Surging Investments, Government Subsidies & Initiatives and Growing Awareness Driving the Market for Solar Rooftop Systems in India - 6Wresearch
India's energy mix is witnessing significant changes due to the adoption of renewable sources of power. Although share of renewable energy is low, it offers immense growth opportunities to the market players. Amongst all renewable energy sources, solar energy is emerging as one of the most promising segments. Factors such as better space optimization, the inclusion of net-metering, and attractive subsidies by state nodal agencies are expected to fuel the India Solar Rooftop Systems Market.
India solar rooftop systems market is anticipated to grow on the back of government initiatives, subsidies, investments, and consumer awareness. The government has set a target of 40 GW of power generation through solar rooftop systems by 2022. However, in spite of such aggressive push, the India Solar Rooftop Systems market cumulative capacity installations are expected to reach 26.57 GW by 2022, which is exhibited to drive the market in the forecast period.
According to 6Wresearch, India Solar Rooftop Systems Market revenue is projected to grow at a CAGR of 31.92% during 2016-22. In terms of new capacity installations, commercial & industrial end-user application has captured a key share of the market pie. In 2015, On-Grid solar rooftop systems accounted for the majority of the market revenues; however, due to the increasing number of solar rooftop projects in rural areas, higher growth is expected in the off-grid market.
According to Pulkit Shrivastava, Research Associate, 6Wresearch, "government is aggressively taking measures to push the adoption of these systems by announcing lucrative subsidies. In 2015, the Cabinet Committee on Economic Affairs (CCEA) sanctioned $750 million in funding in order to provide a 30% capital subsidy for rooftop solar installations.
However, high investment and maintenance cost of solar rooftop systems remains a major constraint, which is hindering the exponential growth of the market. "
"In India's solar rooftop systems market, CAPEX business model is primarily followed, however, a shift in trend towards OPEX Model is expected due to high upfront capital requirement for installing solar rooftop systems." Pulkit further concluded.
Suhas Pansare, Vice President, RelyOn Solar Pvt. Ltd. (One of the key player in this industry) said, "Industrial and commercial segment is gaining more confidence in the solar rooftop systems as they are able to save more than INR 6/unit for a CAPEX model in a 25-year horizon. Also, the market is experiencing a tremendous boost from the government sector due to the growing implementation of solar rooftop systems in PSUs including railways."
The major states that contributed to the major chunk in India's Solar Rooftop Systems Market include - Tamil Nadu, Gujarat, Maharashtra, Punjab, Karnataka, and Uttar Pradesh. Additionally, the key players in India Solar Rooftop Systems Market are Tata Power, CleanMax, Vikram Solar, Thermax, RelyOn, Moser Baer Solar, etc.
"India Solar Rooftop Systems Market (2013-2022) provides in-depth analysis with 60 figures covered in more than 100 pages". The report estimates and forecasts overall India Solar Rooftop Systems Market by revenue, capacity installed, business models, connectivity type, end-users, and states. The report also gives insights on competitive landscape, market share by companies, company profiles, market drivers, and restraints.
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