Equipment prices to decline
The Indian solar power equipment market is projected to grow at a CAGR of over 12% to reach US$6.3 billion by 2024, owing to increasing focus on solar power generation, said a report by ResearchAndMarkets.
Moreover, government’s plan to achieve 100 GW by 2022, favorable policies & incentives, schemes for development of solar parks and ultra-mega solar power projects are expected to aid the growth of the Indian solar power equipment market in the coming years, said the report “India Solar Power Equipment Market By Equipment Type (Solar Cell, Solar Inverter, Solar Charge Controller, Solar Thermal Collector and Others), Competition, Forecast & Opportunities, 2014-2024”.
Launch of Jawaharlal Nehru National Solar Mission by the Indian Government in 2010 is a major initiative taken to promote sustainable development of solar energy sector in the country.
Additionally, other factors like constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices are likely to positively influence the Indian solar equipment market over the next five years.
Company Profiles in the report are: Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd, Vikram Solar Limited, Waaree Energies Ltd, Indosolar, Goldi Solar Pvt Ltd, Gautam Solar Pvt Ltd, Websol Energy System Limited, Central Electronics Limited and Euro Multivision Ltd. fiinews.com
