Subsidies available for solar industry
The Indian solar power products market is projected to grow at a CAGR of more than 11% to surpass US$7.6 billion by 2024 on the back of increasingly stringent policy and regulatory framework and rising environmental concerns.
The Ministry of New and Renewable Energy has set a target of 100 GW of solar power generation capacity by 2022. To achieve the target, government has taken several initiatives in the form of offering subsidies, financial assistance, incentives to manufacturers, power producers and even customers.
The government has also partnered with several nodal agencies at the central and state levels for the installation of off-grid SPV systems, noted ResearchAndMarkets in its report on “India Solar Power Products Market: Competition, Forecast & Opportunities, 2014-2024”.
Subsidies are made available to the customers to encourage installation of grid connected rooftop photovoltaics, the report highlighted.
Additionally, rising per capita income and developments in the photovoltaic technologies are further anticipated to positively influence the Indian solar power products market during forecast period, according to the report.
Leading companies in the industry are: Tata Power Solar Systems Limited, Mundra Solar PV Limited, Vikram Solar Limited, Waaree Energies Limited, Jain Irrigation Systems Ltd, EMMVEE Photovoltaic Power Private Limited, V-GUARD INDUSTRIES LIMITED, C.R.I. Pumps Private Limited, Shakti Pumps (India) Limited, Kotak Urja Private Limited. fiinews.com
