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The Indian solar power market is emerging as one of the leading players in the world, as the country is blessed with immense potential for solar energy as most of the states have more than 300 sunny days and the specific average annual solar energy yield in India is estimated between 1700 - 1900 kWh per kWp.
The country's geographical location, large population and government support are assisting it to become one of the most rapidly emerging solar energy markets in the world. Consequently, the country is becoming a favorite investment destination for both local and global players.
The solar industry has immense potential for a tropical country like India where around 45% of households, mainly rural ones, do not have access to electricity. The industry has witnessed rapid growth over the past few years and is projected to grow further in future.
In July 2009, India unveiled a US$19 billion plan to produce 20 GW of solar power by 2020. Under the plan, the use of solar-powered equipment and applications would be made compulsory in all government buildings, as well as hospitals and hotel.
Many states have started promoting solar based applications by giving incentives and tax savings. States like Gujarat and Rajasthan have formulated transparent and progressive regulatory framework in order to boost the solar industry. Besides, states like Delhi, Uttar Pradesh, West Bengal, Maharashtra and Chandigarh are promoting solar energy in rural, urban and semi urban areas.
Solar power has the potential to generate 50,000 MW which would be enough to meet over 5% of power requirement by 2022.
According to a 2011 report by BRIDGE TO INDIA and GTM Research, India is facing a perfect storm of factors that will drive solar photovoltaic (PV) adoption at a "furious pace over the next five years and beyond".
The falling prices of PV panels, mostly from China but also from the US, has coincided with the growing cost of grid power in India. Government support and ample solar resources have also helped to increase solar adoption, but perhaps the biggest factor has been need. India, "as a growing economy with a surging middle class, is now facing a severe electricity deficit that often runs between 10 and 13% of daily need."
For more information on the Indian solar power market, see the latest research: Indian Solar Power Market
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