INDIA SOLAR

ROOFTOP MARKET
ANALYTICS
 C 8/5, DLF Phase I © 2019 BRIDGE TO INDIA Energy Private Limited
Gurgaon 122001 India
Authors
www.bridgetoindia.com
Renu Kumari, BRIDGE TO INDIA
Subscribe to our reports Shipra Arora, BRIDGE TO INDIA
marketing@bridgetoindia.com Vinay Rustagi, BRIDGE TO INDIA

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Contents
Preface 1
1. Introduction 6
1.1 Consumer segments 6
1.2 Business models 7
1.3 Location 7
1.4 End user industries 8
1.5 System size 9
1.6 Leading players 10
2. Consumer segments 13
2.1 Business models 13
2.2 Location 13
2.3 End user industries 14
2.4 System size 14
2.5 Leading players 15
3. Business models 17
3.1 Consumers segments 17
3.2 Location 17
3.3 End user industries 18
3.4 System size 18
4. End user industries 19
4.1 Business models 19
4.2 Location 19
4.3 System size 20
4.4 Leading players 21
5. Installation size 24
5.1 Consumer segments 24
5.2 Business models 24
5.3 Location 25
5.4 End user industries 25
5.5 Leading players 26

6. State profiles 27
Andhra Pradesh 28
Delhi 31
Gujarat 34
Haryana 37
Karnataka 40
Madhya Pradesh 43
Maharashtra 46
Punjab 49
Rajasthan 52
Tamil Nadu 55
Telangana 58
Uttar Pradesh 61

© BRIDGE TO INDIA, 2019

List of figures

Figure 1.1: Rooftop solar capacity addition, MW 6

Figure 1.2: Capacity addition by consumer segment, MW 6
Figure 1.3: Capacity addition by business model, MW 7
Figure 1.4: Share of different states as on March 31, 2019 7
Figure 1.5: Annual installation in top states, MW 8
Figure 1.6: Annual installations in top end user industries, MW 8
Figure 1.7: Total installation in top end user industries, MW 9
Figure 1.8: Share of total installed capacity by system size, MW 9
Figure 1.9: Market share of EPC contactors 10
Figure 1.10: Annual installation by leading EPC players, MW 10
Figure 1.11: Market share of project developers 11
Figure 1.12: Annual installations by leading project developers, MW 11
Figure 1.13: Market share of inverter suppliers 12
Figure 1.14: Annual installation by leading inverter suppliers, MW 12
Figure 2.1: Business model share for consumer segments, MW 13
Figure 2.2: Regional split of consumer segments, MW 13
Figure 2.3: Top end user distribution of consumer segments, MW 14
Figure 2.4: Installation size in different consumer segments 14
Figure 2.5: Key players in commercial consumer segment 15
Figure 2.6: Key players in industrial consumer segment 15
Figure 2.7: Key players in public sector consumer segment 16
Figure 3.1: Consumer segment mix in different business models 17
Figure 3.2: Regional split in different business models, MW 17
Figure 3.3: End user industry distribution in different business models, 18
MW
Figure 3.4: Installation size in different business models 18
Figure 4.1: Business models for top end user industries, MW 19
Figure 4.2: Regional profile of top end user industries, MW 19
Figure 4.3: Installation size in top end user industries, MW 20
Figure 4.4: Market share in Manufacturing sector for FY 2019 21
Figure 4.5: Market share in Infrastructure/ Real Estate sector for FY 2019 21
Figure 4.6: Market share in Education sector for FY 2019 22
Figure 4.7: Market share in Textiles sector for FY 2019 22
Figure 4.8: Market share in Automotive sector for FY 2019 23
Figure 5.1: Installation size by business segment 24
Figure 5.2: Installation size by business model 24
Figure 5.3: Intallation size by location 25
Figure 5.4: Installation size by top end user industries 25
Figure 5.5: Key players in the sub–250 kW market in FY 2019 26
Figure 5.6: Key players in the over-1,000 kW market in FY 2019 26
Figure 5.7: Key players in the 250-1,000 kW market in FY 2019 26

© BRIDGE TO INDIA, 2019

 India Solar
Navigator
www.indiasolarnavigator.com

Leading players

www.bridgetoindia.com | marketing@bridgetoindia.com | +91 124 420 4003

© BRIDGE TO INDIA, 2018
Preface
Indian rooftop solar market has grown rapidly at a CAGR of 66% in the last
four years. Capacity addition in FY 2019 is estimated at 1,836 MW. Total
installed capacity is estimated to have reached 4,375 MW by end March 2019.

