Dublin, April 21, 2023 (GLOBE NEWSWIRE) -- The "Solar Power Market in India" report has been added to researchandmarkets.com offering.
India's cumulative installed solar power capacity increased from 6.76 GW in FY2016 to 54.00 GW in FY2022, expanding at a compound annual growth rate of 41.39%.
There has been an increase in the demand for renewable energy since conventional methods of generating electricity, such as thermal power plants, are running out. In India, solar energy is one of the most popular renewable energy sources. The solar energy market is constantly expanding thanks to efficient collaboration between the government and the private sector.
In 2021, India achieved the fifth position in solar energy deployment globally. The Ministry of New and Renewable Energies (MNRE) regulates the market. Some of the major producers are Adani Power Limited, The Tata Power Company Limited, ReNew Energy Global Plc and Torrent Power Limited.
Market information:
Solar power generation has become a central element of the National Action Plan on Climate Change. Currently, most of the photovoltaic (PV) solar panel installations in India are made with crystalline silicon, which improves energy efficiency by approximately 22%. The National Solar Mission is one of the key initiatives to promote the expansion/generation of solar energy.
Segment information:
The solar power market can be segmented based on grid-connected solar applications and off-grid solar applications. The grid-connected solar applications segment has the largest market share. The application status of the facilities under the Decentralized and Off-Grid Solar PV Application Program is comparatively much lower than that of the grid-connected applications.
The Ministry of New and Renewable Energies (MNRE) aims to provide solar PV-based applications in areas where the electrical grid is unavailable or unreliable, with the help of its Off-Grid Solar PV Applications Program .
COVID-19 Impact Analysis:
In India, demand for electricity fell when a lockdown was imposed during the first wave of COVID-19, causing retail and office spaces to remain closed. This negatively affected the demand for solar energy. The supply side was also negatively affected as 85% of migrant labor at solar parks returned to their villages during the lockdown.
With the easing of movement restrictions, solar companies began to acquire and install solar plants once again. The government also started promoting home solar products and introduced various policies to boost the solar energy market before and after the second wave of the pandemic.
Given the government efforts to revive the market considering the pandemic, solar power along with other renewable resources can be dedicated to addressing climate change.
Key topics covered:
Chapter 1: Executive Summary
Chapter 2: Socioeconomic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Percentage of solar energy within the total installed capacity of renewable energy
Chapter 4: Market Overview
4.1 Solar Power Market in India: An Overview
4.1.1. Solar Power Installed Capacity (FY 2016 - FY 2022)
4.1.2. Current market scenario
4.2. State Solar Power Capacity and Estimated Potential
Chapter 5: Market Segmentation
5.1. Solar energy market segmentation:
5.1.1. Installed capacity of the solar energy market (according to category)
5.1.2. Top 10 states with maximum solar power capacity (as of 11.30.2022)
5.2. Based on grid connected solar application
5.3. Based on off-grid solar application
Chapter 6: Government Initiatives
6.1. Government initiatives
Chapter 7: Impact of COVID-19
7.1. COVID-19 Impact Assessment
7.2. Impact of COVID-19 on the outlook for the solar energy market
Chapter 8: Market Influencers
8.1. Key Growth Drivers
8.2. key challenges
Chapter 9: Competitive Landscape
9.1. adani energy limited
9.2. Azure Power Global Limited
9.3. Limited NTPC
9.4. Renew Energy Global Plc
9.5. Tata Power Company Limited
9.6. torrent power limited
9.7. Emmvee Private PV Power Limited
9.8. Mahindra Susten Private Limited
9.9. Vikram Solar Limited
9.10. Vivaan Solar Private Limited
Chapter 10: Recent Developments
For more information on this report, visit https://www.researchandmarkets.com/r/xv24aq
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood,Senior Press Manager press@researchandmarkets.com For E.S.T Office Hours Call 1-917-300-0470 For U.S./ CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900
