India Solar Industry Market Industry Growth, Trends, Analysis and Forecast - 2025

Posted November 13, 2020 by farazp70

In India, the solar capacity has significantly increased in the last 5.5 years from 2019; around 2.6GW to over 34GW.

India has the fifth largest solar power industry, globally. As per India Brand Equity Foundation (IBEF), in 2019, India installed around 7.3 GW capacity of solar power plants across the country, establishing its position as the third-largest solar market in the world. In India, the solar capacity has significantly increased in the last 5.5 years from 2019; around 2.6GW to over 34GW. Moreover, the solar power tariff in India has reduced to over 75% using plug and play model, as per the Ministry of New and Renewable Energy (MNRE). The largest solar installed capacity states include Karnataka (7.3GW), Rajasthan (5.2GW), Tamil Nadu (3.9GW), Andhra Pradesh (3.6GW), Gujarat (3GW), and Maharashtra (1.9GW).

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Government Ministry/Department

Indian Renewable Energy Development Agency
Ministry of New and Renewable Energy (MNRE)
National Institute of Solar Energy (NISE)
Solar Energy Corporation of India (SECI)

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Initiatives/Schemes by the Government of India for Indian solar Industry

The US-India Clean Energy Finance (USICEF) initiative is regarded as the India’s first that assists the development of the distributed solar projects into viable investment opportunities, via essential early-stage project preparation support. In 2016, USICEF is a principle of the commitment made between the US and the Indian government to mobilize finance for Indian distributed clean energy projects.

The scheme for “Development of Solar Parks and Ultra Mega Solar Power Projects” was rolled out by the Ministry of New & Renewable Energy on 12th December 2014. Under this scheme, the solar power installed capacity has been improved from 20,000 MW to 40,000 MW as per the Ministry’s order dated March 2017. These parks are expected to be set up by 2021-22.

To set up solar PV projects between the period 2019-2020 to 2022-2023, the government organizations are using domestic cells & modules in WTO compliant manner to facilitate national energy security and environmental sustainability for Government purpose.

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Issued By Mr. Anurag Tiwari
Country India
Categories Business , Industry , News
Tags size , share , analysis
Last Updated November 13, 2020