Solar Photovoltaics to Continue Dominating India Solar Power Products Market through 2024
Increasing focus of government on solar power sector coupled with innovations in solar technology and stringent environmental pollution norms to boost demand for solar power products in India through 2024.
According to a recently
published TechSci Research report, “India Solar Power Products Market By Product Type, Competition, Forecast &
Opportunities, 2014-2024’’
India solar products market is anticipated to be driven by favorable government
policies, incentive schemes and financial assistance given by the government to
solar power products manufacturers. Government also incentivises the
distribution companies (DisComs) based on their performance in solar
photovoltaic installations in rooftop projects. Moreover, Ministry of New and
Renewable Energy (MNRE) gives subsidies through National Bank for Agriculture
& Rural Development (NABARD) on installations of solar power products such
as solar rooftop PV, solar pumps and solar lighting systems. Government policies and schemes in solar
power sector such as National Solar Mission, Rooftop Solar Programme, Kisan
Urja Suraksha evam Utthaan Mahabhiyan (KUSUM), etc., coupled with increase in
demand for cleaner fuels and rising per capita income, are expected to boost
the demand for solar power products in India in the coming years. Few major companies operating in India solar
power products market include Tata Power Solar Systems Limited, Mundra Solar PV
Limited, Vikram Solar Limited, Waaree Energies Limited, Jain Irrigation Systems
Limited, EMMVEE Photovoltaic Power Private Limited, V-Guard Industries Limited,
C.R.I. Pumps Private Limited, Shakti Pumps (India) Limited, Kotak Urja Private
Limited and others.
Browse 32 market data Figures and Tables spread through 82 Pages and an
in-depth TOC on "India
Solar Power Product Market"
https://www.techsciresearch.com/report/india-solar-power-products-market/3846.html
Solar photovoltaics accounted for the largest share in India solar power
products market in 2018 and is likely to maintain its dominance throughout
forecast period as well, on account of strong focus of the government in
increasing the rooftop PV, mega solar parks and floating solar installations. Additionally,
prices of photovoltaic are declining, which can be attributed to rising
manufacturing capacity and decrease in raw material prices such as that of
polysilicon, which is further aiding the growth of India solar power product
market.
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“Indian Government is supporting solar
infrastructure in the country by incentivising and motivating the stakeholders
of the industry. This is clearly articulated in
the policies and schemes such as the Ujwal DISCOM Assurance Yojana (UDAY
Scheme), Development of Solar Park Scheme, Solar Energy Subsidy Scheme, etc. Moreover,
photovoltaic efficiency has improved over the years due to significant
investments in research and development, which has consequently resulted in improved
product quality. Additionally, imposition of Safeguard Duty of 25% on import of
PV cells and modules from China and Malaysia is a strategic move to protect and
promote the interest of domestic manufacturers. These market developments are
expected to positively influence India solar power products market during
forecast period.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“India Solar Power Products Market By
Product Type, Competition, Forecast & Opportunities, 2014-2024’’ has evaluated the future growth potential of India solar power
products market and provides statistics and information on market size,
structure and future market growth. The report intends to provide cutting-edge
market intelligence and help decision makers take sound investment decision.
Besides, the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in India solar power products market.
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