Creda will be Installing Grid-Connected Solar Plants in Seven Locations

The increasing installed capacity of Indian Solar power would drive the demand for solar power equipment market in India  

India: CREDA, the Chhattisgarh Renewable Energy Development Agency is going to install seven Grid Connected Solar Photovoltaic (SPV). These SPV would be installed at various Hospitals, District Panchayat offices, Colleges, PWD offices, CSPSCL Training Institutes and other Govt. buildings. Moreover, it is expected that Chhattisgarh will be producing approximately 700 MW additional power from renewable energy sources by FY 2018. Apart from that, Chhattisgarh state government has already commenced the setting up 51,000 solar powered irrigation pumps in a span of two-and-half-years in the state. The government has also set a target of setting up 11,000 solar pumps in the current financial year till March 2017 and the rest during the next two years.

TechSci Research depicts that the increasing installed capacity for grid-connected solar plants will drive the demand for solar power equipment market in India. Moreover, 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 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.