India added 3,000MW grid-connected solar power generation capacity which is well above the 2,000MW government target

India: During 2015-16, India had added a total of 3,000MW of grid-connected solar power generation capacity as against the government target of 2,000MW for the fiscal year. Also, the tendering of over 21,000MW of solar capacity were already commissioned during the last fiscal year. According to the latest updates, the progress on Clean Energy Initiatives indicates that as on March 2016, the total solar capacity stood at 6,763MW.

TechSci Research depicts that with the Government target to achieve 100,000MW of solar power by 2022 and with policies that promotes local manufacturing through subsidies and anti-dumping duties will support large scale production of equipment. Prices of solar panels declined by 19% in 2013 and by 12% in 2014 due to technology advancements and improvements in manufacturing processes, thereby making them cheaper. As a result, the project developers are bidding aggressively for solar projects.

According to released report of TechSci Research “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020. Rising government investments in the sector, increasing technological advancements, growing environmental concerns, government support in the form of favorable policies, subsidies and tax incentives are expected have a significant positive impact on the market in the ensuing years. Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.