New Delhi
India’s solar photovoltaic (PV) component market is expected to grow strongly over the next few years. A new report says the balance of system (BoS) market will rise from around $3 billion in 2024 to more than $7 billion by 2029. This means it will grow at a steady rate of 16 per cent each year. This growth is being pushed by India’s goal to have 500 gigawatts (GW) of clean energy by 2030. Half of the country’s electricity is planned to come from renewable sources. Government programs like PM-KUSUM, Rooftop Solar Scheme, and the Delhi Solar Policy are making solar power more common in both cities and villages.
BoS refers to everything in a solar system apart from the panels. This includes inverters, wires, mounting frames, trackers, control boxes, batteries, and safety devices. These parts are important to support solar energy systems. Abhishek Maiti from 1Lattice, the group that made the report, said that as the world moves toward clean energy, we must focus not just on solar panels but also on the full system that supports them. He stressed the important role of BoS in making solar power work well and grow widely. Globally, the BoS market is also growing. It could rise from $60 billion in 2024 to $100 billion by 2029. This growth is supported by strong promises from many countries to use more clean energy. India’s energy shift is speeding up, and the BoS sector is becoming a key part of that journey.
