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India all set to accomplish 20GW in cumulative solar installations four years ahead

India Solar Power Products Market

India is all set to accomplish the target of attaining 20GW installed solar power generation capacity four years ahead of the initial set target. The government has revised the new target to 100GW by 2022. The government is deciding on auctioning 30GW energy capacities in the next two fiscal years to attain the new target. 

India: In a giant step towards achieving the sustainable energy goals, India is all set to accomplish 20GW in cumulative solar instillations four years ahead of its target. By the end of February, grid connected solar capacity of 19.58 GW has already been achieved, informed the Minster for Power and New & Renewable Energy.

The target of grid connected solar energy capacities has been revised from 20GW to 100GW at the end of four years by the Government of India.

The minister, however claimed that the domestic manufacturing capacity is not sufficient, and the country is reliant on both imported as well as domestically manufactured solar equipment and panels.

The government is deciding on auctioning 30 GW solar energy capacities in the next two fiscal years, 2018-19 and 2019-20 to attain the 100 GW grid connected capacities target by 2022.

Moreover, the government of India is also planning on auctioning 10 GW capacities each in the next two fiscal years to achieve 60 GW of wind power generation capacities by 2022. The country’s wind power generation capacity, according to the Central Electricity Authority data is 32.8 GW, while the total renewable energy capacities stood at 62.8 GW by the end of February 2018.  

According to TechSci Research, the increasing government focus on development of renewable energy sector, the solar power products market is expanding at a high rate. The government has set the target at 100GW for solar power generation capacity by 2022, which is expected to increase development of solar power products in India. The increasing initiatives adopted by the Government like incentives and subsidies for solar pumps and solar lanterns, are boosting the adoption across the country. Additionally, development of solar rooftop PV plants is being supported by various adopting various measures like Feed-In Tariff, Accelerated Depreciation Mechanism, Generation Based Incentives, etc., which will propel the India solar rooftop PV market in the coming years. Rising development of solar power generation projects is expected to aid in addressing the growing demand for electricity and in turn boost growth in the solar power products market through 2022.

According to the recently published report by 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. In addition, implementation of Net Metering Policy across various states in the country is anticipated to boost grid connected solar rooftop plant developments, as it aids in exporting additional energy back to the grid. The government has also formulated policies specific to end users of rooftop solar plants i.e. residential, commercial and industrial segments to promote installation of rooftop solar plants across the country. Government of India is also promoting use of other solar power products such as solar water pumps to address the growing drinking water and irrigation requirements in agriculture sector.

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