India is hovering at the threshold of opportunity to grow and expand its role in the photovoltaic (PV) adoption and manufacturing. The country is poised to become a global leader in this technology. According to a recent research by RNCOS, India's off-grid solar PV market has three major segments which include captive power plants, telecom towers, and rural electrification. The market potential of these segments will lead the off-grid solar market in India to install over 1 GW annually in the coming few years.
The report “Indian Solar Energy Market Analysis” identified that India has a huge growth potential for the solar photovoltaic industry. Specific drivers for PV are the country’s rapidly rising primary energy and electricity needs, and overdependence on oil & gas imports and coal for electricity generation. The government is eager to increase the solar energy share in the country by improving infrastructure. Majority of the states are deploying PV power plants, and with the effective implementation of the National Solar Mission, it is expected that the annual PV installed capacity will grow at a CAGR of 49.5% around during 2010-2014 to reach 1500 MW by 2014-end.
The report provides extensive information on the country’s solar market, and discusses growing segments like thermal and photovoltaic along with sub-segments, such as solar water heating systems, solar cookers, street lights, and home lighting systems. The study also features forecasts for each of these segments in the country. The forecast is based on the correlation between past market growth and base drivers. Profiles of key players have been included in the report to present an objective outlook to clients to help them understand market structure and growth prospects.
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