India the Next Solar Power Superpower? Solar Power Plant – An investment Opportunity Manufacturing Plant, Detailed Project Report, Profile, Business Plan, Industry Trends, Market Research, Survey, Manufacturing Process, Machinery, Raw Materials, Feasibility Study, Investment Opportunities, Cost and Revenue, Plant Economics, Production Schedule, Working Capital Requirement, Plant Layout, Process Flow Sheet, Cost of Project, Projected Balance Sheets, Profitability Ratios, Break Even Analysis

Power is one of the most critical components of infrastructure crucial for the economic growth and welfare of nations. The existence and development of adequate infrastructure is essential for sustained growth of the Indian economy. Indian power sector is undergoing a significant change that has redefined the industry outlook. Sustained economic growth continues to drive electricity demand in India. The Government of India’s focus on attaining ‘Power for all’ has accelerated capacity addition in the country.

India is both densely populated and has high solar insolation, providing an ideal combination for Solar Power in India. Power is the lifeline of any development of the nation. Solar power is growing at such a rate that it had its hottest year for growth in the history of solar power, and the future still looks bright. Rising demand for electricity and increasing renewable penetration are driving a need for more energy storage.

Fossil fuel reserves are diminishing rapidly across the world, intensifying the stress on existing reserves day-by-day due to increased demand. Not only that, fossil fuels, presently contributing to 80% of world primary energy, are inflicting enormous impacts on environment. Climatic changes driven by human activities, in particular the production of greenhouse gas emissions, directly impact the environment. Energy sector has a key role in this regard since energy during its production, distribution and consumption is responsible for producing environmentally harmful substances. A secure and accessible supply of energy is thus very crucial for the sustainability of modern societies. There is an urgent need for a quicker switch over of energy systems from conventional to renewable that are sustainable and can meet the present and projected world energy demand. Solar power is one of the most promising renewable. It is reliable and less vulnerable to changes in seasonal weather patterns. Hydrogen, in the capacity of energy vector, is expected to be the optimum solution for intermittency and storage of energy produced by renewable. Thus, coupled with hydrogen as an energy carrier, solar energy has a large potential to become the fuel of the future. The present study is aimed to explore such potential for India in 2025. India is expected to have a high growth rate in energy demand over the coming years due to its huge population and rapid economic development.

Fortunately, India lies in sunny regions of the world. Most parts of India receive 4.7 kWh of solar radiation per square meter per day with 300-325 sunny days in a year. India has abundant solar resources, as it receives about 3000 hours of sunshine every year, equivalent to over 5,000 trillion kWh. India can easily utilize the solar energy. Today The Government is encouraging generation of electricity from various renewable energy sources such as wind, solar, small hydro, biomass by giving various fiscal & financial incentives. This apart, the state governments are procuring electricity from renewable energy projects at preferential tariff.

Demand for electricity is continuing to grow fuelled by a growing population. Interestingly, the demand for electricity has grown faster than overall energy consumption, which in itself has grown faster than the world population.

Solar power in India is a fast developing industry, with a cumulative installed grid connected solar power capacity of 8,062 MW (8 GW) as of 31 July 2016, In January 2015 the Indian government significantly expanded its solar plans, targeting US$100 billion of investment and 100 GW of solar capacity (including 40 GW from rooftop solar) by 2022.

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