Solar Rooftop Market May Set a New Epic Growth Story | Tata Power Solar Limited, Renew Power, Adani Group
Published Via 11Press : Solar rooftops are installed on the roofs of structures that are institutional, governmental, or community-related as well as commercial, industrial, and residential. The sun’s solar energy is taken and transformed into electrical energy. This setup is also referred to as a rooftop solar PV system. It generates a clean, environmentally favorable source of energy, which means that it doesn’t create any pollution or dangerous gases. The solar industry is poised to transform Mother Earth into a safe and secure place to live.
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A solar roof panel has just plenty of sunshine to function well, and on days when the sun is not feeling well, batteries stowed in the boards will come to the rescue.
Solar Rooftop Market Report Highlights:
| Attributes | Details |
| Study Period | 2018-2029 |
| Base Year | 2022 |
| Current Value (2022) | USD 1082.1 Million |
| Unit | Value (USD Million) |
| Dominating Application | Industrial |
| Dominating Application % Share | 37% |
| Key Companies Profiled | Tata Power Solar Limited, Mahindra Susten Private Limited, Adani Group, Azure Power India Private Limited, Waaree Energies Limited, Renew Power, Harsha-Abakus Solar, EMMVEE Solar Systems Private Limited, Amplus Energy Solutions, Vikram Solar Limited |
The market for solar rooftops is anticipated to grow at a CAGR of 10.8% from 2017 to 2029, according to HTF Market Intelligence.
- India, one of the nations that is developing the quickest worldwide, is the main force behind this expansion. For a rising economy like India’s, which has a population of 1.35 billion people and the seventh-largest land area in the world (3.29 million km2), electricity infrastructure and production are crucial.
- The per capita power consumption in India has climbed from 16.3 units in 1947 to 1181 units in 2018–19, according to the Ministry of Power (India). In recent years, India has seen a tremendous expansion of renewable energy-based electricity generation.
- This is mostly attributable to the actions being taken by the Indian government. 10.325 billion units (BU) of power were produced by renewable energy sources in India in January 2020. 9.46% more units were produced than in the same month the previous year when 9.433 billion were produced.
- At 3,943 million units (MU) and 3,932 MU, respectively, wind-generated the most electricity among renewable sources in December 2019. With 3,182.12 MU and 2789.24 MU, respectively, solar generated more energy in the comparable month of 2018 than wind did. By 2022, India wants to have 175 GW of renewable energy capacity, including 60 GW of wind power and 100 GW of solar power.
Major players such as:
- Tata Power Solar Limited
- Mahindra Susten Private Limited
- Adani Group
- Azure Power India Private Limited
- Waaree Energies Limited
- Renew Power
- Harsha-Abakus Solar
- EMMVEE Solar Systems Private Limited
- Amplus Energy Solutions
- Vikram Solar Limited
Market Breakdown
By Application:
- Industrial
- Commercial
- Residential
By Type:
- Solar Photovoltaic
- Solar Thermal
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Market Growth Drivers:
- India is one of the nations in the world that is developing the quickest. For a rising economy like India’s, which has a population of 1.35 billion people and the seventh-largest land area in the world (3.29 million km2), electricity infrastructure and production are crucial.
- The per capita power consumption in India has climbed from 16.3 units in 1947 to 1181 units in 2018–19, according to the Ministry of Power (India). In recent years, India has seen a tremendous expansion of renewable energy-based electricity generation.
- This is mostly attributable to the actions being taken by the Indian government. 10.325 billion units (BU) of power were produced by renewable energy sources in India in January 2020.
- 46% more units were produced than in the same month the previous year when 9.433 billion were produced. At 3,943 million units (MU) and 3,932 MU, respectively, wind-generated the most electricity among renewable sources in December 2019. With 3,182.12 MU and 2789.24 MU, respectively, solar generated more energy in the comparable month of 2018 than wind did.
- By 2022, India wants to have 175 GW of renewable energy capacity, including 60 GW of wind power and 100 GW of solar power.
Restraints:
- Despite the government’s huge endeavor, there is still a lack of public knowledge. Major roadblocks to India’s quick adoption of rooftop solar include a lack of crucial information and a lack of knowledge of the financial benefits of adopting solar.
- Numerous misunderstandings among the populace, together with a lack of knowledge, provide significant obstacles for the business.
- The first is the idea that solar energy can only be successfully used to generate electricity in areas with intense sunlight.
- However, compared to perception, the variance in solar power generation according to geography is too little.
- In reality, solar power plants will function effectively throughout the rest of India, with the exception of the northeastern region and some regions of the Himalayan belt.
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Opportunities:
- Solar energy now makes up a small portion of India’s electricity output. Conventional energy sources like coal have gotten the lion’s share of the market.
- To lessen its reliance on traditional energy sources, the Indian government is placing increased emphasis on renewable energy sources.
- To lower the carbon footprint, there is a significant demand for green energy. The government learned about the value of solar energy and its potential in the field of renewable energy.
- As a result, the government has set goals for how much solar energy will be used to provide power in the future years.
- By 2022, the Indian government hopes to have installed 175 GW of renewable energy capacity, including 100 GW after solar, 60 GW since wind, 10 GW from biopower, and 5 GW from small hydropower.
- By 2022, 273214.9 crores (USD 37 billion) would be needed to reach 100 GW of solar power.
- By offering a variety of tax breaks and other incentives, including accelerated depreciation, a renunciation of Inter-State Transmission System (ISTS) fees then losses, backing solar rooftop organizations as part of home loans, and allowing Far-off Direct Venture up to 100% under the unconscious course, the government is encouraging the growth of solar energy in the nation.
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