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.