Increasing focus on solar power generation will provide big thrust solar power equipment market in India

India: Haryana power Generation Corporation Ltd has decided to build a solar power plant at a site of a defunct thermal power plant in Faridabad. Apart from that the Haryana government is also contemplating to build four solar power plants in Panipat where four thermal power stations are installed. The replacement of these thermal power plants by solar plants is envisaged on account of inefficiency associated with the ageing thermal plants and benefits of solar power generation technology.

TechSci Research depicts that the increasing thrust on solar power generation in India shall lead to huge growth in solar equipment market in India. The upcoming new solar projects and replacement of ageing thermal power plants by solar plants shall require implementation of solar technologies such as photovoltaic (PV), curved solar power (CSP), etc. The solar power plants shall result in clean energy generation and it will help in offsetting the greenhouse gas emissions from the fossil fuel power plants.

According to released report of TechSci Research “India Solar Power Equipment Market Forecast and Opportunities, 2020”, the solar power equipment market in India is projected to surpass USD4 billion by 2020, on account of new solar power projects, improvement in solar equipment technologies, advancement in manufacturing processes, etc. The structural and policy changes will support the solar industry that would provide a big thrust to the equipment manufacturers. The national solar mission is considered as the big boast for the solar energy sector which is aimed at increasing solar power in the energy mix of the country.