Solar PV component market in India to exceed $7 billion by 2029: Report

New Delhi:  India’s solar photovoltaic (PV) balance of system (BoS) market is on a robust growth trajectory and is projected to grow from approximately $3 billion in 2024 to around $7 billion by 2029, registering a compound annual growth rate (CAGR) of 16 per cent, a report showed on Monday.

Several factors are driving this growth, including India’s national target of 500 GW non-fossil fuel capacity by 2030 and the commitment to generate 50 per cent of its electricity from renewable sources, according to 1Lattice’s latest industry report.

Enabling schemes like PM-KUSUM, the Grid Connected Rooftop Solar Programme, and the Delhi Solar Energy Policy are helping to democratize solar adoption across rural and urban areas, bringing new opportunities for innovation, manufacturing, and investment in the BoS space.

The report provides a deep analysis of the BoS segment, which includes all supporting components of solar PV installations other than the panels, such as inverters, mounting structures, trackers, wiring, combiner boxes, circuit protection devices, monitoring systems, charge controllers, and batteries.

“As the world races toward decarbonisation, the focus must go beyond solar panels to the infrastructure that supports them. Our latest report underscores the pivotal role of the balance of system components in making solar truly scalable and sustainable,” said Abhishek Maiti, Director–Industrial Goods and Services, 1Lattice.

With India set to witness a BoS boom, now is the time for manufacturers, investors, and policymakers to align strategies and investments, he added.

The global BoS market is also expected to experience significant expansion, growing from an estimated $60 billion in 2024 to approximately $100 billion by 2029 at a CAGR of 10 per cent, driven by robust clean energy commitments and incentives across key regions.

As India accelerates its shift toward renewable energy, the BoS segment is emerging as a critical enabler in the country’s energy transition journey.

–IANS