Friday, October 23, 2015: With the growth of solar energy in the country, the solar power equipment market is also expected to grow at a very brisk pace. India has been quite bullish about the usage of solar energy and according to a report titled “India Solar Power Equipment Market Forecast & Opportunities, 2020,” the solar power equipment market in the country is expected to cross $4 billion by the year 2020. In comming five years, India will be generating solar energy by using photovoltaic and concentrated solar power technologies.
Important reason why the solar power equipment market will grow at such a fast pace is the constant improvement of solar equipment technologies. Moreover, companies are now using advanced manufacturing processes for production of hi-tech equipments and experts also believe that there will be decline in equipment prices which will drive the growth of the this industry in the next five years.
Our government bodies has been quite vocal about promoting sustainable development of solar energy sector in the country. Upcoming week at the India-Africa summit it is expected that the prime minister of India will announce a global alliance of 100 countries aiming to promote solar power to meet energy requirements and combat climate change.