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    Solar PV Market in India - March 2024

    Uploaded by

    Kirtan Ramesh Jethva
    India's solar PV market has grown substantially in recent years and stands at 74.3 GW currently. The government has ambitious targets to reach 500 GW of renewable energy including 280 GW from solar by 2030. Key challenges include reducing import dependence and improving domestic manufacturing as well as issues around land acquisition and grid integration.

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    Solar PV Market in India - March 2024

    Uploaded by

    Kirtan Ramesh Jethva
    78 views2 pages
    India's solar PV market has grown substantially in recent years and stands at 74.3 GW currently. The government has ambitious targets to reach 500 GW of renewable energy including 280 GW from solar by 2030. Key challenges include reducing import dependence and improving domestic manufacturing as well as issues around land acquisition and grid integration.

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    India's solar PV market has grown substantially in recent years and stands at 74.3 GW currently. The government has ambitious targets to reach 500 GW of renewable energy including 280 GW from solar by 2030. Key challenges include reducing import dependence and improving domestic manufacturing as well as issues around land acquisition and grid integration.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    78 views2 pages

    Solar PV Market in India - March 2024

    Uploaded by

    Kirtan Ramesh Jethva
    India's solar PV market has grown substantially in recent years and stands at 74.3 GW currently. The government has ambitious targets to reach 500 GW of renewable energy including 280 GW from solar by 2030. Key challenges include reducing import dependence and improving domestic manufacturing as well as issues around land acquisition and grid integration.

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    © All Rights Reserved
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    Solar PV Market in India

    Overview Segments
    ✦ Solar energy can be harnessed through two Products Services
    routes, namely solar PV and solar thermal, by
    direct conversion to electricity and heat energy, Project Design
    Polysilicon Solar Modules IPPs
    respectively. The scope of this report is Solar PV & Development
    ✦ The installed solar energy capacity in India has
    Mounting
    increased 30X in the last 9 years and stands at Wafers EPC
    Systems
    74.30 GW as of Jan 2024. The country currently
    stands 4th globally in solar power capacity Electrical
    ✦ About 5,000 trillion kWh/yr solar energy is incident Components
    over India’s land area; much more than the energy Solar Cell O&M
    (Backsheets,
    output of all of the fossil fuel energy reserves Inverters etc.)
    ✦ Solar energy has taken a central place in India’s
    National Action Plan on Climate Change with Retail
    Solar Wholesale
    National Solar Mission (NSM) as one of the key (Lamps, Water
    Glass Distribution
    Missions Pumps, etc.)

    Trends Outlook
    ✦ Government has approved setting up 57 solar ✦ New solar capacity addition in FY 2024 and FY
    parks of 39.28 GW across the nation. Floating PV 2025 is expected at around 17 GW and 20 GW,
    Projects are also being encouraged respectively
    ✦ Promotion of wind-solar PV hybrid system for ✦ By 2040, around 49% of the total electricity is
    e ciently utilizing transmission infrastructure and expected to be generated by renewable energy as
    land more e cient batteries will be used to store
    ✦ Rajasthan accounts for ~24% of the total installed electricity, which will further cut the solar energy
    capacity, followed by Gujarat at ~14%. Gujarat is cost by 66% as compared to the current cost
    also leading in the developments of PV ✦ With ₹20.2 Lakh Cr ($240 Bn) of total pipeline,
    manufacturing and accounts for a whopping 57% India has potential for substantial growth in Solar
    of upcoming PV manufacturing capacity PV manufacturing and enhancing supply-chain
    ✦ India has allowed 100% FDI and o ers a resilience
    conducive environment for domestic and foreign
    investors. This is evidenced by the $3.8 Bn FDI in
    the solar energy sector over the past three FYs

    Growth Drivers Recent Events


    ✦ Government has set a target to reduce the carbon ✦ KP Green Engineering Ltd (producer of tower /
    intensity of the nation’s economy to <45%. It also mounting structures) has led preliminary papers
    has aims for 500 GW of renewable energy with SEBI for an IPO. The issue of ₹150+ Cr will be
    (280GW in Solar) installed capacity by 2030 (i.e. used to set up a new steel manufacturing unit
    4X growth in solar in 6 yrs) ✦ NTPC to list its renewable energy arm NTPC Green
    ✦ PLI Scheme (2022) - 24,000 Cr of outlay to Energy Ltd (NGEL). The company is set to raise up
    produce high-e ciency solar PV modules to ₹10,000 Cr in FY25
    ✦ Solar cells and modules have witnessed price ✦ In November 2023, AmpIn Energy Transition
    drops of 65% and 50%, respectively, in the past announced an investment of ₹3,100 Cr ($372.6
    year, signi cantly enhancing the economic mm) to establish renewable energy projects
    attractiveness of new solar power projects exceeding 600 MW across the Eastern region

    Challenges Key Listed Companies


    ✦ India relies heavily on solar equipment imports,
    primarily from China. Reducing import
    dependency and promoting domestic
    manufacturing is a priority, but it presents
    challenges in terms of competitiveness and cost-
    e ectiveness
    ✦ Land acquisition, grid integration, and T&D losses
    are additional challenges the country is currently
    facing in solar developments

    Kaustubh Mirgunde
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    References:
    1. https://eerem.delhi.gov.in/eerem/solar-energy
    2. https://www.investindia.gov.in/sector/renewable-energy
    3. https://mnre.gov.in/solar-overview/
    4. http://www.greenrhinoenergy.com/solar/industry/ind_valuechain.php
    5. https://energy.economictimes.indiatimes.com/news/renewable/india-powers-up-set-for-
    record-renewable-surge-in-2024-as-solar-costs-plummet/106306382
    6. https://ornatesolar.com/blog/top- ve-states-for-solar-power-generation
    7. https://economictimes.indiatimes.com/industry/renewables/india-gets-3-8-billion-fdi-in-solar-
    sector-in-last-three-fys-mos-bhagwant-khuba/articleshow/108318414.cms?from=mdr#
    8. https://www.ey.com/en_in/energy-resources/unleashing-india-s-renewable-energy-potential-
    a-global-manufacturing-hub
    9. https://www.custommarketinsights.com/report/india-solar-energy-market/
    10. https://jmkresearch.com/wp-content/uploads/2024/03/RE-Monthly-Update-Feb-2024-
    JMKResearch.pdf
    11. https://www.pv-magazine-india.com/2024/01/25/icra-maintains-stable-outlook-for-renewable-
    energy-sector/

    Kaustubh Mirgunde
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