Cabinet Committee on Economic Affairs (CCEA) Approves 40,000 MW Solar Power Scheme

The increasing installation of solar projects across the country’s solar parks will drive the demand for solar power equipment in India

India: On 22 February 2017, CCEA approved the scheme of enhancing the capacity of solar parks in India from 20,000 MW to 40,000 MW to push the development of solar power in the country. According to Minister of Power and Renewable Energy, Mr. Piyush Goyal “the capacity expansion would ensure setting up of minimum 50 solar parks, each with a capacity of 500 MW and above in the various parts of the country.” The solar parks and ultra-mega solar projects would be set up by the central government financial support of USD1.2 billion. After commencement of operation, the total solar capacity would be able to generate 64 billion units of electricity per year, which would enable a reduction of 55 million tonnes of CO₂ emission

TechSci Research depicts that the increasing installation of solar projects across the country will drive the demand for solar power equipment in India. Moreover, with the Government’s target to achieve 175GW of electricity production by 2022 through solar, first milestone has been achieved as installed capacity of solar reached 5000 MW in January 2016. To support such a huge target of solar power generation, there is need to have proper supply of solar equipment’s as well. To meet the target, TechSci Research has projected the market for Solar Equipment into India considering present manufacturing capacity along with upcoming and proposed plant.

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 USD 4 billion by 2020. 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.