Figure: Rooftop solar capacity addition, MW

2,000 5,000
1,836

1,600 4,000

1,200 1,142 3,000

800 678 2,000

375
400 1,000
241

- -
Until FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

New capacity Cumulative capacity

Source: BRIDGE TO INDIA research

There are some clear high-level trends evident in the market:

i. Growth is widespread across northern (35% share), southern (29% share)

and western regions (26% share);

ii. Overall consumer demand is very strong, but market growth is being held
back by poor implementation of net metering policy and limited financing
options in smaller C&I and residential consumer segments;

iii. C&I consumers continue to dominate with over 70% share of total
installed capacity;

iv. The market is highly fragmented and localised – the share of small, local
contractors is about 55% but varies highly from state to state;

v. There is high churn in leading player rankings particularly in EPC and

equipment supply businesses;

Getting access to reliable granular information in rooftop solar is extremely

difficult. We have been compiling market data with help from over 300 market
participants over last six years and have built an extensive database
comprising 16,710 installations with an aggregate capacity of 2,265 MW. This
report is our attempt to slice the database in multiple ways and examine it
more closely to develop detailed insight into this fascinating market.

© BRIDGE TO INDIA, 2019 Page 1

 Excerpts from the report
Manufacturing sector is the biggest adopter of rooftop solar, accounting for
14% market share. It is followed by Infrastructure and Real Estate (9%),
Education (8%), Automotive (7%) and Textiles (7%).

Figure: Annual installation in top end user industries, MW

140
Manufacturing
120

100 Education

80 Automotive
Infrastructure/ Real Estate
60 Textiles
Food & Beverages
40 Energy
Chemicals & Fertilisers
20 Religious Trusts
Healthcare
-
Until FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

Source: BRIDGE TO INDIA rooftop solar system database

Installations in Manufacturing, Textiles, Automotive and Energy sectors are

biased towards larger sizes (>250 kW), while Education and Infrastructure
sectors have relatively smaller installations.
Figure: Installation size in top end user industries, MW
350 900

800
300

Average installation size, kW

700
250
600
Capacity, MW

200 500

150 400

300
100
200
50
100

0 0
Manufacturing

Infrastructure/

Education

Automotive

Textiles

Food & Beverages

Energy

Transport

Religious Trusts
Real Estate

<= 250 kW 250 - 1,000 kW >1,000 kW Average size

Source: BRIDGE TO INDIA rooftop solar system database

© BRIDGE TO INDIA, 2019 Page 2

 Leading rooftop solar players in Textiles sector are shown in the following
chart.
Figure: Market share in Textiles sector for FY 2019

EPC contractors Project developers

Others, 4%
SunSource, 24%
Sunsure, 24%

Self-EPC¹, 28%

Sterling &
Wilson,1%
Bosch, 1% Others, 57%
Argo Solar, 2% Cleantech Solar, 16%
Solar Square, 18%
Addwatt, 2%
Rays Experts, 2%
Prozeal Infra, 3% Amplus, 3%
Orb Energy, 5% Tata Power, 10%

Source: BRIDGE TO INDIA research

Note:
1. EPC contractor data relates to 30 rooftop installations with total capacity of 41 MW in our rooftop
solar project database.
2. Project developer data is for 6 rooftop installations with total capacity of 18 MW in our rooftop
solar project database.

In Karnataka, the OPEX model has been growing rapidly and now accounts for
an estimated 51% of the market.

Figure: Annual CAPEX and OPEX share in Karnataka

24% 51%
22% 27% 41% Total
42%
49% installation:
78% 73% 298 MW 59%
76% 58%

Until FY 2015 FY 2016 FY 2017 FY 2018 FY 2019

CAPEX OPEX

Source: BRIDGE TO INDIA research

1. Reference to Self-EPC throughout this report denotes EPC work completed in-house by project developers.

© BRIDGE TO INDIA, 2019 Page 3

 In Maharashtra, Pune, Aurangabad and Nashik are the leading districts in
rooftop solar installations.

Figure: Annual installation in leading districts in Figure: Total installation in leading districts in
Maharashtra, MW Maharashtra, MW

60

50
Pune
40 Pune, 33%
Others/NA, 36%
30 389 MW
Aurangabad
20 Nashik
Mumbai Kolhapur, 2% Aurangabad, 5%
Palghar Raigad, 4%
10 Palghar, 2% Nashik, 9%
Raigad
Kolhapur Mumbai, 9%
0
FY 2016 FY 2017 FY 2018 FY 2019

Source: BRIDGE TO INDIA rooftop solar system database

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