How is the future of solar energy in India? Though multiple Government initiatives and schemes have benefitted the producer and consumer, will it continue to do the same or will the market see a downfall? The good news is India’s strategic initiatives in renewable energy production are soon going to make this country a leader in green initiatives. Feeding its population a fair share of electricity, ACE Renewtech aims to push India towards a solar-powered future. Here is an overview from leading solar engineering companies on what solar-led India will look like.
What do leading consultants say?
India receives over 5000 trillion kWh of annual solar radiation. Being the third largest producer of solar energy, leading Indian solar consultants believe that the country still has an enormous untapped solar market that is yet to flourish. Here are some trends anticipated by leading solar PV consultants in India:
- Solar is going to produce more electricity than nuclear power.
- By 2028, India aims to use renewable energy for power generation. This effort is further fuelled by investments in solar technology. In 2023, the PV manufacturing attracted an investment of 15.5 billion INR.
- The use of non-fossil fuel energy has grown by 396% over the last eight years. Green Energy Open Access Regulations have also helped this sustainable boost, pushing India to become a solar-led country.
- As of March 2024, India’s cumulative installed solar capacity reached 82 GW. Solar energy represented 18.5% of India’s total installed power capacity and 43% of the total installed renewable energy capacity.
Energy trends predictions for the days to come
Ace Renewetch, known for its solar expertise, predicts the following major energy trends for Indian market:
- The nation plans to boost its renewable energy capacity to 500 gigawatts (GW) by 2030.
- Solar PV Energy Solutions will make up 60% of new renewable energy.
- Technological Advancements in solar will make the PVs more efficient and less priced.
- With a solar PV production of 81.813 GWAC by 31 March 2024, India became the third-highest solar power producer in the world.
KCP Solar has been fuelling the nation’s sustainable growth with its Solar PV Energy Solutions, solar expertise, innovation and introduction of new technology. With a sunny forecast of India’s vision of becoming a sustainable energy leader, we are committed to bringing excellence in the field of solar energy. Join us in overcoming power hindrances and help India shape its future.
