fueling factors for the subtype. Rising energy demand, supported by government initiatives which are aimed at cost reduction, also propels the segment’s progress. Technological advancements in solar solutions, battery storage integration, and smart energy management systems are enhancing adoption rates. Financial schemes and easy financing options make solar installations more accessible across, whereas the growing corporate and community awareness around sustainability encourages a shift toward distributed utility-scale solar systems, strengthening long-term solar power equipment market potential. Furthermore, international investments in renewable infrastructure and the decreasing cost of photovoltaic panels are expected to further accelerate solar power equipment market expansion.

Our in-depth analysis of the solar power equipment market includes the following segments: