India represented over 30 per cent of the global sales of distributed standalone solar products in the first half of 2018.
The market for distributed solar power products in India is set to grow more than two-and-a-half times to Rs 10,117 crore by 2023, according to a study released by GOGLA, a global association of the off-grid solar power industry. This includes solar lanterns, solar pump sets and other home appliances.
Economic Times reported that the study puts the current estimate of the market size for distributed solar in India at Rs 3,875 crore including Rs 705 crore sales by private players and the rest by government owned entities. The overall size is estimated to grow to Rs 10,117 crore over the next five years including Rs 2,617 crore worth of sales in the private segment and Rs 7,500 crore on the government side.
Performance of the Indian solar sector
India represented over 30 per cent of the global sales of distributed standalone solar products in the first half of 2018. The private player driven market has enabled the sector to advance lanterns into the mainstream.
The Indian government has shifted its focus towards the solar pumping segment. This segment received a fillip in March 2018 with the announcement of the KUSUM scheme wherein a key component is to set-up 1.75 million off-grid solar pumps by 2022 — nearly ten times the number of pumps currently installed.
The KUSUM scheme is currently awaiting final budgetary approval of the cabinet. Given the volumes expected in KUSUM, the price of solar pumps is expected to fall in the next 1-2 years with several established players in the mainstream pump sector likely to enter the segment.
