India Solar Energy Market Analysis Report 2023: Cumulative Installed Solar Energy Capacity Increased from 6.76 GW in 2016 to 54 GW in 2022, Expanding at a CAGR of 41.39%

The cumulative installed solar energy capacity in the country increased from 6.76 GW in FY 2016 to 54.00 GW in FY 2022, expanding at a compound annual growth rate of 41.39%.

There has been a spurt in the demand for renewable energy since conventional electricity generation methods such as thermal power plants are getting exhausted. In India, solar power is one of the most popular renewable sources of energy.