There has been a substantial increase in solar power generation In India in the past few years due to its increasing efforts for expanding the share of renewable energy. The solar power industry in India has immense prospects to grow. Here, the production of solar energy is at a high rate owing to various factors. The geographical location in the tropics is one of them. According to recent reports, India receives annual radiation of more than 5000 trillion kWh. It will generate a generous amount of energy if potentially gripped by the solar energy companies in India.
The solar power industry in India produced 1000 MW of energy in 2017. It is expected to produce 80,000 MW of energy by 2020 and 100,000 MW by 2022.
There is anticipation that the solar power industry in India is the third-largest in the world. Currently, the country is in the state of recurrent power shortage and has a demand-supply gap of twelve per cent. The gap is so huge that it can be filled up only with the use of renewable sources of energy like solar power or solar energy. The solar industry is growing at a rapid rate in India owing to the government’s dedicated incentives and initiatives to the manufacturers of solar energy companies, renewable energy companies, low operating costs of solar companies, and solar panels.
Future of solar power industry in India
There are so many speculations around how the solar industry in India is going to fare in the future. The below explained points will give a fair idea.
Trends in the solar installation
Before this year ends, there is an expectation of nearly 12 GW of new solar energy capacity addition in the country. In the last couple of years, the utility-scale solar installation growth in India was constant. Thus, the growth is predicted for this year and for future also. However, the focus of the government on (40 per cent CFA, mobile app launch, net metering) on the rooftop solar power sector (especially residential) will lead to more consumer awareness and increase capacity year after year.
The solar industry in India is offered supportive grounds by its geographical location. Along with generating enough energy to meet its own requirements, it can also produce enough energy for the entire world. The chief reason for this is that it comes under the tropical region, which receives enormous amounts of solar radiation all through the year. It counts up to approximately 3,000 long hours of sunshine. Few states in India have very high renewable energy capacity. Thus, they are capable of generating abundant amounts of electricity even on cloudy days.
Leaving fossil fuel behind
There are predictions that the Indian solar industry will surpass coal in capital expenditure and ultimately, will leave coal behind in capacity addition. There are expectations that the solar panel industry will lead the Indian renewable energy growth and account for over twenty per cent of the nation’s power generation capacity. This is because of over five GW of projects under execution and fifteen GW of projects in the pipeline. Moreover, solar power is expected to become a better option with peak generation capacity and reduce coal requirement by about eight per cent by the end of this year. This would result in $17 billion per annum saving from coal imports.
Jakson, a well-known energy and engineering solutions company, was founded in 1947. It is counted among the most reliable companies engaged in offering solar energy products in India. The company has shown a strong presence among a wide variety of products such as Solar IPP, Solar Modules, Solar Land-Based EPC, Solar Rooftop EPC, Solar Products and Solar O&M Services.