Global and Indian Solar Energy Markets illuminate path to growth and sustainability

The global solar energy market is poised to experience a remarkable Compound Annual Growth Rate (CAGR) of 18% from 2022 through 2028, culminating in a projected value of $286.3 billion by 2028. This surge in the market is being primarily propelled by escalating demands for solar energy from governmental bodies, corporations, and individuals alike. Across the globe, governments have been taking up the mantle of renewable energy, with solar power prominently featuring in their ambitious targets.

Corporations are equally embracing solar energy as a strategic measure to curtail energy expenses and enhance their ecological standing. Simultaneously, individual awareness of solar energy benefits is growing, fostering installations of solar panels on residential and commercial premises.

The Indian solar energy market forecasts indicate a robust CAGR of 22% spanning 2022 to 2028. This trajectory is projected to amass a value of $100 billion by 2028. This vigorous growth trajectory is propelled by the Indian government’s audacious goal to establish 100 GW of solar energy capacity by 2022. The government’s initiatives, including the National Solar Mission and the Production-Linked Incentive (PLI) scheme, are further fostering the adoption of solar energy. Concurrently, the plummeting costs of solar modules coupled with escalating solar panel efficiency are rendering solar energy more economically viable and appealing.

The momentum in both the global and Indian solar energy markets has translated into an impressive performance for the solar energy industry in the fiscal year 2022-2023. This period has witnessed unprecedented levels of investment and rapid commissioning of new solar projects. Anticipations are rife that this trajectory of growth will continue due to the escalating demand for solar energy and the unwavering backing of governmental policies worldwide.

Here are some salient highlights showcasing the performance of India’s solar energy industry in the fiscal year 2022-2023:

  • India has successfully added an impressive 14.2 GW of solar energy capacity within this fiscal year, marking the highest annual augmentation to date.
  • This achievement has propelled the nation’s total solar energy capacity to an impressive 67.07 GW, securing its position as the fourth-largest solar market globally.
  • The government’s ambitious target of achieving 100 GW of solar energy capacity by 2022 is now on the cusp of realization.
  • Notably, the solar energy sector is anticipated to generate over a million job opportunities in India by 2022.

The commendable performance of the solar energy sector holds significant positive implications for India. This trajectory is poised to reduce the nation’s reliance on fossil fuels, enhancing energy security in the process. Additionally, the sector’s expansion is anticipated to stimulate employment opportunities and foster economic growth.