With installed capacity of renewable energy reaches 42,850MW, the renewable energy generation capacity surpasses hydro power generation capacity

India: The renewable based power generation which include wind and solar based power generation has surpassed the hydro power generation in the country. As per Central Electricity Authority, the surge in renewables based power generation has led to significant change in the energy mix of the country. The government has set a target of 100 GW of solar power generation by the end of 2022 which would result in huge capacity addition in solar power generation in the country.

TechSci Research finds out that with the increase in installed capacity of renewable energy would drive the demand of solar power equipment in India. The development of solar power generation will lead to growth in the market of solar power equipments in the country. The government of India has taken certain initiatives to promote solar power generation in the country through mechanisms such as Generation Based Incentives, Accelerated Depreciation Mechanism etc.  Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices would further drive the solar equipment market in India.

According to released report of TechSci Research “India Solar Power Equipment Forecast & Opportunities, 2020”, the market for solar power equipments in the country is projected to surpass USD4 billion by the end of 2020. The growth in the market for solar power equipments is expected due to development of solar power projects in the country which will pose a huge demand of the same.