Indian Solar Energy Capacity Has Been Quadrupled from The Last Two & Half Years

The cumulative installed capacity of Indian Solar power would promulgate the Indian Solar market as well as the Indian solar power equipment market in near future

India: Gujarat, Rajasthan and Tamil Nadu have successfully crossed 1 Giga Watt(GW) in solar power installations while Andhra Pradesh, Telangana and Madhya Pradesh are close to this mark, the Government of India told the Rajya Sabha quoting data as on December 31, 2016. The Government has also revised the target for 2022 from 20,000 MW to 1 lakh MW.

TechSci Research depicts that the consumption of fossil fuels for power generation in India has increased significantly due to increasing urbanization and industrialization. However, considering future energy requirements and concerns associated with fossil fuels, India has taken huge strides over the past three years in developing its solar potential by implementing green growth agenda along with commissioning of solar power plants in the country. With increasing focus of governments across the India to promote the use of solar power, the demand for solar power equipment would increase in near future.

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, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country. 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. Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 has been a major initiative taken to promote sustainable development of the solar energy sector in the country.