A projected capacity addition of 8.8 GW (growth of 76% over 2016) in 2017 has poised India to become the third-largest solar PV market, overtaking Japan, according to a report by solar energy consulting firm Bridge to India.
By the end of 2017, India’s solar power capacity is expected to touch 18.7 GW, which will be about five percent of global solar capacity, growing by 89% over last year. As of March 2017, India had installed 12.2 GW of utility-scale solar capacity.
Vinay Rustagi, Managing Director, Bridge to India, said, “Indian solar market has grown by an average 72% in the last three years and is now worth about 8-9 GW per annum.”
He added, “Growing market size and strong government commitment to the sector have attracted the world’s leading private sector players as well as resulted in lower tariffs for consumers.”
Bridge to India’s second edition of ‘India solar CEO survey’ highlighted that the solar industry is more optimistic about growth prospects.
Additionally, there is more optimism about rooftop market with an expectation of 12 GW (CAGR 41%) to be added by 2021.