Dublin, Dec. 01, 2023 (GLOBE NEWSWIRE) -- The "Solar Energy Market in India 2023 - 2028" report has been added to ResearchAndMarkets.com's offering.
The research delineates a profound compound annual growth rate (CAGR) of 31.73% from FY 2017 to FY 2023, with the potential to maintain this momentum in the forthcoming years. This market's expansion is expediently propelled by the fusion of advancements in photovoltaic (PV) technology, specifically crystalline silicon, which enhances power efficiency to around 22%.
Market Expansion and Technological Advancements
The solar energy sector in India is poised for an epoch of exponential growth, pivoting on the country's ambitious goals to augment clean energy production and deployment.
Solar Energy Market Segmentation Insights
The market study segments the solar energy sector into grid-connected and off-grid solar applications. It emerges that the grid-connected solar applications command a predominant share of the market, in stark contrast to the off-grid sector. The research accentuates that initiatives like the Off-grid Solar PV Applications Programme are instrumental in broadening the reach of solar energy, catering to regions presently unserved by the conventional power grid.
Impact of the COVID-19 Pandemic
The analysis further delves into the repercussions of the COVID-19 pandemic on India's solar energy market. From the substantial dip in electricity demand to the disruption in supply chains and labor mobility, the pandemic's onslaught was evident. However, a resurgence in activity has been observed with the gradual lifting of restrictions. The Indian government's proactive stance, including policy reforms and incentives geared towards solar energy, signals a steadfast commitment to reviving the sector and prioritizing sustainability.
- Installations of solar PV panels to propel under the National Solar Mission.
- The market led by public-private collaboration and bolstered by the Ministry of New and Renewable Energy (MNRE).
- Resilience in the wake of COVID-19, paving the way for invigorated growth.
For more information about this report visit https://www.researchandmarkets.com/r/6excaz
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