Solar Rooftop Market in India to Grow at 60% Till 2021: TechSci Research

TechSci Research in its latest report  “India Solar Rooftop Market By State, By End User , By Connectivity, Forecast and Opportunities, 2021” has revealed that with increasing number of government initiatives coupled with favorable policy environment will boost solar rooftop market in India through 2021.

India’s solar power potential within the country’s geographical limits is high as majority of the geographical area lies within the tropics.

 As per the Census of India 2011 and Wasteland Atlas of India 2011, the total solar power capacity in the country stood at 748 GW, which is more than twice of the country’s total installed power capacity.

TechSci Research notes that backed by favorable government measures and abundant solar resources, the solar rooftop market in India is expected to grow at a robust pace over the next five years.

In order to boost solar power generation in the country, the Government of India has announced various policies and regulations such as Accelerated Depreciation, Capital Subsidies, Renewable Energy Certificates (RECs), Net Metering Incentives, Assured Power Purchase Agreement, etc.

These schemes have been introduced by the government to reduce the capital expenditure in building a solar power plant, and subsidize solar power generation in order to make it economically viable for the stakeholders involved in the solar power business.

With the country’s per capita electricity consumption standing at around 746 Kilowatt hour, which is below the global average, demand for electricity in India is expected to increase over the next five years on account of continuing economic growth.

Government of India is focusing on expanding the renewable based power generation in the country owing to increasing global warming and environmental concerns. The share of renewable power in India’s total installed power generation capacity is estimated to be 13% in 2016, and this share is anticipated to reach 40% by the end of 2030. All these factors point towards robust growth of solar rooftop market in India over the next five years.

According to the TechSci the solar rooftop market in India to grow at a CAGR of over 60% during 2016 – 2021.

In India, the solar power market is in its developing stage, and numerous measures are being taken by the government to promote the use of solar energy in the country said the firm. In order to map the solar potential in the country, the Ministry of New and Renewable Energy (MNRE), has installed 51 Solar Radiation Resource Assessment (SRRA) in the country to calculate the solar potential.

Last year, on-grid solar rooftop segment dominated the India solar rooftop market, and the segment is expected to maintain its dominance over the next five years as well -said the research firm.

“In India, the total solar power generation capacity increased from around 160 MW in 2010 to more than 6,700 MW in 2016 owing to favorable government initiatives coupled with development in manufacturing technology of solar panels. Improving manufacturing technology has led to reduction in cost of solar panels which has resulted in reduction in cost of solar power generation. With declining cost of solar power and increasingly favorable government policies, solar power industry is expected to witness bright days ahead.” Said Karan Chechi, Research Director with TechSci Research.