India’s Solar BoS Market Projected to Surpass USD 7 Billion by 2029: 1Lattice Report
India’s solar BoS (Balance of System) market is set to more than double from USD 3 billion in 2024 to USD 7 billion by 2029, driven by the country’s aggressive renewable energy targets and supportive policy measures, according to 1Lattice’s latest report.
May 05, 2025. By Mrinmoy Dey
As India accelerates its shift toward renewable energy, the BoS segment is emerging as a critical enabler in the country’s energy transition journey, noted the report. The BoS segment includes all supporting components 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.
Several factors are driving this growth, including India’s national target of 500 GW non-fossil fuel capacity by 2030 and the commitment to generate 50 percent of its electricity from renewable sources. Enabling schemes like PM-KUSUM, PM Surya Ghar Yojana, the grid-connected rooftop solar programme, and the Delhi Solar Energy Policy are helping to democratise solar adoption across rural and urban areas, bringing new opportunities for innovation, manufacturing, and investment in the BoS space, it said.
The report further added that the global BoS market is also expected to experience significant expansion, growing from an estimated USD 60 billion in CY 2024 to approximately USD 100 billion by CY2029 at a CAGR of 10 percent, driven by robust clean energy commitments and incentives across key regions.
Commenting on the findings, Abhishek Maiti, Director – Industrial Goods and Services, 1Lattice, said, “As the world races toward decarbonisation, the focus must go beyond solar panels to the infrastructure that supports them. Our latest report underscores the pivotal role of the balance of system components in making solar truly scalable and sustainable. With India set to witness a BoS boom, now is the time for manufacturers, investors, and policymakers to align strategies and investments.”
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