Government of India have made a total investment of INR90, 841 crores in Clean Energy in last three fiscal years
India: A total amount of INR90, 841 crore were allocated into the
renewable energy sector during the last 3 fiscal years, in all states including
Jharkhand and Gujarat. Out of the total investments made, the maximum share
were generated for wind energy sector (INR46, 831.86 crore), followed by solar (INR30,
440 crore), biogas & bagasse cogeneration (INR7, 382.40 crore) and small
hydro up to 25 MW (INR6, 186.90 crore).
TechSci Research depicts that the investment in
clean energy has increased the solar energy share in the country and it would
also create huge demand for solar power equipment within the country. Rapid
population growth, increasing urbanization and industrialization will drive the
energy demand for energy which are traditionally met by coal and crude oil.
However, growing shift towards renewable sources of energy and favorable
government initiatives have increased the share of solar power in the country’s
total energy generation mix. Under the Jawaharlal Nehru National Solar Mission
(JNNSM), a capacity addition of 20,000 MW 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.
According to a recently published TechSci
Research report “India Solar Power Equipment Market Forecast and Opportunities, 2020”, solar
equipment market in India is projected to surpass USD4 billion by 2020.Rising
government investments in the sector, increasing technological advancements and
growing environmental concerns are expected to boost solar equipment market
over the next five years.