With Solar Power installed capacity reaches 5 GW, target of 175GW by 2022 seems to be achievable

Installed Solar power crossed 5,000 MW in January 2016 and is projected to reach the target of 18,000 MW by 2017

India: A meeting was held in Andhra Pradesh, chaired by Power, Coal Minister New and Renewable Energy Piyush Goyal and was attended by members of Lok Sabha Bharat Singh, Om Prakash Yadav, Sushil Kishore Singh, Jayadev Galla and member of the Rajya Sabha Bashistha Narain Singh to review the progress of implementation of solar park scheme and also steps taken by the NTPC to reduce emissions and increase efficiency. To achieve the target of 175 GW, ministry has approved 33 solar parks in 21 states with aggregate capacity of 19,900 MW and SECI has been made the implementing agency for the same which has released INR 54.93 Cr to respective states out of sanctioned INR 374 Cr.

TechSci Research depicts that 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 reaches 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.