India’s renewable energy business is the world’s fourth most appealing renewable energy market. As of 2020, India was rated fourth in wind energy, fifth in solar energy, and fourth in renewable energy installed capacity. As countries around the world continue to invest extensively in cost-effective sustainable energy alternatives, the world’s reliance on renewable energy is rapidly growing. Not only has there been fierce competition among companies in this market in recent years, but there has also been an increase in solar PV installed capacity.
Over the last few years, installed renewable power generation capacity has increased. Before the pandemic, 2020 was expected to be a record year for new renewable energy capacity, owing to a large number of new solar panels, wind turbines, and other energy sources erected around the world. Due to the mounting financial uncertainty, the COVID-19 epidemic has disrupted economies and supply systems around the world, pushing corporations to cut budgets, alter priorities, and postpone major construction projects.
India’s potential to harness solar electricity is undeniable; while the COVID-19 pandemic problem may have slowed expected growth, the projections are astounding. Indigenous enterprises, particularly manufacturers, have benefited India’s solar power industry, which is increasingly focusing on creating components and technology-backed solutions in the country. The solar industry’s tendencies are both promising and attainable.
The Emerging Trends
Increased access to solar power
Solar power is being considered by a growing number of Indian industries as a long-term energy source. This has mostly been made possible by solar panel manufacturers that spend significant resources inventing solar panels and related components rather than depending on their Chinese competitors. India’s reliance on Chinese solar energy supplies hampered the country’s ability to price components such as wind turbines and panels economically.
Solar electricity will be used increasingly in the future, not just in the commercial and residential sectors, but also in households. Solar energy resources are becoming more widely available, and this trend is expected to continue.
More support from the government
The National Solar Mission, which began in 2010, is the focus of the Ministry of New and Renewable Energy (MNRE). The mission’s present goal is to install 100 GW of solar electricity capacity by next year (2022), and numerous policies are being implemented to achieve that goal. This might entail greater subsidies and other programs for solar industry producers and players, helping to reduce R&D expenditures and initial installation prices. With vested parties receiving credit help, it is expected that interest in the solar business will skyrocket. The government is committed to increasing the usage of clean energy sources and is now working on several large-scale sustainable power projects as well as extensively promoting green energy. Furthermore, renewable energy has the potential to provide a large number of jobs at all levels, particularly in rural areas.
The Indian government plans to create a “green city” in each state that is powered by renewable energy. Solar rooftop systems on all of the city’s houses, solar parks on the outskirts, waste to energy facilities, and electric mobility-enabled public transportation systems will all be used to mainstream environmentally friendly power in the ‘green metropolis.’
Digitalization and Artificial Intelligence
Digitalization is predicted to change every element of the solar business, from research to production and infrastructure. More organizations are attempting to increase the commercial viability of their solar projects by utilizing machine learning and artificial intelligence. In the renewable energy business, the utilization of data, drones, robotics, and software solutions is an intriguing development, especially as developing countries invest more in technology.
From manufacturing and infrastructure to end-user devices, 2021 will see extensive digitization at all levels of the power system. Energy 4.0, as it’s known, will allow businesses to implement intelligent energy and power management systems based on machine-to-machine and machine-to-human interactions. Machine learning, such as through microgrid controllers and artificial intelligence, is one trend to watch as new technologies arise to suit the expanding needs in the solar energy business. New software is helping to influence the future of how firms might use AI and machine learning in solar energy technology. AI is being used by companies in this industry to identify and track patterns in energy generation and consumption. Smart energy also aids in predicting the output of a certain wind or solar plant.
Diminishing cost of solar panel components and hardware
Over the last decade, the energy sector has come under increasing pressure from a variety of stakeholders, ranging from customers to utility-scale power plants, to lower the cost of renewable energy while also boosting the rate of adoption. The 97 percent reduction in the cost of solar photovoltaic modules over the previous four decades is frequently cited as a big success story for renewable energy technologies. Government initiatives that boosted market expansion around the world, including as renewable portfolio standards, feed-in tariffs, and various subsidies, accounted for almost 60% of the entire cost reduction. Modifications to modules and production techniques influenced the price even further. While solar cell technology advanced significantly during this time, improved manufacturing procedures reduced the number of defective cells produced, resulting in higher yields and huge economies of scale.
In the previous decade, the average price of solar panels, parts, components, and hardware has dropped dramatically. Solar energy investors and domestic manufacturers that have substantially invested in in-house production facilities are to blame for the drastic shift. The cost of hardware and solar panels is expected to drop further as more solar companies are prepared to deliver to smaller manufacturers and start-ups. Solar panel manufacturing is also predicted to undergo a significant transformation, with larger outputs to meet worldwide and domestic demand.
Photovoltaics is one of the most promising renewable energy technologies. Photovoltaics (PV) is a very elegant way to generate power on-site, straight from the sun, with no regard for energy source or environmental impact. These solid-state devices generate power from sunlight invisibly, with no maintenance, pollution, or material depletion.
Building-integrated photovoltaics (BIPV) is predicted to grow in popularity in India, despite its early stages. This type of solar technology incorporates photovoltaic construction elements into the architecture, increasing the energy efficiency of the property. As corporations learn the fundamentals of BIPV for the Indian market, there may be a noticeable shift in how buildings are structured.
In comparison to 2010, when India produced 10 MW of solar energy, the installed solar capacity has risen to more than 42 GW, a significant increase over the predicted line. With changing trends, more corporations and investors are anticipated to enter the renewable energy sector, potentially resulting in cost-effective solar energy access for both industrial and large-scale mass requirements. For the Indian client, rising fuel prices are already a source of anxiety. For all stakeholders, solar energy and other renewable resources may be the best option.
PV systems that are integrated into buildings are planned during the architectural design phase and installed during the initial construction phase. During a retrofit, building-added PV (BAPV) is planned and installed. Traditional PV systems require racks and mounting equipment, which both BIPV and BAPV lack. Most integrated solar system designers will weigh several solar technologies and their potential applications against the specific needs of building occupants.
Apollo Power Systems is dedicated to offering Solar Power Solutions that are both cost-effective and long-lasting for both residential and commercial applications. Solar energy is the only renewable energy source that can be used in most homes, and solar panels can help you save a lot of money. Since the debut of solar panels, prices have constantly decreased. Installing solar panels as part of a green electricity package allows you to get 100 percent solar energy into your home. This provides you with electricity 24 hours a day, seven days a week, even on overcast days when the solar panels generate less efficiently.