India Solar Industry 2021, Growth, Outlook, Future Opportunities and Forecast 2021-2027

 

India has the fifth largest solar power industry, globally. As per India Brand Equity Foundation (IBEF), in 2019, India installed around 7.3 GW capacity of solar power plants across the country, establishing its position as the third-largest solar market in the world. In India, the solar capacity has significantly increased in the last 5.5 years from 2019; around 2.6GW to over 34GW. Moreover, the solar power tariff in India has reduced to over 75% using plug and play model, as per the Ministry of New and Renewable Energy (MNRE). The largest solar installed capacity states include Karnataka (7.3GW), Rajasthan (5.2GW), Tamil Nadu (3.9GW), Andhra Pradesh (3.6GW), Gujarat (3GW), and Maharashtra (1.9GW).

A Full Report of India Solar Industry is Available at: https://marketinsight.in/industry-reports/india-solar-market-size-opportunities-growth-report

·        42 solar parks of aggregate capacity 23,499 MW have been approved in 17 Indian states up to March 2019

·        Kurnool (1,000 MW) and Bhadla-II (648 MW) Solar Parks are fully operational

·        Largest Solar Park of 2,000 MW in Pavagada is under installation

Solar Organizations/Associations in India

Government Ministry/Department

·        Indian Renewable Energy Development Agency

·        Ministry of New and Renewable Energy (MNRE)

·        National Institute of Solar Energy (NISE)

·        Solar Energy Corporation of India (SECI)

Get Free Sample Copy @ https://marketinsight.in/request-sample/india-solar-market-size-opportunities-growth-report

Industry Associations

·        National Solar Energy Federation of India

·        Solar Power Developers Association

·        Indian Solar Manufacturers Association

·        Indian Energy Storage Association

·        Independent Power Producers Association

Some significant investments and developments in the Indian renewable energy sector include:

·        In April 2020, Vikram Solar got a 300 megawatt (MW) solar plant project worth INR 1,750 crore (US$ 250.39 million) from National Thermal Power Corporation Ltd. (NTPC) under CPSU–II scheme in a reverse bidding auction.

·        Adani Group is focussing on becoming the world’s largest solar power company till 2025 and the most prominent renewable energy firm by 2030.

·        Shapoorji Pallonji and ReNew Power will invest around Rs 750 crore (US$ 0.11 billion) in a 150 MW floating solar power project in Uttar Pradesh, India.

·        In November 2019, Renew Power, UPC, Avaada Tata, unit achieved solar projects in 1,200 MW auction of the Solar Energy Corp. of India.

·        Till 2019, India set to open its solar power plant, Bhadla Solar Park, in Rajasthan, which would be the world’s largest solar plant with a capacity of 2,255 MW.

Initiatives/Schemes by the Government of India for Indian solar Industry

·        The US-India Clean Energy Finance (USICEF) initiative is regarded as the India’s first that assists the development of the distributed solar projects into viable investment opportunities, via essential early-stage project preparation support. In 2016, USICEF is a principle of the commitment made between the US and the Indian government to mobilize finance for Indian distributed clean energy projects.

·        The scheme for “Development of Solar Parks and Ultra Mega Solar Power Projects” was rolled out by the Ministry of New & Renewable Energy on 12th December 2014. Under this scheme, the solar power installed capacity has been improved from 20,000 MW to 40,000 MW as per the Ministry’s order dated March 2017. These parks are expected to be set up by 2021-22.

·        To set up solar PV projects between the period 2019-2020 to 2022-2023, the government organizations are using domestic cells & modules in WTO compliant manner to facilitate national energy security and environmental sustainability for Government purpose.

·        Grid Connected Solar Rooftop Programme — For achieving a cumulative capacity of 40,000 MW from Rooftop Solar (RTS) Projects by the year 2022.

·        In 2019, Delhi Government decided to shut down the thermal power plant in Rajghat and develop it into 5,000 KW solar park.

·        Rajasthan Government exempted solar energy from electricity duty in Budget 2019-20 and focused on the deployment of solar power across the agriculture and public health sectors.

For More Customized Data, Request for Report Customization @ https://marketinsight.in/report-customization/india-solar-market-size-opportunities-growth-report

Recent Announcements in the Indian solar industry

·        On August 04, 2020, the Government of Uttar Pradesh announced the installation of solar panels on guest houses and hotels under the Tourism Department. The Non-Conventional Energy Development Authority (NEDA) is conducting a survey, based on which, it is likely to install solar panels in 40 hotels of US State Tourism Corporation (UPSTC) in the state. 

·        On July 21, 2020, 2 MW Solar Power Plant Inaugurated at Naval Station Karanja, Uran. The plant is one of the largest solar plants in the region, installed at Naval Station Karanja. The solar plant comprises 100% indigenously developed solar panels, tracking tables, and inverters.

·        On July 21, 2020, the Tamil Nadu government signed eight new MoUs worth INR 10,399 crore ($1.4 billion). The MoUs have planned to bring in investments in the field of modules and solar cell manufacturing, along with agrotech and iron foundry, among others. The cumulative investment envisaged in the projects will create 13,507 jobs across the state in solar cells, data centers, and industrial parks.

·        On January 13, 2020, Panasonic India is expecting INR 500 crore ($68.0 million) in revenues from its solar business in the next 3 to 4 years.

 

About Market Insight

Marketinsight.in, a sub-division of Orion Market Research (OMR), is a determined market research firm that simply aims at providing services such as consulting; customize research, field research and a growth strategy plan to the Indian enterprises. It provides a complete suite of customized services focused on to bringing process efficiency and market effectiveness in its services.

 

Media Contact:

Company Name: Market Insight

Contact Person: Mr. Anurag Tiwari

Email: info@marketinsight.in

Contact no: +91 780-304-0404