India’s solar power business is one of the country’s fastest-growing industries, and the top solar companies in India are now dominating the market by expanding their sales network throughout India and spending substantially on research and development to keep up with the competition. With a demand-supply imbalance of 12%, India suffers from regular power outages that can only be alleviated by the deployment of renewable energy sources, such as solar power.
Tremendous potential of the business
Power plants installation
Since gaining its independence in 1947, thermal power plant in India installed capacity has increased from 1,362 megawatts to over 170,000 megawatts. If you are looking for an energy superpower, look no further than India. Increases in population and economic activity have contributed to a doubling in energy usage from the year 2000. In 2019, almost all homes have access to electricity; this means that in less than two decades, approximately 900 million people got access to the grid.
Country’s energy infrastructure
As India continues its urbanization and industrialization, it will place enormous demands on the country’s energy infrastructure and policymakers. The average per capita use of energy is significantly below the world average, and there are substantial variations in both consumption and service quality within states and between urban and rural regions. Most Indians worry about the cost and consistency of their electricity.
Significance of hydroelectric power
At the present day, the government controls over 80% of the capacity that is in use.