Solar energy is the radiant energy discharged from the sun, which is harnessed by utilizing the several technologies such as solar heating, photovoltaic cells, and others. It is a well-organized form of unconventional energy and an opportune renewable solution toward augmenting greenhouse emissions and global warming.
According
to the report analysis, ‘India
Solar Energy Market: Current Analysis and Forecast (2021-2027)’ states
that the Indian Solar energy scenario has observed a observable growth in the
last few years. Decentralized and distributed applications of Solar energy have
suited millions of individuals in Indian Villages by encountering their
lighting, cooking and other energy requirements in an environmentally friendly
manner. Social and economic advantages of solar energy comprise the deduction
in drudgery among rural women and girls originally employed in the collection
of fuel wood by a time-consuming procedure and had to cook in smoky kitchens.
This has decreased the risks of contracting lung and eye ailments, employment
generation in the village and ultimately enhancing the standard of living and generation
of opportunity for economic activities at village level.
Based
on Type, the Industrial Power Supply market is classified into
Photovoltaic systems and Concentrated solar power systems. Concentrated solar
power systems are further sub segmented into Parabolic trough, Solar power
tower, Fresnel reflectors, and Dish Stirling. Amongst Type, the Concentrated
solar power systems sector of the market was valued at USD XX million during
2020 and is probable to reach USD XX million by 2027 augmenting at a CAGR of
XX% from 2021-2027.
India
has a richness of solar irradiance and obtains solar energy throughout the
year, generating many opportunities to exploit solar energy from the sunniest
sites in the country, precisely Rajasthan, Gujarat, and Andhra Pradesh. This
factor, clubbed with foreign investment and wide-ranging R&D projects to advance
the technology, delivers ample opportunities for the growth of the solar energy
market in India. Therefore, it is predicted that during the near future the
market of solar energy will increase in India more progressively over the
coming years.
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