Over 8% CAGR Projected Amidst Pandemic Challenges
Despite the challenges posed by the COVID-19 pandemic, India’s solar energy market is set for robust growth, projecting a Compound Annual Growth Rate (CAGR) of over 8% in the coming years. The resilience exhibited by the industry reflects a positive outlook.
Driving Forces: Cost Efficiency and Environmental Commitment
The growth in India’s solar energy market is attributed to the declining cost of solar power technology and the versatility of solar systems. This, coupled with a commitment to a greener approach to power generation, aligns with global sustainability goals, fostering increased adoption of solar energy.
Dominance of Solar PV Segment: Opportunities and Technological Advancements
The solar PV segment is poised to dominate the Indian solar energy market, providing cost-effective solutions with simplified installation methods. Regions with abundant solar irradiance, such as Rajasthan, Gujarat, and Andhra Pradesh, present significant opportunities for harnessing solar energy. Foreign investments and robust Research and Development initiatives contribute to technological advancements, propelling the market forward.
Government Initiatives: Paving the Way for Solar Revolution
Government policies, led by the Ministry of New and Renewable Energy (MNRE), play a pivotal role in shaping the solar energy landscape. Initiatives like the Production Linked Incentive (PLI) Plan and schemes like the Solar Park Scheme underscore the government’s commitment to renewable-based power generation. The ambitious target of achieving 450 GW of renewable energy by 2030 solidifies India’s dedication to solar energy adoption.
Source：taiwannews.com.tw
