Exploring Business opportunities in Grid-connected Solar PV Sector

Final Semester Thesis by Varun Mittal, MBA student at DMS, IIT Rourkee

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OBJECTIVE: The objective of the thesis is to give stakeholders a holistic picture of Grid connected solar PV sector in India, help them in exploring various aspects related to this sector and understand opportunities and threats thrown by this sector on the business they are involved in across the solar value chain system. Further, “key” industries related the solar PV sector i.e. solar PV EPC and PV manufacturing are analysed to provide business players (belonging to these two industries) with strategic inputs which can help them in making informed business decisions.

DESCRIPTION: The thesis work is divided into two parts.

In first part, various aspects of this sector i.e. Social, Political, Legal, Technological, Economical and Environmental are explored to understand the opportunities and threats thrown by this sector to stakeholders representing solar PV value chain system. Industry attractiveness is evaluated based on above mentioned aspects which could give a realistic scenario of the industry’s anticipated growth.

Also, the market potential of the industry is seen from the eyes of a marketer such that business drivers are assessed and market segments are explored across various industries.

Major challenges for the industry are also touched upon to highlight the areas of attention before policy makers and other associated stakeholders. The current solar PV scenario is presented to give an idea about the progress made in this sector so far and the growth in this sector in terms of projected solar PV installation is made using the targets set by the govt.under various National and State solar policies.

The second part is divided into 2 sections.

In second part, analysis is done specifically for the focused “key” solar business players i.e. solar PV EPC and PV manufacturing based on to access competition across various dimensions. In first section of second part, Solar PV EPC industry is analysed by employing Porter’s competitive forces model to give strategic inputs to the business players which can help them in formulating effective business strategies.

In second section of second part, aspects of Solar PV manufacturing industry at Global and Domestic levels are analysed using 5 parameters (Profitability, Technology, Infrastructure, Finance, and Policy & Regulatory to give a realistic picture of key developments taking place in this industry. Analysis is done on the observed conditions to reach at proposed solutions and recommendations which could help business players in this industry formulate effective marketing strategies.

AUDIENCE OF REPORT: Local and Foreign players under following categories-
Bankers and Venture Capitalists
Solar PV cell / Module Manufacturers
EPC players
Industry Analysts and Regulatory Bodies of Solar Sector
Trade Associations and companies
Other industry Professionals


PART A: PESTEL model is used during the analysis


In Section 1, Porter’s 5 forces Model is used to analyse Solar PV EPC industry


Analysis for solar PV manufacturing industry is done using following 5 parameters to explore various business opportunities and business challenges
 Demand & Supply
 Cost & Price
 Technology
 Finance
 Policy & Regulatory aspects


A. Data Collection- Identify stakeholders. Making parallel primary as well as secondary research.

1. Primary Research
a. Face to face discussion
b. Calls
c. Email- Questionnaire
d. Social networking websites- Postings

2. Secondary Research
b.Market Reports

3. Limitations
B. Data Analysis- Again going back if required
C. Inferences- Again going back if required
D. Limitations: Personal Bias while answering, motive, secondary data may not be appropriate

– Final Semester Thesis by Varun Mittal, MBA student at DMS, IIT Rourkee

About Ritesh Pothan

Ritesh Pothan, is an accomplished speaker and visionary in the Solar Energy space in India. Ritesh is from an Engineering Background with a Master’s Degree in Technology and had spent more than a decade as the Infrastructure Head for a public limited company with the last 9 years dedicated to Solar and Renewable Energy. He also runs the 2 largest India focused renewable energy groups on LinkedIn - Solar - India and Renewables - India
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