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Research And Market, an international market research institute, recently released a report on the Indian solar equipment (solar cells, solar inverters, solar charge controllers, solar collectors and others) market report, which will grow at a compound annual growth rate of more than 12% by 2024, and the market size will reach $6.
3 billion.
The Indian government plans to achieve 100 GW of installed solar capacity by 2022, therefore, favorable policies and incentives, solar park development plans and ultra-large solar power projects are expected to help the growth of
the Indian solar equipment market in the coming years.
In addition, other factors such as improving solar equipment technology, advanced high-tech equipment manufacturing processes, and expected decline in equipment prices are likely to positively impact the Indian solar equipment market in the next five years
.
In terms of equipment type, the solar cell market holds a significant share of the Indian solar equipment market and is also expected to maintain its dominant position
during the forecast period.
The major factors driving the growth of the solar cell market include increasing installation of solar projects in different regions and favorable government policies
.
Regionally, the southern region is the major demand area for solar equipment, and countries such as Karnataka, Tamil Nadu, Andhra Pradesh and Telangana are the major regional markets
in the region.
The solar equipment market in the southern region is growing, mainly due to the increasing investment, and the southern solar equipment market is expected to grow
steadily during the forecast period.
To increase customer demand, major vendors in the solar equipment market are focusing on introducing technologically advanced solutions and systems
at lower prices.
This helps suppliers stand out from their peers and stay competitive
.
In addition, strategic partnerships and collaborations with developers and EPC contractors and investments in R&D activities are other strategies employed by key market players to enhance their existing product portfolios and expand their market footprint
.
However, the report also points out that weak transmission and distribution infrastructure, redundant land acquisition procedures, import tariffs and controversial manufacturing-linked tendering procedures are also restraining the development of this market
.
Research And Market, an international market research institute, recently released a report on the Indian solar equipment (solar cells, solar inverters, solar charge controllers, solar collectors and others) market report, which will grow at a compound annual growth rate of more than 12% by 2024, and the market size will reach $6.
3 billion.
The Indian government plans to achieve 100 GW of installed solar capacity by 2022, therefore, favorable policies and incentives, solar park development plans and ultra-large solar power projects are expected to help the growth of
the Indian solar equipment market in the coming years.
In addition, other factors such as improving solar equipment technology, advanced high-tech equipment manufacturing processes, and expected decline in equipment prices are likely to positively impact the Indian solar equipment market in the next five years
.
In terms of equipment type, the solar cell market holds a significant share of the Indian solar equipment market and is also expected to maintain its dominant position
during the forecast period.
The major factors driving the growth of the solar cell market include increasing installation of solar projects in different regions and favorable government policies
.
Regionally, the southern region is the major demand area for solar equipment, and countries such as Karnataka, Tamil Nadu, Andhra Pradesh and Telangana are the major regional markets
in the region.
The solar equipment market in the southern region is growing, mainly due to the increasing investment, and the southern solar equipment market is expected to grow
steadily during the forecast period.
To increase customer demand, major vendors in the solar equipment market are focusing on introducing technologically advanced solutions and systems
at lower prices.
This helps suppliers stand out from their peers and stay competitive
.
In addition, strategic partnerships and collaborations with developers and EPC contractors and investments in R&D activities are other strategies employed by key market players to enhance their existing product portfolios and expand their market footprint
.
However, the report also points out that weak transmission and distribution infrastructure, redundant land acquisition procedures, import tariffs and controversial manufacturing-linked tendering procedures are also restraining the development of this market
.
