India Solar Rooftop Market Set to Grow at 60% Till 2021: Says TechSci Research
NEW YORK, August 5, 2016 /PRNewswire/ --
Increasing number of government initiatives coupled with favorable policy environment to boost solar rooftop market in India through 2021
According to a recently published TechSci Research report "India Solar Rooftop Market By State, By Connectivity, By End User, Competition Forecast & Opportunities, 2011 - 2021", the solar rooftop market in India is projected to grow at a CAGR of over 60% during 2016 - 2021, predominantly on account of rising government focus on increasing the share of solar power in the country's energy mix. As per the Census of India 2011 and Wasteland Atlas of India 2011, the total solar power capacity in the country stood at 748 GW, which is more than twice the country's total installed power capacity. In 2015, Government of India had set a target of 100 GW of solar power generation in the country by 2022, which is five times more than the target set in 2009.
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India Solar Potential, 2011 (Gigawatts)
State Potential (GW)
Delhi 2.05
Gujrat 35.77
Haryana 4.56
Madhya Pradesh 61.66
Maharashtra 64.32
Punjab 2.81
Rajasthan 142.31
Tamil Nadu 17.61
Rest of India 417.89
Total 748.98
Source: MNRE
Browse 35 market data Tables and 58 Figures spread through 186 Pages and an in-depth TOC on "India Solar Rooftop Market"
In India, the solar rooftop market is still in its nascent phase, and the market is expected to grow at a robust pace over the next five years backed by favorable government measures and abundant solar resources. In order to boost solar power generation in the country, the Government of India has announced various policies and regulations such as Accelerated Depreciation, Capital Subsidies, Renewable Energy Certificates (RECs), Net Metering Incentives, Assured Power Purchase Agreement, etc. These schemes have been introduced by the government to reduce the capital expenditure in building a solar power plant, and subsidize solar power generation in order to make it economically viable for the stakeholders involved in the solar power business.
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"In India, the total solar power generation capacity increased from around 160 MW in 2010 to more than 6,700 MW in 2016 owing to favorable government initiatives coupled with development in manufacturing technology of solar panels. Improving manufacturing technology has led to reduction in cost of solar panels which has resulted in reduction in cost of solar power generation. With declining cost of solar power and increasingly favorable government policies, solar power industry is expected to witness bright days ahead." said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Solar Rooftop Market By State, By Connectivity, By End User, Competition Forecast & Opportunities, 2011 - 2021" has evaluated the future growth potential of India solar rooftop market and provides statistics and information on market size, consumer behaviour and trends. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities available in India solar rooftop market.
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TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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