Indian Solar Energy Capacity Has Been Quadrupled from The Last Two & Half Years
The
cumulative installed capacity of Indian Solar power would promulgate the Indian
Solar market as well as the Indian solar power equipment market in near future
India: Gujarat, Rajasthan and Tamil Nadu have
successfully crossed 1 Giga Watt(GW) in solar power installations while Andhra
Pradesh, Telangana and Madhya Pradesh are close to this mark, the Government of
India told the Rajya Sabha quoting data as on December 31, 2016. The Government
has also revised the target for 2022 from 20,000 MW to 1 lakh MW.
TechSci Research
depicts that the consumption of
fossil fuels for power generation in India has increased significantly due to
increasing urbanization and industrialization. However, considering future
energy requirements and concerns associated with fossil fuels, India has taken
huge strides over the past three years in developing its solar potential by
implementing green growth agenda along with commissioning of solar power plants
in the country. With increasing
focus of governments across the India to promote the use of solar power, the
demand for solar power equipment would increase in near future.
According to 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. Launch of Jawaharlal Nehru National Solar
Mission by Government of India in 2010 has been a major initiative taken to
promote sustainable development of the solar energy sector in the country.