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Indian Solar Installed Capacity Expanded by 5,525 MW in FY2017

Increasing capacity expansion will drive the demand for Solar Power Products market in India

India: According to Ministry of New & Renewable Energy (MNRE), the total solar energy installed capacity expanded by 5,525 MW in FY2017. The growth figure nearly doubled in comparison to previous year, when the installed capacity was raised by 3,010 MW. The cumulative solar installed capacity in India reached 12,288 MW by the end of March 2017. However, the capacity addition still fell short of cumulative capacity target of 17,000 MW by the end of FY2017 by MNRE. Moreover, the ministry has set an ambitious target of achieving cumulative solar power capacity of 20,000 MW by the end of FY2018.

TechSci Research depicts that with increasing focus of government on developing renewable energy sector, solar power products market in India is on the verge of expansion. The target for solar power generation capacity in the country has been set at 100 GW by 2022 which is anticipated to increase the development of solar power products in India. The government provides incentives and subsidies for solar power products such as solar pumps and solar lanterns, thereby boosting their adoption across the country.

According to released report of TechSci Research, India Solar Power Products Market By Product Type, Competition Forecast & Opportunities, 2012 - 2022, the market for solar power products in India is forecast to grow at a CAGR of over 10% through 2022, on account of growing demand for power and increasing focus on reduction of greenhouse gases emissions from the power sector. Development of power transmission and distribution network is projected to increase adoption of grid connected rooftop solar plants in the country through 2022.

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