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As the global awareness of combating climate change grows stronger, the adoption of renewable energy sources has become a top priority for countries worldwide. In India, while solar installations began relatively late in 2010 compared to wind energy, they have since gained significant momentum. Today, the solar energy industry in India stands as one of the leading contributors to the nation's power generation, particularly in 2020.
The solar market in India is projected to grow at an impressive 8% Compound Annual Growth Rate (CAGR) until 2026. By 2022, the government aims to produce a total of 227 gigawatts (GW) of renewable energy, with solar energy accounting for 114 GW. Looking further ahead, India envisions generating approximately 450 GW from renewable sources by 2030, with 60% of this energy expected to come from solar power.
Driving this remarkable expansion is a combination of favorable factors. Over the past decade, the cost of solar technology has plummeted by about 52%, making solar installations more accessible and appealing to both individuals and institutions. Additionally, India's liberal foreign investment policies allow for 100% Foreign Direct Investment (FDI) in the renewable energy sector, attracting significant international attention. Domestic competition within the solar sector has also intensified, with established companies and innovative startups vying to improve infrastructure and reduce costs. Furthermore, India’s geographical advantage provides abundant sunlight throughout most of the year, making solar installations a lucrative venture.
Despite challenges posed by the recent COVID-19 pandemic, which disrupted some solar projects, the future remains promising. Domestic companies like Reliance Industries, Tata Power Solar, and Adani Green Energy are heavily investing in solar power generation. Similarly, foreign energy firms, investment funds, and infrastructure companies are increasingly interested in India's solar energy market. For instance, the U.S. International Development Finance Corporation (DFC) and the U.S. Agency for International Development (USAID) committed $41 million in loans to Indian small and medium enterprises (SMEs) in March 2021. Additionally, the government is introducing regulations to promote green energy usage among large industries and consumers.
Looking forward, it is anticipated that $500 billion will flow into the renewable energy sector by 2028, sourced from private entities, FDI, government bodies, and financial institutions. The solar industry in India is poised for exponential growth, with the central government actively encouraging the transition to renewable energy sources. As the benefits of solar energy become more apparent, its widespread adoption in households and industries across the country is inevitable. The future of solar energy in India looks exceptionally bright, with solar panels set to play a pivotal role in shaping the nation’s sustainable energy landscape.
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