PV Module Market in India: Current Trends and Future Scope
Mitsui Chemicals India Blog Series
Mitsui Chemicals India Pvt. Ltd.
The Solar PV Module industry in India is witnessing exponential growth. As per the Ministry of Power report, power consumption in India raised by 12% in July to 125.51 billion units. The Indian government is focusing on the 'Power for all' initiative that has immensely contributed to the country's capacity addition. The solar power sector is estimated to contribute 100GW of energy out of the 175GW renewable energy target by October 2022.
As a result, the competitive intensity expands its horizons in terms of market and supply. This article introduces you to the contemporary market trends and future scopes of India's solar power industry potential.
India’s Ambition in Solar PV Module Market
India is increasing in the clean energy power generation industry, and India holds the third position in the Renewable Energy Country Attractiveness Index in the global market. Given the global energy crisis, renewable energy is the most reliable source of power generation, and it consolidates optimum utilization of natural resources that benefits the environment and society.
The solar power generation market has high growth potential in India. The country aims to expand its power generation market and develop the most extensive clean energy program globally by 2022. With capacities, the solar sector is projected to contribute 100GW of power single-handedly.
Current Challenges to PV Module Market
India's estimated power demand will be 817 GW by 2030. Out of which, clean energy will contribute to more than half of it and solar energy for approximately 280 GW solely. But it is necessary to concentrate on other aspects of the market. The solar market in India still encounters significant obstacles that need to be addressed.
1. High Prices:
The solar PV Module industry is capital intensive, limiting its benefits to urban and large-scale companies. Hence, it needs to be economically feasible, enabling access to remote areas and small-scale companies.
2. Research Areas:
It is mandatory to conduct thorough research while manufacturing the product. The products should undergo well-recognized laboratory and field tests before and after installation.
3. Modern Technology:
With many innovative technologies introduced in the market. The manufacturer must design their products that meet the current technological trends.
4. Expertise & Know-How:
The new entrant PV players don’t necessarily understand the Knitty-gritty as the Industry is at a nascent stage, so awareness of the overall process and functionality provides better confidence
PV Module Technology: Our Solution
The fundamental aspects that a customer must consider when selecting a PV module include its risk-mitigation capacity, durability, and secure operation, among others. At Mitsui Chemicals India, we prioritize customer satisfaction while maintaining the highest level of quality in our solutions. Our solar module technologies are subjected to extensive and specialized testing. We design our solutions to meet the following important requirements:
1. Increasing Efficiency:
We conduct on and off-field research and tests of our solar modules. This ascertains efficient product performance. PV Laboratory Testing helps in PV module authentication for optimum durability and functionality.
India has abundant solar energy. It makes the PV Module facility a feasible alternative for power generation purposes. Furthermore, investment in highly durable solutions benefits customers.
Adopting an eco-friendly power generation technology contributes to sustainable development. The testing and recognized certifications make the product viable in environmental safety.
4. Risk assessment:
Performing tests and evaluations are necessary for product standardization of the solutions. It provides safety assurance for the entire lifespan of the solution.
5. Consultancy/Advisory Services:
The necessity to bridge the gap between Developer needs and Manufacturer production requires supplier audits, and field inspection to ensure the quality and correctness of BoM from Factory to Field.
Thereby, we initiated our Solar PV Technical Advisory services in collaboration with PI Berlin, a global leader in technical advisor services. The NABL (National Accreditation Board for Testing and Calibration Laboratories) has certified and standardized it in accordance with ISO/IEC 17025 international standards as well as recognized by BIS (Bureau of Indian Standards). It upgrades performance and provides quality and safety assurance of the PV module.
Survival through Sustainability
The environment becomes vulnerable when we overlook the paucity of our natural resources. The technological developments have indeed made it simple and viable to engage ecological resources that help reduce environmental load. Renewable sources of energy are an unparalleled means for electricity generation purposes. It does not emit any harmful gases that happen when burning fossil fuels. With India holding the third position in renewable energy attractiveness, it gets important for businesses to provide considerable support and commitment.
Thus, we have envisioned a sustainable future with our long-term business plan, VISION 2030. Through our sustainable energy-related businesses, we commit to finding solutions to the energy crisis. We contribute to the sustainable goals through our Rose ValueTM and Blue ValueTM standards. Our solar module advisory services assist customers and benefit the environment simultaneously.
Contact us to find more details about our technical advisory services and inculcate them in your business or individual projects.