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India’s solar PV component market to cross $7 billion by 2029: Report

Northeast NewsbyNortheast News
May 5, 2025
in Business
Representational image (pixabay)
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New Delhi: India’s solar photovoltaic (PV) balance of system (BoS) market is poised for rapid expansion, with its value expected to rise from approximately $3 billion in 2024 to over $7 billion by 2029.

This represents a robust compound annual growth rate (CAGR) of 16 percent, according to a new report released by market intelligence firm 1Lattice.

The growth is being fuelled by India’s ambitious renewable energy goals, particularly the national target of achieving 500 GW of non-fossil fuel power capacity by 2030.

The country also aims to source 50 percent of its electricity from renewable sources by the end of the decade—initiatives that are placing increased demand on supporting solar infrastructure.

Balance of system components encompass all supporting elements of a solar PV installation, excluding the solar panels themselves.

These include inverters, mounting structures, tracking systems, wiring, combiner boxes, circuit protection devices, monitoring equipment, charge controllers, and batteries.

1Lattice’s report highlights that government policies and incentive schemes are playing a key role in unlocking the BoS market’s potential.

Programmes like PM-KUSUM, the Grid-Connected Rooftop Solar Programme, and state-level initiatives such as the Delhi Solar Energy Policy are helping to expand solar access across both urban and rural India.

These initiatives are creating new avenues for domestic manufacturing, innovation, and private sector investment in the BoS space.

“As the global push for decarbonisation intensifies, the spotlight must also fall on the ecosystem that supports solar deployment,” said Abhishek Maiti, Director – Industrial Goods and Services at 1Lattice.

“Our findings show that BoS components are not just peripheral—they are pivotal to making solar energy scalable, efficient, and sustainable.”

The report also notes that the global BoS market is expected to witness substantial growth, rising from an estimated $60 billion in 2024 to about $100 billion by 2029, at a CAGR of 10 percent.

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This growth is being driven by strong clean energy targets and supportive policy environments in major markets worldwide.

As India accelerates its energy transition, the BoS segment is emerging as a vital enabler of progress.

Industry experts believe that timely alignment of manufacturing capacity, capital investment, and policy support will be essential to capturing the market’s full potential in the years ahead.

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