According to Acquire Market Research this
study, About this market
Development of smart cities to
drive market growth. The smart city is a designation given to a municipality or
a city that uses information and communication technologies (ICT) to increase
operational efficiency, performance, and quality of urban services such as
transportation, energy, and utilities to reduce the costs, wastage, and
resource consumption. The goal of a smart city is to enhance the citizens'
quality of living through smart technology. Governments across the world are
implementing many initiatives for sustainable smart city developments. Many
countries, including India, have set their focus on building smart cities. Our analysts have predicted that the solar power
market in India will register a CAGR of over 38% by 2023.
Market Overview
Favorable government regulations
The use of alternative energy
sources to fossil fuels such as solar energy is necessary to reduce GHG
emissions. Governments across the world support the adoption of solar energy by
providing incentives, subsidies, and tax benefits to producers and consumers.
Low conversion efficiency of solar PV
An off-grid system needs to be
self-sufficient in terms of capacity to meet its overall needs. In most
off-grid projects, a grid source is usually non-existent, and even if it
exists, it is highly unreliable. Hence, it requires a sizable PV system and
energy storage to generate and store enough power to meet the total electricity
needs. Solar power is a clean and abundant source of energy. However, it is low
on efficiency.
More Info and TOC @ https://www.acquiremarketresearch.com/industry-reports/solar-power-market-in-india-2019-2023-/377/
For the detailed list of factors
that will drive and challenge the growth of the solar power market in India
during the 2019-2023, view our report.
Competitive Landscape
The market appears to be fragmented
and with the presence of several companies including ABB and Adani Enterprises
the competitive environment is quite intense. Factors such as the development
of smart cities and the favorable government regulations, will provide
considerable growth opportunities to solar power manufactures. ABB, Adani
Enterprises, Canadian Solar, Huawei Technologies, JA SOLAR, and Sterling and
Wilson are some of the major companies covered in this report.
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