Project report for Solar Equipment Industry

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Solar power is a rapidly growing industry in India. As of November 30, 2020, the country's solar installed capacity was 36.9 GW. The Indian government set a target of 20 gigawatts of power for 2022, which was met four years ahead of time. The goal was increased in 2015 to 100 GW of solar energy by 2022 (including 40 GW from rooftop solar), with a target budget of $100 billion. Nearly 42 solar parks have been developed in India to provide land to solar plant developers.Rooftop solar power generates 2.1 GW, with 70% of it being used for industrial or commercial purposes. India is designing off-grid solar power for local energy needs in addition to its large-scale grid-connected solar photovoltaic (PV) initiative. Solar products are increasingly being used to meet rural needs; by the end of 2015, the country had sold just under one million solar lanterns, reducing the need for kerosene.

India receives solar energy during the year due to the abundance of solar irradiance. This has provided enormous opportunities to harness solar energy from the sunniest sites in the world, particularly, Rajasthan, Gujarat and Andhra Pradesh. The foregoing consideration clubbed with foreign funding and substantial R&D ventures creates an impetus for the development of the solar energy industry in India. The Indian government has taken a number of steps, with the Ministry of New and Renewable Energy (MNRE) writing proposals and issuing tenders, which is expected to propel the demand for Solar panels, Solar Battery and other Solar Equipment during the forecast period. The solar panel and battery energy systems market is expected to be driven by factors such as meeting the country's electricity demand during peak hours of the day, where battery energy storage systems operate as a backup. During the forecast period, however, the high cost of large-scale project investments is expected to restrain the market. Due to its high energy density, the solar panels and solar batteries store a considerable amount of energy per unit area and are expected to expand at the fastest pace in the India battery energy storage systems industry over the forecast period.

Market potential & Strategy

Due to a growing emphasis on solar power generation, the Indian solar power equipment market including solar panels and batteries is expected to expand at a CAGR of over 12% to hit $ 6.3 billion by 2024. In addition, the government's target of 100 GW by 2022, favourable policies and incentives, and schemes for the construction of solar parks and ultra-mega solar power projects are expected to help the Indian solar power equipment industry expand in the coming years. The Government of India launched the Jawaharlal Nehru National Solar Mission in 2010 as a major initiative to support the country's solar energy sector's long-term growth. Other considerations, such as continuously evolving solar equipment technology, innovative manufacturing processes for hi-tech equipment development, and expected decreases in equipment costs, are likely to have a positive impact on the solar equipment market of India.

Major solar power equipment suppliers are focused on offering technologically innovative solutions and systems at lower costs in order to boost consumer demand. This allows vendors to set themselves apart from their competitors and remain competitive. Other tactics used by major market players to improve their current product portfolio and broaden their market footprints include strategic alliances and agreements with developers and EPC contractors, as well as investments in R&D activities.

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