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.