The study aims to capture the market potential and opportunities of solar photovoltaic market in India. The solar PV market has been estimated based on the current installed capacity in the country and the capacity addition expected and targeted for the 11th five year plan capacity addition. The solar PV module and cell production and capacity of major participants has been captured and the potential for various applications of solar photovoltaics has been estimated. Policies, regulations, technology trends, drivers, restraints and industry challenges have been mentioned in the study.