India Concentrated Photovoltaic Market is set to grow due to subsidies, incentives, and R&D funding aimed at reducing upfront costs for CPV projects during the forecast period.
According to the TechSci Research report, “India Concentrated Photovoltaic Market – By Region, Competition, Forecast and Opportunities, 2020-2030F,” the India Concentrated Photovoltaic (CPV) market is expected to experience strong growth during the forecast period. The Indian government has introduced several policies and incentives aimed at promoting the adoption of solar energy, including CPV technology. Initiatives such as the Jawaharlal Nehru National Solar Mission (JNNSM) aim to achieve ambitious solar power capacity targets, offering financial incentives, subsidies, and tax benefits for CPV projects. These initiatives effectively lower financial barriers and encourage investment in CPV technology.
India’s abundant sunlight, with vast areas receiving substantial solar irradiance, presents a significant opportunity for CPV technology. These regions with high solar concentration are ideal for harnessing solar energy, positioning CPV as a promising solution for energy generation. This natural resource makes India well-suited for the adoption of CPV technology in its renewable energy mix.
The growing population, rapid urbanization, and industrialization in India have led to a significant rise in electricity demand. CPV technology, known for its exceptional ability to efficiently generate power during peak sunlight hours, is well-positioned to meet this increasing demand for energy. As India seeks reliable and sustainable energy solutions, CPV’s role in addressing the country’s energy needs is becoming more critical.
Based on product, the refractors segment is expected to dominate the market during the forecast period. While CPV technology remains a niche market compared to traditional solar energy systems, refractors play a vital role in the technology’s efficiency. Refractors concentrate sunlight, significantly enhancing CPV’s energy generation capability. Government support for CPV, including R&D funding and other incentives, benefits the refractors segment by fostering innovation in refractor design and manufacturing. Collaboration among CPV manufacturers, research institutions, and the government will be crucial for driving advancements in refractor technology and improving CPV’s overall performance.
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In terms of application, the utilities segment is projected to lead the market. CPV offers significant advantages for utilities due to its high energy conversion efficiency, especially during peak sunlight hours, which align with the grid’s demand. The government’s policies supporting utility-scale renewable energy projects, including CPV, further drive investment in this sector. Competitive bidding processes and power purchase agreements (PPAs) facilitate the development of CPV-based projects. Utilities can also explore hybrid solutions that combine CPV with other renewable energy sources to optimize grid stability and maximize energy production.
As India strives to meet its renewable energy goals and reduce greenhouse gas emissions, the utilities segment is expected to play a crucial role in advancing the country’s clean energy agenda. With ongoing technological advancements and collaboration between utilities, CPV manufacturers, and government agencies, CPV has the potential to significantly contribute to India’s clean energy generation and grid stability efforts.
Key market players in the India Concentrated Photovoltaic Market are:-
- Clique Solar
- Saurya EnerTech
- Insolergy Technologies
- Sunshot Technologies
- L&T Construction
- Tata Power Solar
- ReNew Power
- Adani Green Energy
- Azure Power
- Hero Future Energies
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“The India Concentrated Photovoltaic Market in South India is poised to be the dominant force in the industry. South India is currently witnessing a rapid pace of economic growth, urbanization, and industrialization, which has consequently led to a surge in the demand for electricity. Consequently, there is an escalating requirement for dependable and sustainable energy sources. The capacity of CPV technology to efficiently generate electricity during peak hours is well-suited to the energy demand profile of the region.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Concentrated Photovoltaic Market Segmented By Product (Reflectors and Refractors), By Concentration (High Concentration Photovoltaic and Low Concentration Photovoltaic), By Application (Commercial, Utilities and Others), By Region, and By Competition, 2020-2030F,” has evaluated the future growth potential of India Concentrated Photovoltaic Marketand provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India Concentrated Photovoltaic Market.
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