The emerging demand for off-grid PV units and better quality solar products will aid the growth.
India’s biggest strength lies in its solar potential. The topical-region positioned country could be one of the few markets, which can generate its solar power and actually meet the stipulated requirement.
Off late we have seen intensive solar-centric activities being undertaken, largely due to the energy ministry in the country, which has devised solar policies across the different states in India and offer incentives to people interested in utilising solar energy.
A recent report has suggested that the installed capacity of solar photovoltaic in the country is growing, which is being fulfilled via large-scale deployments. The demand for solar photovoltaic panels and products in the country has also been aided by the recent growth.
The report, “Indian Solar Energy Market Analysis”, also states that the domestic solar photovoltaic manufacturers are looking to offer better quality solar products, and also expand their capacities in order to meet the demand, which has resulted in lowering of solar power cost.
As per the findings of the report, solar PV installation in India is growing at a rapid pace – in 2011-12, the total capacity addition in solar PV was at around 468 MW. The cumulative installed capacity of solar PV is expected to grow at a CAGR of around 47 per cent during 2011-2016.
The report also talks about few emerging trends with increase in production of solar PV products and growing demand for off-grid PV installation.
