Industry News

India’s Solar Power Installed Capacity to Touch 15GW by 2017

India: India is set to touch 15 GW of solar power installed capacity by march 2017 on account of rapid deployment of solar energy projects across the country. Currently, the installed capacity of solar power in India is around 8-9 GW and around 6GW of solar power projects are expected to be completed by FY17. India also plans to double the manufacturing of solar modules and cells to 10GW and 2GW respectively, in the coming years thereby, giving a major push to the solar power equipment market in the country.

TechSci Research depicts that India’s ambitious plans to install 100GW of Solar power by 2022 would result in large scale execution of solar powered plants across the nation. Due to the favorable policies and effective incentive mechanism to promote domestic procurement of solar power equipment, the domestic and international players would be motivated to boost their production capacity a bid to cater the rising demand for solar power equipment. As a result, the India solar power equipment market would witness rapid growth.

According to a 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 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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