The solar industry is set to be the new engine of growth in India, with more than half the country’s electricity generation coming from it in 2017, according to a new report by the National Solar Energy Association (NSEA).
The report, which will be released on Monday, said the solar industry has been a driver of economic growth for the last six years, generating nearly Rs1 trillion ($18.4 billion) in the first half of this year alone.
According to the report, the industry is poised to be India’s fourth largest economic sector by 2022.
The solar power sector has become a key driver of the countrys economy and the number of projects has grown by 25% to over 5,500 in 2017 alone.
The growth is likely to continue in 2018 as the solar power industry has seen record growth in the last two years.
“India has been witnessing a major economic turnaround in the past three years,” said Jaspreet Singh, founder of the NSEA, which has a team of 50 to 60 experts across five regions.
“The solar power generation has become one of the fastest growing sectors of India and India has now entered the solar energy revolution.”
It is an era of transformation and the energy transition is going to be very rapid.
It is an exciting time for the industry and the solar electricity sector is one of India’s biggest winners.
“The NSEA’s report predicts that India’s solar power capacity will grow by an average of 15% per annum in 2019-20 and by a further 25% in 2020.
The report expects that India will have a total installed solar power of about 3.8GW in 2020 and 5.7GW in 2021.”
The report said that the solar PV market will see a big growth in 2020 as solar PV capacity is expected to grow by about 40% and electricity generation from solar power will increase by about 25%.””
Solar power has become the most powerful driver of growth for India’s electricity sector and India’s GDP will grow more than 30% in 2019.”
The report said that the solar PV market will see a big growth in 2020 as solar PV capacity is expected to grow by about 40% and electricity generation from solar power will increase by about 25%.
“There is no doubt that the energy transformation in India is one that has the potential to drive India’s economic growth.
We have witnessed unprecedented growth in solar power in India.
We are witnessing the emergence of an innovative, new generation of power generators in India,” said Vikram Kulkarni, president of Solar India.
“This is a very good news for the solar sector.”
Solar is one the key sectors in India where the government is trying to diversify away from coal-fired power generation.
The government recently announced plans to diversifying away from thermal power generation and into the solar space.