This post is a part of DIL Intelligence series from Energy Alternatives India (EAI), India’s leading climate-tech consulting firm.
DIL stands for Decarbonization for India’s Leaders and provides comprehensive market intelligence and updates to Indian corporate leaders on prominent decarbonization efforts across the Indian industrial ecosystem. DIL is provided by EAI’s strategy consulting team. More about our consulting from here.
The Indian solar energy market is witnessing significant growth and is estimated to be at 79.07 GW by the end of 2024. This market size is projected to reach 195.11 GW in the next five years, registering a compound annual growth rate (CAGR) of 19.8% during the forecast period. In terms of monetary value, the India Solar Energy Market was estimated at USD 38 billion in 2022 and is anticipated to reach around USD 238 billion by 2030. This represents a growth at a CAGR of roughly 40% between 2023 and 2032. These figures indicate a promising future for the solar industry in India, driven by factors such as declining costs of solar power technology, supportive government policies, and increasing awareness about the environmental benefits of solar energy.
Luminous Energy, plays a crucial role in global decarbonization efforts. They have over 1 GW of successfully developed solar projects worldwide. One notable example is the massive 200 MWp Columboola Solar Farm in Australia. By replacing fossil fuels, each MW of solar power installed by Luminous Energy helps avoid roughly 1,100 tons of CO2 emissions annually, translating to a potential reduction of over 1.1 million tons annually from their current portfolio. They have installed solar powered street lights and planted 5,000 saplings under their initiatives, namely the Victory Solar Light Project and Pollution Abating Plantation Abhiyan (PAPA). The company is also exploring more than 100 decarbonization levers across key sectors such as power, steel, automotive, aviation, cement, and agriculture. They are focusing on four cross-cutting decarbonization opportunities: green hydrogen, carbon capture, usage, and storage (CCUS), natural climate solutions, and material circularity. solar-powered
Tata Power Solar Systems Limited, a leading solar player in India, actively contributes to the nation’s decarbonization efforts. Their extensive presence signifies their impact: over 9 GW of solar power capacity installed across India, each megawatt of solar power installed roughly avoids 1,100 tons of CO2 emissions annually. The impact extends to various sectors – homes, businesses, industries, and utilities – as they provide diverse solutions like rooftop installations and large-scale power plants.
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Advancements in battery storage will unlock solar’s full potential, ensuring grid stability and on-demand power. Policy pushes, like rooftop solar incentives and EV charging infrastructure development, will further propel market growth. Green hydrogen production powered by solar is another ambitious goal. The future also holds a focus on building a robust domestic solar manufacturing ecosystem, fostering self-sufficiency and job creation. Additionally, addressing end-of-life management through recycling and material recovery will be crucial for long-term sustainability.
Finally, integrating solar with smart grid technologies will be essential as it becomes a dominant player in India’s energy landscape, ensuring efficient distribution and grid stability. These endeavors paint a bright picture for India’s solar future, paving the way for a clean, sustainable, and energy-secure tomorrow.
This post is a part of DIL Intelligence series from Energy Alternatives India (EAI), India’s leading climate-tech consulting firm.
DIL stands for Decarbonization for India’s Leaders and provides comprehensive market intelligence and updates to Indian corporate leaders on prominent decarbonization efforts across the Indian industrial ecosystem. DIL is provided by EAI’s strategy consulting team. More about our consulting from here.
