EnergyTrend, a research company based in Taiwan, has predicted that India will overtake Japan this year to become the third largest solar market in the world.
The research claims that India is expected to show sustained growth in solar power sector while the global PV demand is expected to remain at 74 gigawatts. The research predicts that investments in the sector in Japan may face a blow because of the Japanese government reducing feed-in tariffs continuously.
As the government of China has targeted a lower capacity addition this year as compared to previous year, the country’s solar PV demand is expected to decrease by a small proportion.
Contrarily, as the government of India continues to strive for reaching the target of 100 gigawatts installed capacity of solar power by 2022, the country will hopefully contribute around 14 percent to the global solar PV demand.
India recently crossed the mark of 10 gigawatts for its installed solar capacity and hopes to add another 15 gigawatts in the next 15 months. A total of 90 gigawatts needs to be added to its current capacity in the coming 5 years to reach its target of 100 gigawatts by 2022.
Reportedly, 14 gigawatts is at the design stage. The major part of this capacity will be commissioned during the current financial year. The government is planning to auction another 6 gigawatts soon.