Solar Power Photovoltaic in India to grow at 134%

The solar energy installations in India have been growing at a phenomenal pace for the last few years. Most of the states are deploying photovoltaic solar power plants and with the implementation of the National Solar Mission, it is expected that the annual PV installed capacity will grow at a CAGR of around 134% during 2009-2013, according to RNCOS.

The study acknowledged that, India is expected to become one of the world’s fastest-growing energy consumers during 2009-2013, trailing only behind China among the larger emerging-market economies. Additionally, with the growing competitiveness of the industrial sector, the energy consumption in India will spiral in coming years, which will further fuel to the development of renewable energy sector in India. Solar energy, being on top of the charts, will be benefitted the most from the public and private focus.

As per the study there is a huge potential for off-grid PV deployment, which is based upon the real requirements and benefits in areas, such as rural lighting, back-up power generation for expanding network of cellular towers across the country, electrification for powering irrigation pump sets, urban applications, etc. With more presence of private sector companies in solar, in the coming years, attractive growth opportunities will lure new market players and the market will become more competitive, as per RNCOS.