The Indian solar industry has been growing rapidly over the past few years, and 2023 is expected to be a game-changing year for the sector. With the Indian government’s ambitious target of achieving 100 GW of solar capacity by 2022, the industry is set to witness significant growth in the coming years. Here are some of the key trends to watch out for in 2023.
Increased Capacity Addition
The Indian solar industry is expected to add around 15-20 GW of solar capacity in 2023, which will bring the total installed capacity to around 150 GW. This increase in capacity will be driven by various factors, including the government’s push towards renewable energy, falling solar equipment costs, and increasing demand from consumers.
Growth of Rooftop Solar
The rooftop solar segment is expected to grow significantly in 2023, driven by the government’s push towards promoting decentralised solar power generation. The government has set a target of achieving 40 GW of rooftop solar capacity by 2022, and this segment is expected to contribute significantly to the overall solar capacity in the country.
Emphasis on Energy Storage
With the increasing adoption of renewable energy, there is a growing need for energy storage solutions to ensure a stable and reliable power supply. The Indian government has recently announced a new policy to promote energy storage deployment, which is expected to drive the growth of the energy storage market in the country in 2023.
Adoption of Floating Solar
Floating solar, which involves installing solar panels on water bodies, is gaining popularity in India due to its high efficiency and lower land requirements. The Indian government has already initiated a few floating solar projects, and this trend is expected to grow significantly in 2023, especially in states with large water bodies.
Increased Investment in Solar
The Indian solar industry is expected to attract significant investment in 2023, driven by the government’s efforts to create a favourable policy environment for renewable energy investments. With the increasing focus on sustainability and climate change, there is a growing interest among investors to fund solar projects in the country.
In conclusion, the future of solar energy in India looks promising, with significant growth expected in the coming years. The solar industry is expected to witness increased capacity addition, growth of rooftop solar, emphasis on energy storage, adoption of floating solar, and increased investment in solar projects. As the country moves towards a sustainable energy future, the solar industry is expected to play a crucial role in achieving India’s energy goals.
