According to a report released on Monday, the solar photovoltaic (PV) balance of system (BoS) market in India is expected to increase at a compound annual growth rate (CAGR) of 16 percent, from about $3 billion in 2024 to over $7 billion by 2029.
According to 1Lattice’s most recent industry analysis, a number of factors are propelling this expansion, including India’s national goal of 500 GW of non-fossil fuel capacity by 2030 and the country’s pledge to produce 50% of its electricity from renewable sources.
By democratizing solar adoption in both rural and urban regions, enabling programs like PM-KUSUM, the Grid Connected Rooftop Solar Programme, and the Delhi Solar Energy Policy are opening up new avenues for investment, manufacturing, and innovation in the BoS sector.
All supporting elements 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, are thoroughly examined in the report’s BoS segment.
“The infrastructure that supports solar panels must be given more attention as the world rushes toward decarbonization. Abhishek Maiti, Director–Industrial Goods and Services, 1Lattice, stated, “Our most recent report highlights the critical role that the balance of system components plays in making solar truly scalable and sustainable.”
“Now is the time for manufacturers, investors, and policymakers to align strategies and investments as India is poised to experience a BoS boom,” he continued.
With strong clean energy pledges and incentives in key regions, the worldwide BoS market is also anticipated to develop significantly, from an estimated $60 billion in 2024 to almost $100 billion by 2029 at a compound annual growth rate (CAGR) of 10%.
The BoS segment is becoming a vital facilitator in India’s energy transformation process as the nation speeds up its move to renewable energy.
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