According to “India Solar Power Equipment Market Forecast & Opportunities, 2020” from Reportbuyer, the solar power equipment market in India is projected to surpass USD4 billion by 2020.
India consumes a large amount of fossil fuels such as coal and crude oil to meet its domestic energy requirements. Power and transportation sectors are the leading consumers of coal and crude oil in the country.
Over the past couple of decades, consumption of fossil fuels for power generation in India has increased significantly due to increasing urbanization and industrialization.
However, considering future energy requirements and concerns associated with fossil fuels, India has taken huge strides over the past three years in developing its solar potential by implementing green growth agenda along with commissioning of solar power plants in the country.
Generating energy by tapping sun’s radiation is expected to help India inch towards ensuring energy security and reduce the country’s greenhouse gas emissions in the coming years.
The report estimates that photovoltaic (PV) and concentrated solar power (CSP) technologies will dominate the solar power sector in India.
Constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices is projected to further drive the solar equipment market over the next five years.
Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 has been a major initiative taken to promote sustainable development of the solar energy sector in the country, the report said.
Rajani Baburajan
editor@greentechlead.com