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 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 reached Rs 10,117 crore by the year 2023, as per a latest study by GOGLA – a global association of off-grid solar power industry.

    Currently, the market size for distributed solar power products in the country is estimated to be Rs 3,875 crore. This includes sales by private players at Rs 705 crore and the remaining by government-owned entities, the report said.

    Private sector role

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

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

    According to the study, 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.

    Citing the reason for such growth, the report noted that rising incomes and increasing demand of energy are the key drivers.

    KUSUM scheme

    The government of India has shifted its focus on the solar pumping sector. The sector got a fillip in March 2018 when the government 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.

    Presently, the KUSUM scheme is pending for the final budgetary approval of the cabinet. In view of the volumes expected in the scheme, solar pumps price is 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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