Dublin, June 13, 2023 (GLOBE NEWSWIRE) -- The "Solar Energy Market Landscape in India & Outlook till 2030" report has been added to ResearchAndMarkets.com's offering.
India renewable energy (RE) sector has encountered a growth rate of 14% in five years, from FY 2017 to FY 2022.
This growth takes India to achieve milestone of 114 GW of RE capacity as of Sept 2022. Of this total recorded capacity contribution of solar stands to be approx. 51%.The share of solar installed capacity in India has increased at a CAGR of 29% over the last decade from FY 2012, making it to rise from 4% to 51% (as of Sept. 22).
Presently, the solar installed capacity of India is 57 GW. Some of the key contributing states to this capacity are -Rajasthan (15 GW), Gujarat (8 GW), Karnataka (7.7 GW), Tamil Nadu (5.8 GW) and Telangana (4.6 GW). Cumulatively these states drive nearly 69% of overall solar installation in the country.
The transformation that solar energy sector has witnessed in India over the last decade has been purely due to the impetus given by government of India (GOI) with aggressive capacity targets, dedicated policies and regulatory support. For example, the ambitious target of 280 GW of solar capacity has been set to be achieved till 2030, which means 5 times growth in the solar installed capacity in coming seven years from now.
This anticipated growth in capacity addition clearly indicates an expansive upcoming business opportunity for the entire solar value chain in India, especially manufacturing. GOI has already initiated the steps to boost the domestic solar manufacturing in the form of Production Link Scheme (PLI).
To establish a larger manufacturing base for solar PV modules, an allocation of INR 19,500 crore (Tranche II) for PLI for manufacturing of high efficiency modules, with priority to fully integrated manufacturing units from polysilicon to solar PV modules, has been announced in the Union Budget 2022-23, on 1st Feb 22.
Lately in Sept. 22, SECI has also floated a proposal for inviting the bids under the desired scheme. It is anticipated that the PLI scheme shall lead to an installed manufacturing capacity of 65 GW per annum (Tranche II) in India. It is important to note that the total domestic capacity for manufacturing solar modules in India is about 20 GW, of which 13.3 GW has been enlisted in ALLMM. The current capacity of manufacturing solar cells in the country is around 4 GW.
A selection of companies mentioned in this report includes
- Waaree Energies Limited
- Mundra Solar PV Ltd.
- Vikram Solar Ltd.
- RenewSys India Pvt. Ltd.
- Premier Energies Photovoltaic Pvt. Ltd
- Tata Power Solar Systems Ltd.
- Mundra Solar Energy Ltd
- Emmvee Photovoltaic Power Pvt. Ltd.
- Goldi Solar Pvt. Ltd.
- Waaree Renewables Pvt. Ltd.
- Reliance New Energy
- Adani Power
- REC Solar
- Faradion Limited
For more information about this report visit https://www.researchandmarkets.com/r/vcqoy3
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
