Rays of Opportunity: India's Solar Industry Forecast for 2025

Introduction

India's solar industry is undergoing a transformative shift, driven by ambitious government policies, technological advancements, and a steadfast commitment to renewable energy. As one of the world's fastest-growing solar markets, India presents immense opportunities alongside notable challenges in its pursuit of a sustainable energy future.

At Onix Renewable Ltd., we are actively contributing to this transformation, leveraging our expertise to support India's clean energy goals while navigating the complexities of the market.

Market Growth and Targets

• Installed Capacity: As of January 31, 2025, India's installed solar capacity reached approximately 100.33 GW.
• Future Projections: The government aims to achieve 280 GW of solar capacity by 2030, as part of a broader 500 GW renewable energy goal.
• Policy Initiatives: Initiatives such as the Production-Linked Incentive (PLI) schemes and custom duty exemptions on solar modules are fueling industry growth.

Opportunities in India's Solar Industry

1. Rising Demand for Solar Energy

• India's electricity demand is increasing, making solar a primary energy source.
• Falling costs and energy storage advancements are driving adoption across residential, commercial, and industrial sectors.

2. Government Incentives & Policies

• Subsidies, tax benefits, and renewable energy mandates are supporting expansion.
• The PM-KUSUM scheme is helping farmers install solar pumps and decentralized plants.

3. Expansion of Solar Parks & Floating Solar Projects

• Large-scale solar parks are being developed in Rajasthan, Gujarat, and Tamil Nadu.
• Floating solar farms on reservoirs optimize land use and improve efficiency.

4. Corporate & Industrial Adoption

• Businesses and industries are shifting to solar for sustainability and cost savings.
• Net metering policies encourage corporate investment in solar power.

Challenges in the Indian Solar Industry

1. Supply Chain & Raw Material Costs

• Dependence on imports of polysilicon, wafers, and solar cells leads to price fluctuations.
• China's dominance in solar material production creates supply chain risks.

2. Land Acquisition & Regulatory Hurdles

• Land disputes and bureaucratic delays slow down project development.
• State-level policies vary, making compliance complex.

3. Skilled Labor Shortage

• There is a shortage of trained engineers and technicians for large-scale solar projects.
• Upskilling programs are needed to fill this gap.

Onix Renewable Ltd.'s Vision for Solar Leadership in 2025

As India accelerates its transition to renewable energy, Onix Renewable Ltd. is committed to scaling up capacity, adopting advanced solar technologies, and forming strategic partnerships. We are investing in bifacial panels, high-efficiency inverters, and smart grid solutions to optimize energy generation while reducing costs. Our emphasis on hybrid energy solutions and rooftop solar installations ensures clean energy accessibility for both industries and rural communities.

Sustainability and collaboration are central to our approach. We are partnering with global technology providers, financial institutions, and government agencies to accelerate large-scale solar deployment. Our commitment to Environmental, Social, and Governance (ESG) standards ensures responsible resource management, minimal environmental impact, and the creation of green jobs

Conclusion

India’s solar industry is set for exponential growth in 2025, bringing both opportunities and challenges. With the right mix of policies, investments, and technological advancements, the country is on track to achieve its renewable energy goals. At Onix Renewable Ltd., we remain committed to leading this transformation and ensuring a sustainable future for India's solar industry.