India’s Distributed Solar Power Market to Reach Rs 10,000 crore by 2023

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In the first half of 2018, India represented more than 30 per cent of the overall global distributed standalone solar products sales

The latest study by GOGLA-a global association of off-grid solar power industry has showed that distributed solar power products market, including solar lanterns, solar pump sets and other home appliances, in India is likely to grow over 2.5 times and will reach Rs 10,117 crore by the year 2023.

At present,the market for distributed solar power products in India is estimated to be Rs 3,875 crore, includes Rs 705 crore sales by private players and the remaining by government-owned entities.

Role of Private sector 

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The total size of the market is estimated to reach at Rs 10,117 crore in which Rs 2,617 crore worth of sales by private sector and Rs 7,500 crore from government side in next five years.

In the first half of 2018, India represented more than 30 per cent of the overall global distributed standalone solar products sales.It has mainly due to private players which has enabled the sector to push lanterns into the mainstream.

The most of the sales in this sector in future are likely to come from the lanterns with additional services such as radio, mobile charging, etc, and solar home systems.It also indicated that the rising incomes and increasing demand of energy are the key drivers for the growth.

KUSUM scheme

The solar pumping sector got a fillip in March 2018 when the government of India has announced the Kisan Urja Suraksha Evam Utthaan Mahaabhiyan (KUSUM) scheme. A key component of the scheme is to install around 1.75 million off-grid solar pumps by 2022, almost ten times the number of pumps presently installed in the country.

Currently, the KUSUM scheme is pending for the final approval of the cabinet. It is expecting that solar pumps price are likely to decline in the coming 1-2 years with various established players in the mainstream expected to enter into the pump sector segment.

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