India has set a target of achieving overall solar energy installed capacity of 20,000 MW by 2022. As per NOVONOUS estimates, this creates an US$ 41.73 billion opportunity in the solar energy market in India till 2022.
The solar energy market in India has started picking pace due to supportive government policies and ability of solar energy to be used for various applications other than generating electricity. Being a tropical country India receives solar radiation with average intensity of 200 MW/Km2 with 250-300 sunny days in a year. As per government estimates, India receives 5,000 trillion kWh per year, with most parts of the country receiving 4-7 kWh per square metre per day. This provides huge opportunities for India to use solar energy for meeting the power demand from its burgeoning economy.