Solar Power Market Industry Analysis in India 2019-2023

A key driver for the solar power market in India will be the favorable government regulations. The governments worldwide have been supporting the adoption of solar energy by offering incentives, subsidies, and tax benefits to producers and consumers. To achieve its carbon emission targets and decrease its dependence on fossil fuels, India is gradually adopting solar energy. Such incentives and solar capacity targets are encouraging many investors to invest in solar power projects that are driving the growth of the solar power market in India.
 This research report on the solar power market in India 2019-2023 also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Solar power market in India: Declining costs of solar energy
High cost and intermittency are significant factors that have affected the adoption of renewable sources of energy in the past. Energy storage integration can overcome the intermittent nature of solar energy. This will assist in the increased adoption of renewable energy in hybrid systems. In India, a gradual decrease in renewable energy prices is being witnessed.
Solar power market in India: Segmentation analysis
This report on the solar power market in India segments the market by end-user (utility and rooftop) and application (grid-connected and off-grid).
The utility segment held the largest solar power market share in India in 2018, accounting for over 87% of the market. This end-user segment is expected to dominate the market throughout the forecast period.
The grid-connected segment led the market in 2018 with approximately 97% of the market share. This application segment is expected to dominate the market throughout the forecast period.

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