Tata Power Solar, Vikram Solar, and BHEL topped the Indian solar engineering, procurement, and construction (EPC) market in 2022, according to a report released by Mercom India. The report, which covers market shares and rankings across the Indian solar supply chain, provides the most accurate and comprehensive coverage of India's solar industry leaders.
Tata Power Solar topped the market with a 28% share, followed by Vikram Solar with a 6% share and BHEL with a 5% share. Adani Infra India and Hild Energy had a market share of 4% each. The top five utility-scale solar EPC service providers accounted for almost 46% of the total market share.
The report notes that the Indian solar EPC market grew by 20% in 2022, reaching a total value of $10.5 billion. The growth was driven by a number of factors, including the government's ambitious renewable energy targets, the falling cost of solar modules, and the increasing availability of financing for solar projects.
The report also notes that the Indian solar EPC market is expected to continue to grow in the coming years. The government's target of installing 175 GW of renewable energy by 2022 will provide a significant boost to the market, as will the falling cost of solar modules and the increasing availability of financing.
The report concludes by saying that the Indian solar EPC market is a dynamic and growing market with a bright future. The market is expected to continue to grow in the coming years, driven by the government's renewable energy targets and the falling cost of solar modules.
See also:
Tata Power Solar receives contract for solar project in Rajasthan
Vikram Solar bags 350-MW module supply order from US
