Solar industry fastest growing industries in India for the past few years.
Strong Government Support to Drive Indian Solar Energy Market
According to our research report “Indian Solar Energy Market Analysis” the solar industry has been one of the fastest growing industries in the region for the past few years. Favorable geographical location, large population, and the government support have facilitated the region’s solar industry to become one of the rapidly emerging solar energy markets in the world. Further, India has the opportunity to play a major role in this global energy transformation. Solar energy offers vast potential to India, where around 45% of households do not have access to electricity. Considering India as an increasingly significant energy consumer, solar power can play a significant role in the country’s domestic energy supply.
Ongoing research found that, India is poised to become a global leader in PV adoption and manufacturing. Specific drivers for PV in India include the country’s rapidly rising primary energy and electricity needs, overdependence on coal for electricity generation, and on oil & gas imports. These factors coupled with India’s endowment with abundant irradiation, with most part of the country enjoying 300 sunny days a year, make PV particularly attractive to the country’s energy strategy. Moreover, it is expected that, the annual PV installed capacity will reach to 900 MW by 2013, growing at a CAGR of around 44% during 2010-2013.
The report outlines that, many states have started promoting solar based applications by providing incentives and tax savings. States, such as Gujarat and Rajasthan have formulated transparent and progressive regulatory framework to boost the solar industry. Besides, states, such as Delhi, Uttar Pradesh, West Bengal, Maharashtra, and Chandigarh are promoting solar energy in rural, urban, and semi urban areas.
The latest industry research titled “Indian Solar Energy Market Analysis” by RNCOS provides comprehensive research and rational analysis of the solar industry in India. It thoroughly examines current industry trends, with focus on recent changes in the state and country level regulatory environment. The report provides valuable information to clients looking to venture into these markets and helps them to devise strategies for solar power in India.