The research report on the solar power market in India by Technavio predicts the market to post a CAGR of more than 38% during the period 2019-2023. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the solar power market in India for the period 2019-2023. (Graphic: Business Wire)
A key driver for the solar power market in India will be the favorable government regulations. The governments worldwide have been supporting the adoption of solar energy by offering incentives, subsidies, and tax benefits to producers and consumers. To achieve its carbon emission targets and decrease its dependence on fossil fuels, India is gradually adopting solar energy. Such incentives and solar capacity targets are encouraging many investors to invest in solar power projects that are driving the growth of the solar power market in India.
As per Technavio, the declining costs of solar energy will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report on the solar power market in India 2019-2023 also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Solar power market in India: Declining costs of solar energy
High cost and intermittency are significant factors that have affected the adoption of renewable sources of energy in the past. Energy storage integration can overcome the intermittent nature of solar energy. This will assist in the increased adoption of renewable energy in hybrid systems. In India, a gradual decrease in renewable energy prices is being witnessed.
“India is expected to import solar panels from China at significantly low prices as India is a potential market for solar power. This will result in an increased demand for solar power among renewables and promote the sales of solar power systems in India. Thus, the declining cost of solar energy is anticipated to drive the growth of the solar power market in India over the next five years,” says a senior research analyst at Technavio.
Solar power market in India: Segmentation analysis
This report on the solar power market in India segments the market by end-user (utility and rooftop) and application (grid-connected and off-grid).
The utility segment held the largest solar power market share in India in 2018, accounting for over 87% of the market. This end-user segment is expected to dominate the market throughout the forecast period.
The grid-connected segment led the market in 2018 with approximately 97% of the market share. This application segment is expected to dominate the market throughout the forecast period.
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Five Forces Analysis
Market Segmentation
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