Press Release

India Solar Power Equipment Market to Grow at over 12% CAGR until 2024

Increasing demand for solar power generation coupled with favorable government policies & initiatives to drive solar power equipment market growth through 2024.

According to a recent report published by TechSci research on “India Solar Power Equipment Market By Equipment Type, Competition, Forecast & Opportunities, 2014-2024, India solar power equipment market is projected to grow at a CAGR of over 12% during forecast period, on account of rising inclination towards renewable power generation, growing need for clean & green energy, reducing electricity bills and integration of power to the grid.  India is anticipated to witness robust growth in solar power generation capacity owing to rising focus of the government towards sustainable energy generation. Availability of abundant sunshine throughout the year makes the country an ideal location for solar power generation. Additionally, rapid population growth and increasing urbanization and industrialization is driving demand for energy, traditionally met by coal and crude oil. However, growing shift towards renewable sources of energy and favorable government initiatives is driving demand for solar power in India. Furthermore, government support in the form of favorable policies, subsidies and tax incentives are expected to positively impact India solar power equipment market in the coming years.

Browse 39 market data Figures and Tables spread through 89 Pages and an in-depth TOC on "India Solar Power Equipment Market"

Under the Jawaharlal Nehru National Solar Mission (JNNSM), a capacity addition of 100 GW has been envisaged to be achieved by 2022. This would require production and usage of solar cells and modules for power generation. The second phase of JNNSM solar development program mandates 50% local equipment sourcing, which is expected to boost the country’s solar equipment market. A large demand for solar power equipment generates from southern region. Southern solar power equipment market is anticipated to grow at the fastest rate during forecast period on account of increasing investments in solar power equipment and presence of states like Karnataka, Tamil Nadu, Andhra Pradesh & Telangana, which are rich in terms of annual quantity and availability of solar radiation.

“With rising demand for solar equipment, many domestic players such as Tata Power Solar, Mundra Solar PV Limited, Vikram Solar Limited, Waaree Energies and Websol Energy Systems, etc., are offering cost-effective and high efficiency solar equipment with low system cost per kW. Moreover, increasing competition in the market from Chinese players is resulting in considerable decline in average selling price of equipment. Furthermore, advancements in cell manufacturing technology and upgradation and integration of power infrastructure across India would further steer growth in India solar power equipment market in the coming years.” said, Mr. Karan Chechi Research Director with TechSci Research, a research based global management consulting firm.

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India Solar Power Equipment Market By Equipment Type, Competition, Forecast & Opportunities, 2014-2024,” has evaluated the future growth potential of India solar power equipment market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decision. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in the India solar power equipment market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.


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