The demand will increase by more than 22 per cent, with demand for module components estimated to rise at a CAGR of over 25 per cent for the same time period.
According to a Frost & Sullivan report, demand for chemicals and materials used for solar cells and modules will increase by 22 per cent by 2015. With huge solar projects coming up in India, it is expected to almost double the domestic market for solar panel materials to over $2 billion by 2015.
The government targets to raise solar capacity eightfold by 2017 and is developing 20 GW of grid-connected solar power by 2022.
According to a Frost & Sullivan report, this aggressive target set by the government will definitely promote India as a manufacturing hub for solar products. The demand will increase by more than 22 per cent, with demand for module components estimated to rise at a CAGR of over 25 per cent for the same time period.
“New opportunities to explore in the market for chemicals and materials used in solar cells and modules are presented with the JNNSM mandating indigenisation of solar cells and modules,” states the report.
Meanwhile, the government will also start to auction solar capacity from May this year, offering to open a tender for 750 MW, and by March 2014, it targets to auction 1,650 MW. This is to develop grid-connected solar photovoltaic power projects, indicating the launch of the second phase of the national solar mission.
By EB Bureau
