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Localized Mini Grids Will Boost the Solar Power Market in India: TechNavio Report
The overall Solar Power Market in India is expected to grow at a CAGR of 43.2 percent during the forecast period of 2013-2018.
Solar Energy possesses a tremendous potential to bridge India’s energy demand and supply gap in the future. The Indian Government has outlined long-term plans to attain an installed solar power generation capacity of 20,000 MW by 2020, which would be increased to 100,000 MW by 2030 and further to 200,000 MW by 2050.
Solar power is considered the ultimate source of power in India because of the technical potential of around 5,000 trillion kWh per year and minimum operating costs.
“The increased adoption of clean technology for power generation is one of the major driving factors of the Solar Power Market in India,” says Faisal Ghaus, Vice President of TechNavio Research.
“The majority share of solar power installation in India by 2018 is expected to be dominated by PV technology, accounting for 81.3 percent.”
Regions in India that lack grid connectivity are being connected through PV cell-based mini-grids. These mini-grids have reduced the initial setup costs and power tariff, and distribution of electricity from these grids will take place through low-voltage networks.
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Solar Power Market in India 2014-2018, please send an e-mail to media@TechNavio.com
TechNavio is a leading global technology research and advisory company. Founded in 2003, TechNavio has about 200 analysts globally and develops yavch over 2000 pieces of research every year. We cover more than 500 technologies across 80 countries.
We focus on emerging trends that can shape a market, and model these trends using a mix of quantitative and qualitative tools in our proprietary research methodologies in order to build forecasts across market segments and geographies. These forecasts and analysis are used to help our customers identify new and existing opportunities in their markets. We also help customers assess their competitive position in a constantly changing technology market scenario.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Our analysts obtain the information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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