Top Trends You Must Know About Solar Power Market in India


The solar power market in India expected to witness a CAGR of over 6% during the forecast period. Certain factors that are driving the market growth include increasing investments in renewable energy, favorable government regulations, and increased adoption of microgrids. As per the latest market research report published by Technavio, the solar power market in India will grow by USD 104.38 billion during 2019-2023. The report offers an analysis of the market based on end-users  (utility and rooftop) and application (grid-connected and off-grid).

Download the free sample report @ http://bit.ly/2koFMUP

A microgrid is a small-scale power grid, which has its own storage and generation resources. They play a key role in electrifying areas that have frequent power outages. Also, they can generate power from renewable sources such as wind and solar power. 

The adoption of microgrids is supported by governments due to their strong endurance capability during natural calamities. This stimulated the adoption of microgrids by people to overcome power outages during the disaster. Hence, the increased adoption of microgrids in India will enhance the use of renewable energy sources such as solar energy, thus driving the solar power market in India during the forecast period. 

Floating solar power plants technology is at a nascent stage across the world. They provide the regions that have limited space on land to capture solar energy on waters. Also, the performance of floating solar power plants is better than the arrays that are built on the land. The evaporating water helps them to operate more efficiently as they will be cooler than conventional solar power systems. They are not reliant on large areas of land for constructing the power plant, this is one of the major reasons for their rising acceptance across the world. 

The Indian government is taking initiatives to increase the adoption of floating solar power plants, which will be one of the key trends supporting the solar power market in India. 

Energy generation companies are integrating energy storage with a system that will boost the adoption of renewable energy in hybrid systems. This will help in overcoming the intermittent nature of solar energy. The price of renewable energy is also gradually reducing in the country, which will increase the preference for solar energy. 

The declining costs of solar energy will drive the solar power market in India. The market will register a CAGR of over 38% during the forecast period. However, the year-over-year growth is expected to decelerate during 2019-2023.

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Location: United States

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