Will India's Solar PV Component Market Surpass $7 Billion by 2029?
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Synopsis
India's solar photovoltaic (PV) balance of system (BoS) market is on a remarkable growth path, expected to soar from $3 billion in 2024 to $7 billion by 2029, at a CAGR of 16%. This report outlines the driving forces behind this expansion and highlights the critical role of BoS components in the renewable energy landscape.
Key Takeaways
- India's BoS market is expected to grow significantly, reaching $7 billion by 2029.
- Strong governmental policies and initiatives are facilitating solar energy adoption.
- The BoS segment includes various essential components beyond solar panels.
- Global trends show a parallel growth in the BoS market, indicating a worldwide shift toward renewable energy.
- Manufacturers and investors should align strategies to capitalize on this booming sector.
New Delhi, May 5 (NationPress) The solar photovoltaic (PV) balance of system (BoS) market in India is experiencing a significant upward trend, with projections indicating growth from roughly $3 billion in 2024 to nearly $7 billion by 2029. This growth represents a compound annual growth rate (CAGR) of 16 percent, according to a report released on Monday.
Several key factors are propelling this expansion, notably India’s ambitious goal of achieving 500 GW of non-fossil fuel capacity by 2030 and the pledge to derive 50 percent of its electricity from renewable sources, as noted in 1Lattice’s latest industry report.
Supportive initiatives such as PM-KUSUM, the Grid Connected Rooftop Solar Programme, and the Delhi Solar Energy Policy are facilitating broader solar adoption in both rural and urban settings, thereby creating new avenues for innovation, manufacturing, and investment in the BoS sector.
The report delves into the BoS segment, encompassing all essential components of solar PV installations aside from the panels. This includes inverters, mounting structures, trackers, wiring, combiner boxes, circuit protection devices, monitoring systems, charge controllers, and batteries.
“As the global community accelerates its journey toward decarbonization, emphasis must shift beyond solar panels to the necessary infrastructure that supports them. Our current report highlights the crucial role of balance of system components in achieving scalable and sustainable solar energy,” stated Abhishek Maiti, Director of Industrial Goods and Services at 1Lattice.
With India poised for a BoS surge, it is imperative for manufacturers, investors, and policymakers to synchronize their strategies and investments, he noted.
The worldwide BoS market is also anticipated to witness substantial growth, increasing from an estimated $60 billion in 2024 to about $100 billion by 2029, with a CAGR of 10 percent, fueled by strong clean energy commitments and incentives in key regions.
As India accelerates its transition to renewable energy, the BoS segment is becoming a vital facilitator in the nation's energy transformation journey.
Point of View
It is essential to recognize the significance of India's solar PV balance of system market as a cornerstone for achieving sustainable energy goals. The proactive measures taken by the government and the surge in innovation in this sector reflect a commitment to a greener future. As the nation embraces renewable energy, this growth trajectory presents both opportunities and challenges that must be navigated carefully.
NationPress
27/07/2025
Frequently Asked Questions
What is the projected growth of India's solar PV BoS market?
India's solar photovoltaic balance of system (BoS) market is projected to grow from approximately $3 billion in 2024 to around $7 billion by 2029, reflecting a CAGR of 16%.
What factors are driving the growth of the solar PV market in India?
Key factors include India's target of 500 GW non-fossil fuel capacity by 2030 and the commitment to generate 50% of its electricity from renewable sources.
What components are included in the BoS market?
The BoS market includes inverters, mounting structures, trackers, wiring, combiner boxes, circuit protection devices, monitoring systems, charge controllers, and batteries, which support solar PV installations.
How does the global BoS market compare to India's?
The global BoS market is expected to grow from an estimated $60 billion in 2024 to about $100 billion by 2029, with a CAGR of 10%, driven by strong clean energy commitments.
What is the significance of the BoS segment in renewable energy?
The BoS segment is crucial for enabling the scalability and sustainability of solar energy, playing a vital role in the energy transition.
