Solar power market in India to grow at a CAGR of 43.2 per cent

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Solar-power-007Saturday, September 06, 2014: Research and Markets has announced the addition of the “Solar Power Market in India 2014-2018” report to their offering.

The Solar Power Market in India to grow at a CAGR of 43.2% over the period 2013-2018.

Steady economic growth over the past few years, increasing industrial development, and the growing population have created huge gaps in India’s energy scenario. Solar energy possesses a tremendous potential to bridge India’s energy demand and supply gap in the future. India is steadily building upon its installed solar power capacity, thanks to a comprehensive and ambitious JNNSM, state solar policies, and relatively increased enforcement of the RPO.

The Indian Government has outlined long-term plans to attain an installed solar power generation capacity of 20,000 MW by 2020, which would be increased to 100,000 MW by 2030 and further to 200,000 MW by 2050.

One of the major emerging trends in this market is the establishment of localized mini-grids. Regions that lack grid connectivity because of a lack of physical and financial support are being connected through PV cells-based mini-grids in India.

According to the report, one of the major drivers in this market is the huge potential of the Indian Solar Power industry. Solar power is considered the ultimate source of power in India because of the technical potential of around 5,000 trillion kWh per year and minimum operating costs.

Further, the report states that one of the major challenges in this market is the scarcity of land. The per capita availability of land in India is quite low. The amount of land required for solar power plants is quite large and thus, it could put a strain on India’s available land resources.

Key Vendors

Azure Power India Pvt. Ltd.

Lanco Infratech Ltd.

Tata Power Solar Systems Ltd. (TPS)

Welspun Energy Ltd.

Other Prominent Vendors

Adani Power

Moser Baer Solar

Solon India

Reliance Industries

Vikram Solar