India Development News & Foreign Investment Opportunities

Indian Solar Power Market to Grow by US$104.38bn in 2019-2023

ndia offers tax benefits


India offers tax benefits



Technavio said the solar power market in India is poised to grow by US$104.38 billion during 2019-2023, saying it has been monitoring the country’s solar power market in since 2014.

The market is driven by the presence of favorable government regulations. In addition, the declining cost of solar energy is anticipated to further boost the growth of the solar power market in India, said Technavio on 15 Nov 2019.

Growing concerns about GHG emissions from fossil fuels is driving governments across the world to promote power generation through alternative energy sources such as solar energy, it said.

As a result, India offers tax benefits, subsidies, and incentives to consumers and producers. This is also encouraging many investors to invest in solar power projects.

The adoption of solar energy not only minimizes the dependence on fossil fuels but also helps economies in achieving their reduced carbon emission targets. Thus, the presence of favorable government regulations is expected to drive market growth during the forecast period.

It listed five major Indian Solar Power Market Companies:

ABB is headquartered in Switzerland and operates the business under various business segments such as Electrification Products, Robotics and Motion, Industrial Automation, Power Grids, and Corporate and Other. The company offers single-phase string inverters, three-phase string inverters, central inverters, and other products.

Adani Enterprises is headquartered in India and offers products through the following business units: Trading, Mining, and City Gas Distribution. The company offers dual-glass bifacial modules, mono-crystalline solar PV modules, and multi-crystalline solar PV modules.

Canadian Solar is headquartered in Canada and has business operations under various business segments, namely MSS and Energy. The company offers solar modules, microgrid solutions, utility systems, and off-grid applications.

Huawei Technologies is headquartered in China and offers products through the following business segments: Carrier Business, Enterprise Business, and Consumer Business. The company offers Smart energy center, Smart PV optimizer, Smart PV string inverters, FusionSolar smart PV solution, NetEco 1000s management system, and other products.

JA SOLAR is headquartered in China and offers products through the following business segments: Manufacturing and Solar projects. The company offers Bifacial mono PERC double glass module, Half-Cell module, Standard module, and Double glass module.

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