To facilitate the growth of solar power in India, Solar Energy Corporation of India is planning to set up more solar plants

India: Solar Energy Corporation of India Ltd. (SECI), a CPSU under the administrative control of the Ministry of New and Renewable Energy (MNRE), is planning to alleviate the solar energy growth in the country by setting up more number of solar plants and focusing on becoming a renewable energy developer. After successfully setting up solar projects in Rajasthan, SECI is planning to enter in to two new solar projects that includes a 300-MW hybrid project comprising of both solar and wind energy in Andhra Pradesh, a floating solar energy plant across Kerala (10MW), Andhra Pradesh (10MW) and Lakshadweep Islands (5MW). 

TechSci Research depicts that the increase in renewable energy activities has increased the solar energy share in the nation and upcoming investment would also create the demand for Solar Power Equipment Market in the country. Rapid population growth and increasing urbanization & 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 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. Prices of solar panels declined by 19% in 2013 and by 12% in 2014 due to technology advancements and improvements in manufacturing processes, thereby making them cheaper. 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.