India exceeds its capacity addition targets for 2015-16 in solar energy projects

India: India is on its track to accomplish its ambitious solar energy targets. The solar energy target for 2015-16 was 2000 MW. The actual capacity addition during the same period was 3018 MW which was more than one and a half times the actual target for 2015-16. States such as Tamil Nadu and Andhra Pradesh played a major role in growth of solar energy in India. India’s total solar energy installed capacity now stands at 6753 MW and is expected to reach 17,000 MW by 2017.India is set to achieve its ambitious target of installing 175 GW of renewable energy by 2022 including 100 GW of solar energy thus meeting its global commitment of fulfilling energy requirements through renewable energy sources.

Techsci Research depicts that the Indian Energy sector offers great investment opportunities. The growth in solar energy is majorly driven by private sector investments. Indian Government plans to allocate tenders of 20,900 MW in 2016-17. As more number of such projects will come, it will attract more investments in solar energy industry. The development of solar projects will directly benefit the solar equipment industry.

According to a recently released TechSci Research report, “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.