Solar Power Integrated Network Systems Market Reaches USD 210 Billion by 2034, Growing at a 13.5% Annual Rate
India's solar energy sector is witnessing a significant surge, with the market for grid-connected photovoltaic (PV) systems expanding rapidly. As of mid-2025, over 15 GW of grid-connected rooftop solar capacity has been installed in the past five years, bringing the total rooftop solar capacity to nearly 20 GW by July 2025[1][3][4].
Grid-connected systems dominate the rooftop solar market in India and globally, accounting for roughly 69.2% of rooftop solar PV installations in 2024, due to their economic and operational benefits[2]. Several key factors are driving this growth:
- Government support and policy incentives: India has implemented large-scale schemes like the Production-Linked Incentive (PLI) scheme for high-efficiency solar PV modules, aiming to boost domestic manufacturing capacity and reduce import dependence[1].
- Net metering and feed-in tariffs: These encourage consumers to install grid-tied rooftop solar as surplus energy fed back to the grid can offset electricity costs, making these systems financially attractive[2].
- Urbanization and electrification, along with rising electricity prices, motivate households and commercial users to adopt rooftop PV for reducing electricity bills and gaining energy independence[3][4].
- Technological and infrastructure improvements: These reduce installation costs and simplify interconnection to the grid, further promoting adoption[2].
- Global trade dynamics: Higher US import tariffs on solar modules have redirected module supplies to India, making solar installations more affordable and accelerating capacity growth[3][4].
India's solar sector complements its broader renewable energy ambitions. As of July 2025, India's total installed renewable capacity excluding large hydro reached approximately 188 GW, with solar and wind comprising over 161 GW (91% of renewables), and solar alone contributing 119 GW overall including ground-mounted and rooftop systems[3][4].
Challenges remain, including land acquisition for large ground-mounted projects and grid integration needs, but rooftop grid-connected PV systems provide an increasingly flexible and scalable solution for clean energy growth[3][4].
The Asia-Pacific (APAC) region held a 46.7% share of the Global Grid-Connected PV Systems market in 2024, valued at USD 27.6 billion[5]. Japan and South Korea contribute to the APAC region's leadership in the solar market through grid modernization and subsidies for rooftop solar. India's target of 500 GW of non-fossil fuel energy highlights solar's critical role.
Notable developments in the Indian solar sector include the launch of the PM Surya Ghar: Muft Bijli Yojana in February 2024, targeting 10 million households with subsidies up to ₹75,021 crore. Canadian Solar unveiled its EP Cube residential storage system, enabling seamless grid interaction with PV systems. Industrial SunPower Corporation has expanded its U.S. commercial and industrial (C&I) solar portfolio with new grid-connected projects in Texas.
The Global Grid-Connected PV Systems Market is projected to reach USD 210.0 billion by 2034[6]. Companies like Huawei Technologies, Zytech Solar, and KYOCERA Corporation are introducing innovative solutions to further drive the growth of the market.
Sources: [1] India’s Production-Linked Incentive (PLI) scheme for high-efficiency solar PV modules [2] The Role of Grid-Connected Rooftop Solar in India [3] India's solar capacity crosses 100 GW mark [4] India's Rooftop Solar Market: A Comprehensive Analysis [5] APAC Leads Global Grid-Connected PV Systems Market in 2024 [6] Global Grid-Connected PV Systems Market to Reach USD 210.0 Billion by 2034
- The economic and operational benefits of grid-connected rooftop solar systems, combined with government support and policy incentives in India, make these technologies a prime investment opportunity for finance-focused investors interested in the booming solar energy sector.
- As India focuses on expanding its renewable energy capacity, advancements in technology, such as the introduction of innovations by companies like Huawei Technologies, Zytech Solar, and KYOCERA Corporation, will play a crucial role in the growth and streamlining of both grid-connected and rooftop photovoltaic systems, thereby intersecting the domains of finance, science, and technology.
