India Solar Power Equipment Market to Grow at over 12% CAGR until 2024
Increasing demand for solar power generation coupled with favorable government policies & initiatives to drive solar power equipment market growth through 2024.
According to a recent report published
by TechSci research on “India
Solar Power Equipment Market By Equipment Type, Competition, Forecast &
Opportunities, 2014-2024”, India solar power equipment market is
projected to grow at a CAGR of over 12% during forecast period, on account of rising
inclination towards renewable power generation, growing need for clean &
green energy, reducing electricity bills and integration of power to the grid. India is anticipated to witness robust growth in solar power
generation capacity owing to rising focus of the government towards sustainable
energy generation. Availability of abundant sunshine throughout the year makes
the country an ideal location for solar power generation. Additionally, rapid
population growth and increasing urbanization and industrialization is driving
demand for energy, traditionally met by coal and crude oil. However, growing
shift towards renewable sources of energy and favorable government initiatives is
driving demand for solar power in India. Furthermore, government support
in the form of favorable policies, subsidies and tax incentives are expected to
positively impact India solar power equipment market in the coming years.
Browse 39 market
data Figures and Tables spread through 89 Pages and an in-depth TOC on "India Solar
Power Equipment Market"
https://www.techsciresearch.com/report/india-solar-power-equipment-market/3849.html
Under the Jawaharlal Nehru National Solar Mission (JNNSM), a
capacity addition of 100 GW has been envisaged to be achieved by 2022. This
would require production and usage of solar cells and modules for power
generation. The second phase of JNNSM solar development program mandates 50%
local equipment sourcing, which is expected to boost the country’s solar
equipment market. A large demand for solar power equipment generates from
southern region. Southern
solar power equipment market is anticipated to grow at the fastest rate during
forecast period on account of increasing investments in solar power
equipment and presence of
states like Karnataka, Tamil Nadu, Andhra Pradesh & Telangana, which
are rich in terms of annual quantity and availability of solar radiation.
“With rising demand for solar equipment,
many domestic players such as Tata Power Solar, Mundra Solar PV Limited, Vikram
Solar Limited, Waaree Energies and Websol Energy Systems, etc., are offering
cost-effective and high efficiency solar equipment with low system cost per kW.
Moreover, increasing competition in the market from Chinese players is
resulting in considerable decline in average selling price of equipment.
Furthermore, advancements in cell manufacturing technology and upgradation and
integration of power infrastructure across India would further steer growth in
India solar power equipment market in the coming years.” said, Mr. Karan Chechi
Research Director with TechSci Research, a research based global management consulting
firm.
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“India Solar
Power Equipment Market By Equipment Type, Competition, Forecast &
Opportunities, 2014-2024,”
has evaluated the future growth potential of India solar power equipment 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 the India solar power equipment market.
About TechSci Research
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publishing premium market research reports. Serving 700 global clients with
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fulltime Analysts and Consultants employing innovative research solutions and
tracking global and country specific high growth markets helps TechSci clients
to lead rather than follow market trends.
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