India’s Solar Energy Market is rising bright in 2022 with some of the substantial achievements attained in the first quarter of 2022. This blog covers an overview of such aspects to focus on the rise of India’s Solar Energy Market.
India’s progress in solar energy is quite remarkable in 2022. Being one of the top nations generating solar energy, it is progressing quite great in its target of achieving 175 GW of renewable energy by the end of this year. India receives sunlight throughout the year and has weather and conditions suitable for generating solar energy in high capacity. Regions such as Rajasthan, Gujarat, and Andhra Pradesh being the hotspots, it has gathered huge investments and large-scale projects are planned to accelerate India’s solar growth in 2022.
India’s Solar Energy market is rising quite fast showing enormous potential and profitability in various ways. Here are the glimpses of some remarkable developments in India’s solar sector contributing to its rise in 2022:
As per the Mercom Solar Market Update report, India has ambitiously achieved a 21% rise in solar installation capacity amounting to 3GW as compared to 2.6 GW in the last quarter. Apart from this, it has also reported an increase in large-scale solar installations which accounted for 85% of total installations along with 15% for rooftop installations. Combining these figures, India has a total solar capacity of 52GW.
Another factor contributing to the rise of the solar energy market in India is PV which are commonly referred to as Photovoltaic systems through which the government of India is also planning toward grid-connected solar systems to install 40 GW capacity of rooftop installations in 2022. Taking inspiration from the PV system and its benefits, Rajasthan became the first state to have 10 GW of large-scale PV installations in the country. Since PV systems are quite cost-effective, their market share is expected to rise later in the year.
The Government of India is seen as quite supportive of accelerating the solar power mission for India. From PLI (Public Linked Incentive) schemes to Solar Park Initiative, GOI is constantly offering huge support to large players operating in solar to enable ambitious growth in 2022.
Rajasthan, Gujarat and Karnataka are high-performing states contributing to the growth of solar initiatives and energy generation. In 2022, Rajasthan accounted for 52% of solar installations followed by Gujarat achieving 18% and Karnataka achieving 6% of solar installations in the country.
India’s solar ecosystem is expected to boost furiously in the year 2022. As India is already pacing up to achieve its majority of targets, it is sure that it will be counted among the highest performing players in worldwide solar energy generation. With the incentive schemes by the government for accessibility of solar equipment, it is quite in the reach of everyone from the common man to industries enabling it to utilize it as a driver of growth, profitability and sustainability.