Plans of National Thermal Power Corporation (NTPC) to focus on Renewable energy sector would surge demand for solar power equipment in the country

India: NTPC plans to become the largest renewable energy company by 2026 as a result of its diversification strategy. The company has planned to invest USD76.38 billion in Indian Power Sector between 2016-2026 most of which will be invested in renewable energy projects. As of 2016, NTPC has an installed capacity of 47GW which is projected to reach 128 GW by 2030. NTPC has decided to diversify its power business portfolio in order to align itself to growing trend for renewable energy projects and is currently working on renewable energy projects with an installed capacity of 3.01 GW.

TechSci Research depicts that, rapid expansion of renewable energy projects by NTPC would have a positive impact on solar equipment industry. India plans to add 100GW of solar power capacity by 2022. NTPC’s plans to increase its presence in renewable energy sector would result in setting up of new plants particularly solar powered projects which would propel the demand for India Solar Power Equipment Market.

According to a recent released report of TechSci Research, “India Solar Power Equipment Market Forecast & Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020, wherein solar energy would be generated by employing photovoltaic (PV) and concentrated solar power (CSP) technologies across the country.  Constantly improving solar equipment technologies, advanced manufacturing processes pertaining to 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.