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India may rank in top 3 global solar markets after China & US

India may rank in top 3 global solar markets after China & US

By BizLED Bureau

Feb 2, 2017: With demand for solar energy picking up, industry experts have predicted significant growth for the solar market. Hence, India’s solar energy sector is clearly the focus of investors.

According to Mercom and Bridge to India, 8-9 GW of solar installations will take place in India in 2017. Mercom Capital Group report states solar installations in India are expected to reach over 4 GW in 2016, compared to 2.3 GW installed in 2015. For 2017, it has predicted solar installation of over 9 GW. However, cumulative installations including large-scale and rooftop projects have already reached 9.6 GW. This would rank India amongst the top three global markets after China and USA.

Bridge to India said that with a pipeline of around 14 GW of utility scale projects, about 7.7 GW is expected to be commissioned in the year— a growth of around 90% over 2016.

“We are forecasting installations to reach over 9 GW in 2017 which would put the Indian solar sector in the big leagues along with China, the US, and Japan. However, there are significant headwinds in terms of transmission and evacuation issues that could threaten the pace of growth,” said Raj Prabhu, CEO and co-founder of Mercom Capital Group.

Bridge to India believes that the Indian solar market will grow significantly even when demand in other leading countries like China, Japan and USA will slow down.

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