Indian Solar Installed Capacity Expanded by 5,525 MW in FY2017
Increasing capacity expansion will drive the demand
for Solar Power Products market in India
India: According to Ministry of
New & Renewable Energy (MNRE), the total solar energy installed capacity
expanded by 5,525 MW in FY2017. The growth figure nearly doubled in comparison
to previous year, when the installed capacity was raised by 3,010 MW. The
cumulative solar installed capacity in India reached 12,288 MW by the end of
March 2017. However, the capacity addition still fell short of cumulative
capacity target of 17,000 MW by the end of FY2017 by MNRE. Moreover, the ministry
has set an ambitious target of achieving cumulative solar power capacity of
20,000 MW by the end of FY2018.
TechSci
Research depicts that with increasing focus of government on developing
renewable energy sector, solar power products market in India is on the verge
of expansion. The target for solar power generation capacity in the country has
been set at 100 GW by 2022 which is anticipated to increase the development of
solar power products in India. The government provides incentives and subsidies
for solar power products such as solar pumps and solar lanterns, thereby
boosting their adoption across the country.
According
to released report of TechSci
Research, “India Solar Power Products Market By Product Type, Competition
Forecast & Opportunities, 2012 - 2022”, the market for solar
power products in India is forecast to grow at a CAGR of over 10% through 2022,
on account of growing demand for power and increasing focus on reduction of
greenhouse gases emissions from the power sector. Development of power
transmission and distribution network is projected to increase adoption of grid
connected rooftop solar plants in the country through 2022.