India $6.3 Bn Solar Power Equipment Markets, 2014-2018 & 2019-2024

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Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.

The Indian solar power equipment market is projected to grow at a CAGR of over 12% to reach $ 6.3 billion by 2024, owing to increasing focus on solar power generation.

Moreover, government's plan to achieve 100 GW by 2022, favorable policies & incentives, schemes for development of solar parks and ultra-mega solar power projects are expected to aid the growth of the Indian solar power equipment market in the coming years.

Launch of Jawaharlal Nehru National Solar Mission by Government of India in 2010 is a major initiative taken to promote sustainable development of solar energy sector in the country. Additionally, other factors like constantly improving solar equipment technologies, advanced manufacturing processes for production of hi-tech equipment and anticipated decline in equipment prices are likely to positively influence the Indian solar equipment market over the next five years.On the basis of equipment, the Indian solar power equipment market is categorized into solar cell, solar inverter, solar charge controller, solar thermal collector and others. Of all, solar cell market holds significant share in the Indian solar power equipment market and is anticipated to maintain its dominance during forecast period as well. The major factors driving the growth of solar cell market include rising installation of solar projects across different regions and favorable government policies.Regionally, southern region is the major demand generator for solar power equipment, with states like Karnataka, Tamil Nadu, Andhra Pradesh and Telangana being the key markets in the region. The market for solar power equipment in the southern region is growing due to increasing investments in solar power equipment and presence of rich states in terms of annual quantity and availability of solar radiation. Southern solar power equipment market is anticipated to witness steady growth during forecast period.To increase customer demand, major vendors in solar power equipment market are focusing on introducing technologically advanced solutions and systems at cheaper prices. This helps vendors to differentiate themselves from counterparts and sustain competition. Moreover, strategic partnerships & collaborations with Developers & EPC contractors and investments in R&D activities are some of the other strategies adopted by major market players to enhance their existing product portfolio and expand their market footprints.

Some of the leading players in the Indian solar power equipment market are Mundra Solar PV Ltd (Adani Solar), Tata Power Solar Systems Ltd., Vikram Solar Limited, Waaree Energies Ltd., Indosolar, Goldi Solar Pvt. Ltd., Gautam Solar Pvt. Ltd., Websol Energy System Limited, Central Electronics Limited, and Euro Multivision Ltd.

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Globe Newswire: 11:44 GMT Wednesday 15th May 2019

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