Solar energy is the radiant energy discharged from the sun, which is harnessed by utilizing the several technologies such as solar heating, photovoltaic cells, and others. It is a well-organized form of unconventional energy and an opportune renewable solution toward augmenting greenhouse emissions and global warming.
According to the report analysis, ‘India Solar Energy Market: Current Analysis and Forecast (2021-2027)’ states that the Indian Solar energy scenario has observed a observable growth in the last few years. Decentralized and distributed applications of Solar energy have suited millions of individuals in Indian Villages by encountering their lighting, cooking and other energy requirements in an environmentally friendly manner. Social and economic advantages of solar energy comprise the deduction in drudgery among rural women and girls originally employed in the collection of fuel wood by a time-consuming procedure and had to cook in smoky kitchens. This has decreased the risks of contracting lung and eye ailments, employment generation in the village and ultimately enhancing the standard of living and generation of opportunity for economic activities at village level.
Based on Type, the Industrial Power Supply market is classified into Photovoltaic systems and Concentrated solar power systems. Concentrated solar power systems are further sub segmented into Parabolic trough, Solar power tower, Fresnel reflectors, and Dish Stirling. Amongst Type, the Concentrated solar power systems sector of the market was valued at USD XX million during 2020 and is probable to reach USD XX million by 2027 augmenting at a CAGR of XX% from 2021-2027.
Some of the foremost players functioning in the market comprise Adani Group, Emmvee Solar, Mahindra Susten Pvt. Ltd, Sterling and Wilson Pvt. Ltd, Tata Power Solar Systems Ltd, Vikram Solar Limited, ReNew Power Pvt. Ltd, NTPC Ltd, and Azure Power Global Ltd. Several M&As along with partnerships have been undertaken by such players to boost their existence in dissimilar regions. These market players are functioning more efficiently for keep maintaining the governing position, registering the great value of market share, ruling around the globe, generating the highest percentage of revenue, obtaining the competitive edge and leading the highest market growth by establishing the several research and development programs, spreading the awareness connected to the applications and advantages of solar energy, increasing the features and benefits of solar energy, improving the qualitative and quantitative measures of such, implementing the policies of profit making and strategies of expansion, and delivering the better customer satisfaction.
India has a richness of solar irradiance and obtains solar energy throughout the year, generating many opportunities to exploit solar energy from the sunniest sites in the country, precisely Rajasthan, Gujarat, and Andhra Pradesh. This factor, clubbed with foreign investment and wide-ranging R&D projects to advance the technology, delivers ample opportunities for the growth of the solar energy market in India. Therefore, it is predicted that during the near future the market of solar energy will increase in India more progressively over the coming years.
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