How Progressive it is Going to be for Solar Power Industry in 2018?

August 8, 2018

In the preceding year, substantial capacity additions and expansions were witnessed by the Indian solar power industry across the globe. India, Japan, Germany and the US had typically shown incredible growth trajectory other than China, which led the development in solar with 52 GW. Also, in 2017 new solar souks like Turkey, Chile, and South Korea had come forward and become GW markets. Within a nation as well as in dominant countries growing awareness and interest in solar is estimated to prove even a more favorable result in 2018.

Will Solar Power System prosper across the globe?

China’s growth in the world of solar energy is estimated to prolong in 2018, but in the New Year, the US present stance is likely to reduce America’s growth milestones. By 2022, developing nations investing in renewable energy source will undoubtedly serve renewable energy mainly solar power system to estimate for more than 30 percent of total global energy generation. Even if renewable energy continues to grow in a healthy sign that illustrates the future energy scenario, coal will still be the primary energy source in the current year.

Now let’s have a look at the Indian solar power industry and how will it fare the market this year.

How will Indian solar power industry fare the market in 2018?

By overtaking Japan, India has already claimed the screen of the third top solar power market and the country by 2022 is poised to pass solar growth in EU. Moreover, India is now much focused on reaching that milestone, and the country is likely to develop more than 50 solar parks that will add to Indian solar capacity immensely.

Leading to solar growth, business in the solar power system will increase in the country with a focus on green energy and solar market.

The government of India has introduced 20 GW solar capacity projects to strengthen the solar capacity. Even the tender process is also planned involving 3-6 GW capacity project introduction in January-March. In 2018, new plans from MNRE to award 77 GW solar contract is estimated to give Indian solar industry an incredible boost. Indian solar power sector to a great extent needs to focus on project introduction and reducing the time lag between auctioning and awarding the projects. In such a scenario, Government of India focusing on projects will bring positive impact on the industry.

Indian solar industry is also estimated to witness improvement in the rooftop solar sector and not just utility-scale solar development. To raise awareness in favour of solar the government is seeking to boost residential rooftop solar growth in the current year. Hence, the future of energy is explanatory with the global solar energy growth, is the right moment for India to make bold decisions to adopt solar by securing the future of the country.

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