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India’s solar power market is expected to grow at an annual rate of 40% to 70% in the coming decade, as the country seeks to become a major global player in the technology sector, an industry watcher said on Thursday.
The solar energy sector is expected by analysts to become the second-largest solar energy market in India, with the market expected to account for 60% of the country’s electricity by 2022, according to the Global Solar Energy Association (GSEA).
The GSEA forecasts that India’s electricity demand will grow by almost 20% to 50% by 2022 as solar power is increasingly popular in the country.
“India is the largest market for solar power in the world.
India is already leading the way for renewable energy and this market is going to grow tremendously,” said Gautam Raghavendra, managing director of GSEA.
The global solar power industry is expected grow at about 40% per annum by 2022 and it will generate around $50 billion by 2022 from solar power, according the GSEA, while solar energy accounted for just 2% of India’s total electricity consumption in 2022.
The GSEA expects India’s global power market to be worth $70 billion by 2024, with an average annual growth rate of 15%.
The GSEO also expects the market to account, at least in part, for the increase in the renewable energy market of $12 billion by the end of 2022.
The GSEE expects the renewable electricity market to grow from $6 billion in 2021 to $24 billion in 2022 and $36 billion by 2020.
The growth of the global solar market is a big challenge for the solar power producers.
In India, solar power accounts for less than 10% of total electricity generation and the government is struggling to find a way to control the market, according Raghavi.
The Indian solar power sector accounts for about 1% of electricity generation.