India's Solar Power Sector Study 2017
Solar energy is generated by technologies which harnesses the sun’s energy to create renewable source of power. It is a free source of energy which is sustainable, unlike fossil fuels which are limited. Solar energy does not emit any carbon gases which makes it cleaner and healthier for the environment.
Worldwide revenue fro
m solar PV installation is expected to reach approximately USD 150 billion by 2024. Revenue during the period 2014 to 2016, grew at a CAGR of 8.7%. During this period installation were highest in Asia Pacific, followed by Europe, North America, Middle East and Africa. China solely has 44% of the global solar photovoltaic (PV) capacity.
In 2017, the United States, China, Japan and India are expected to generate 73% of the global PV demand. These countries are expected to dominate the solar power market in the coming decade. India is expected to reach 18.7 gigawatts capacity by 2017 surpassing Japan. For 2017, experts have identified India as being the most favoured market for growth of solar power. India is anticipated to be the third largest player in global solar market replacing Japan.
Our analysts feel that the outlook for the global solar power sector is strong. With countries uniting globally to increase capacity and installations, the sector is well placed for rapid growth. As per experts, solar power can cater to 20% of the total worldwide energy requirement by 2027. By 2021 solar power is anticipated to be cheaper than coal in China, India, Mexico, the United Kingdom and Brazil.
We are of the opinion that the outlook for India’s solar power sector is strong. The strong, clear and transparent renewable energy policy framework which India has provides investors the confidence to invest. Even though the Indian solar sector is facing challenges such as demonetisation, implementation of GST, curtailment and lack of state of the art technological capabilities the sector has huge potential and is on the growth path.
It is projected that by 2040, renewable energy could generate 49% of the electricity in India. India has committed to increase the amount of electric power from clean energy resources to 40% by 2030. Under the Paris Agreement, India set a target of achieving installed capacity of a total of 175 GW of renewable energy by 2022. Out of this, 100 GW is the target set for solar power.
Why should the report be purchased?
The report ‘India's Solar Power Sector Study 2017’ highlights key dynamics of the global and India’s solar power market. The growing opportunity in the sector along with the key challenges have been studied. The sector performance and market scenario has also been studied. The report contains latest industry leaders‘ opinions.
Research methodology and delivery time
Smart Research Insights has conducted in depth secondary research to arrive at key insights. Data collected from key public industry sources and publications has been scanned and analyzed impartially to present a clear picture of the industry. All recent developments which impact the sector dynamics have been captured and used to support the research hypothesis.
The report is available as single-site single-user license. The delivery time for the electronic version of the report is immediate and dispatch time for hard copies is 2 business days, as each hard copy is custom printed for the client.
About Smart Research Insights (SRI)
SRI is a research organization specializing in industry research reports and custom research. Our team of dedicated researchers with rich experience across industry segments focuses on delivering high quality analysis. Undertaking in-depth secondary research we arrive at key insights, which are supported by data that has been analyzed impartially to present a clear picture of the industry. All recent developments and industry opinions which impact the sector dynamics are captured and used to support the research hypothesis.
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