India Forecast As World’s Third Largest Solar PV Market In 2017
Analyst’s report reveals that India now has more than 10 GW of utility-scale, rooftop and off-grid solar PV installed nationwide, with the sector growing 137% this year alone. India on course to be world’s third largest solar market in 2017.
New analysis by Bridge to India (BTI) projects India to edge out Japan to become the third-largest solar market in the world next year, building upon strong 2016 that saw the sector grow 137% in a year.
The latest report by BTI puts the nation’s cumulative solar capacity above 10 GW, taking into account all forms of installed solar – including rooftop and off-grid. This year will end with 5.1 GW of new capacity added, with an annual average capacity of between 8-10 GW from 2017 onwards.
Driving this surge is the government’s ambitious National Solar Mission, which has targeted the installation of 100 GW of capacity by 2022, as well as tumbling solar prices, which recently dipped below $0.06/kWh in the latest large-scale tender.
Vinay Rustagi, BTI’s MD, commented that the most obvious question on the lips of Indian solar observers will now be: can the country hit its 100 GW in the next five years?
“It is a very steep target in our view,” Rustagi said. “But rather than quibble about the target, the important point is to acknowledge the transformational economic, environmental and social potential of solar technology and to create a conducive environment for its growth.
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