India is set to become third largest solar market in the world in 2017. Global solar photo-voltaic (PV) demand is expected to remain stable at 74 GW this year while India is expected to see significant growth.
Details on EnergyTrend’s solar market analysis:
- Firstly, according to the analysis China is going to remain the largest PV market. Even though, it’s domestic PV installation target for this year is slightly lower. China’s global PV demand has dropped from 38% last year to 32% this year.
- Secondly, the next big player is still U.S.A. at a global demand of 17%. However, country’s political climate is not very conducive towards the solar market growth this year.
- And at the same time, Japan is focusing on lowering its feed-in tariff rates over the next five years.
- On the other hand, India’s solar market still remains high with the PV product demand this year. It is likely to overtake Japan by taking at least 14% of years total global PV demand.
India has recently surpassed 12 Gigawatts installed solar capacity mark. Its future target is to cross a target capacity of 100 GW by 2020. EnergyTrend expects India to add another 10 GW this year. The Government, however, expects to add 20 GW over the next 15 months. Country’s new Goods and Services Tax (GST) is going to be an influential factor in the long-term development of India’s PV market.
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