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.