Will India Become the Largest Solar Energy Market by 2021?

Globally, we are moving towards renewable energy sources, thus becoming less and less dependent on fossil fuels. This is helping us to overcome air pollution.

Solar energy can be captured and used in several ways and is the most abundant energy resource on earth. It is helping to increase electricity generation across the world.

By 2020, global electricity generation through renewable technologies is set to rise by seven percent. The shares of solar companies worldwide had more than doubled in value between the period from December 2019 to October 2020. The global photo-voltaic systems market is expected to increase by 25 percent in 2022.

What is solar energy?

During the daytime, photons, or, sunlight particles, reach Earth, carrying energy that fuels our planet. Solar energy is the ultimate source of energy, and is responsible for all the energy sources on earth, and our weather systems. Enough solar radiation reaches the surface of our world every hour, to fill the energy needs of the entire planet for a year!

Our Sun is like a massive nuclear reactor, and deep in its core, nuclear fusion reactions produce huge amounts of energy. This energy radiates outwards from the Sun’s surface and reaches Earth in the form of heat and light.

Although solar energy accounts for a small percentage of global energy, the cost of installing solar panels is steadily coming down over the years.

Applications of Solar Energy

1. Photovoltaic (PV) Cells

Photovoltaics are solar thermal collectors that are used to harness solar power and convert it into usable energy. They are found in solar calculators, solar panels on rooftops, and the sails of spaceships. These cells are made up of silicon, like semiconductors, and are identical to the computer chips.

When sunlight hits the cells, it makes the electrons loose from the atoms, and thus creates an electric current.

2. Solar Rooftop

Solar Rooftops are solar power generation devices on the terraces, and uses photovoltaic energy to generate electricity. Its main markets are the rural and urban construction areas, and it is helping the Government to achieve the emission reduction and energy savings targets.

3. Solar Batteries

Currently, solar batteries used at home have a capacity of 10 kWh. These batteries have a life-span of at least 15 years and can be stacked to increase capacity and efficiency.

4. Harnessing solar energy

The two primary ways to harness solar energy include photovoltaics and solar thermal capture.

Photovoltaic solar energy is much more common for small scale projects like residential property solar panel installations. With a solar PV system, solar panels convert sunlight into electricity that can be sent to the electric grid for credits on your electricity bill. Or, it can be used immediately, or stored in a solar battery.

Solar thermal capture is a process that helps in electricity production on a huge scale in solar installations. The heat produced by solar radiation is captured directly and used in a variety of ways. The lower temperature variations of solar thermal projects can be used for cooling or heating, apart from generating electric power.

Here’s a look at how solar power is headed in 2021:

India is now the 3rd largest market for solar energy in the world, following only China and the United States. By 2021, it is expected to be the largest contributor to the renewable energy sector, with the country’s annual additions doubling from 2020 levels. The factors influencing the pace of solar deployment are the following:

Effective regulatory framework and support from the Government for rooftop solar photovoltaics.
Policy decisions in key markets like China.
Providing incentives and subsidies for accelerated growth of renewables.
Streamlining the approvals and clearance processes for land acquisitions.

Investments in solar space have been affected by the coronavirus crisis, as businesses and households have reprioritised the allocation of funds. As of December 2019, India’s total solar capacity was around 32 GW. It is running one of the most ambitious renewable energy programs in the world, planning to achieve a capacity of 175 GigaWatts (GW) by 2022; an increase of almost 40% in just three years. Out of this, 100 GW will be contributed by solar energy alone.

In India, the contribution of renewable energy to the total electricity generation is 35%, and it is the lowest-cost solar power producer globally. The cost of solar energy would soon be cheaper than coal by 2021, a report by Bloomberg suggests. As soon as it gets cheaper and cheaper, more and more industries would adopt it.

The cost to install solar has dropped by more than 70% in the past decade. Falling energy costs is the key to future decarbonisation. The low cost of solar energy in India is attracting entrepreneurs from all over the world, who are excited by the largest solar energy market.

Atmanirbhar Bharat!

The world’s largest solar park, the 2245 MW has been built in Jodhpur, covering an area of 14,000 acres. It can generate 90 lakh units per day, which is enough to light up 25 lakh households for 24 hours. It was first conceived in 2014 as a joint venture between the Ministry of Renewable Energy, National Thermal Power Corporation (NTPC), and the Rajasthan Government.

Since the solar panels cover a large area, cleaning them is a humungous task. So, a robotic arm has been deployed to clean them.

Adani Green has become the world’s largest solar power generator by capacity. It has won an 8GW contract for generating solar power from the Government of India. The project is worth 45,000 crores rupees.

This project will be implemented over the next five years and will be completed by 2025.

Going by the pace at which the solar industry is growing, it is expected that the world-wide Carbon Dioxide levels will start to fall for the first time by 2026. Solar has ranked first or second in new electricity capacity additions in the past seven years. In 2019, 40% of all new electric capacity added to the grid came from solar.

The solar industry can be divided into installers, manufacturers, sales, and maintenance businesses. Utility-scale installers and photovoltaics are the main drivers of this growth. Other related market segments include concentrated solar power systems, solar electronic components, and solar power heating. Here’s a look at how solar power is headed in 2021:

Effective regulatory framework and support from the Government for rooftop solar photovoltaics.
Policy decisions in key markets like China.
Providing incentives and subsidies for accelerated growth of renewables.
Streamlining the approvals and clearance processes for land acquisitions.

Solar Park Initiative

The solar park is a concentrated zone of development of solar power generation projects and provides developers with land and infrastructure. It also facilitates developers by giving access to amenities like connectivity and reduces the number of approvals. The Government has planned to set up at least 25 solar parks, each with a capacity of 500 MW and above. The target is to generate a total power of at least 20,000MW.

Some prototypes of solar panels are being tested by attaching them to the roofs of trains. Other new solar products that are being developed are solar backpacks, cookers, mobile chargers, outdoor motion sensor lights, etc.

We owe it to our children to fight climate change. And, what better place to do it, than in India, soon poised to be the largest market for solar power.

Also read:

1) How is the future of solar energy in India?
2) What Is The Purpose Of Using Solar Energy?
3) Advantages of Solar Energy You Must Know About
4) How to Start a Solar Energy Retail Business? All about solar energy retailership