Exploring the Dynamics
Report Ocean has recently released a comprehensive report titled “India Solar Energy Market 2023-2032,” offering a detailed analysis of key industry aspects, growth factors, constraints, and emerging opportunities shaping the global market. The report projects a Compound Annual Growth Rate (CAGR) of 7.8% for the India solar energy market during the forecast period from 2022 to 2028.
Industry Resilience During the Pandemic
Amid the COVID-19 pandemic, the solar energy industry in India showcased resilience and growth. Researchers harnessed various technologies to understand the SARS-CoV-2 virus, emphasizing advancements in therapies, vaccines, and diagnostic tools.
Rising Adoption and Government Initiatives
India has experienced a surge in the adoption of renewable energy, particularly solar energy, driven by its affordability. The Ministry of New and Renewable Energy reported a remarkable 226% growth in installed capacities for renewable sources, with over 25.24% of the nation’s capacity sourced from renewables. The Indian government’s ambitious plans aim to achieve solar and renewable energy capacities of 25,750 MW by the end of 2022, backed by substantial investments exceeding USD 4.59 billion.
Deployment Methods and Regional Trends
Rooftop solar installations dominate the market, especially in industries and households where space is limited. In the agricultural sector, ground-mounted solar systems are prevalent, with a focus on irrigation technology. South India leads in solar energy consumption, with states like Karnataka, Andhra Pradesh, Telangana, and Tamil Nadu driving the region’s growth.
Key Players and Collaborations
Prominent players in the India solar energy market include Adani Group, Azure Power Global Limited, Tata Power Solar Systems Limited, and others. Adani Solar, in collaboration with KSL Cleantech, has expanded its market presence in Northeastern and Eastern India. This includes launching a retail distribution business for these regions, emphasizing collaboration for increased market penetration.
For businesses navigating the opportunities in India’s solar energy market, strategic insights and analysis from industry experts can offer a competitive edge. The comprehensive report provides valuable information on growth potential, emerging trends, competitive landscape, and market dynamics, aiding businesses in making informed decisions in this rapidly growing sector.
Source：taiwannews.com.tw
