According to the report “Indian Solar Energy Market Outlook 2012”, the solar energy installations in India have been growing at a phenomenal pace for the last few years.
Solar energy has emerged as one of the most viable and commercially profitable segment in overall renewable energy space, says the report. Panchabuta believes that wind, small hydro and biomass are far more viable and commercially profitable compared to the solar space in India and hence does not understand the basis of the report claiming solar to be one of the most viable sectors in renewable.
The government’s commitment to increase green and clean energy has resulted in such a high growth. Most of the states are deploying PV power plants and with the implementation of the National Solar Mission, it is expected that the annual PV installed capacity will grow at a CAGR of around 134% during 2009-2013 the report adds.
The study acknowledged that, India is expected to become one of the world’s fastest-growing energy consumers during 2009-2013, trailing only behind China among the larger emerging-market economies. Additionally, with the growing competitiveness of the industrial sector, the energy consumption in India will spiral in coming years, which will further fuel to the development of renewable energy sector in India. Solar energy, being on top of the charts, will be benefitted the most from the public and private focus says the report. Solar is bound to witness a tremendous growth no doubt given the impetus given by the national solar mission and the low installed capacity base from which the industry is growing, but with just the first phase of the mission being completed by then, Panchabuta does not expect Solar to “be on top of the charts” etc., though there will be a lot of interest and commitment from big developers in the same.
The report further adds that, there is a huge potential for off-grid PV deployment, which is based upon the real requirements and benefits in areas, such as rural lighting, back-up power generation for expanding network of cellular towers across the country, electrification for powering irrigation pump sets, urban applications, etc. Private sector companies are striving hard to utilize the vast market potentials in this field. It is anticipated that in coming years, attractive growth opportunities will lure new market players and the market will become more competitive.
This is something that Panchabuta truly believes in and has often mentioned that the potential lies in the offgrid applications. We have been talking about the immense potential in the telecom space-particularly in the rural telecom and telecom tower space. We have also mentioned that there is immense potential in the defense and the railways for solar pv based solutions.