Industry News

India achieved an installed solar power capacity of 6,000MW

India has achieved an installed solar power capacity of 6,000MW or 6GW in 6 years, which has provided the nation a great potential in becoming one of the largest installers of solar power in the world. According to the Managing Director and CEO of a solar power company, Vikram Solar, government policies such as Make in India and National Solar Mission will continue to be a major driver in driving the growth of solar power market in India.

TechSci Research depicts that strong government support and International Solar Alliance (ISA) have reflected the nation’s strong commitment towards the solar power sector thereby creating huge demand for solar power equipment in the coming years. Also, the rising government investments, increasing technological advancements, growing environmental concerns, government support in the form of favorable policies, subsidies and tax incentives are expected to have a significant positive impact on the solar power equipment market in the ensuing years.

According to released report of TechSci ResearchIndia Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020. Growing demand for renewable sources of energy and favorable government incentives to drive India solar equipment market through 2020. 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.

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