In recent years, India has made tremendous progress towards renewable energy, with a focus on solar energy. India has set goals for increasing its solar energy capacity and has taken numerous initiatives to attain them. In accordance with this, India is predicted to overtake China as the world’s second-largest solar manufacturer by 2026.
According to the India Brand Equity Foundation, India is on track to become the world’s second-largest solar manufacturing country by 2026, surpassing Japan and trailing only China. According to the analysis, India’s solar manufacturing capacity is predicted to grow from 10 GW in 2020 to 50 GW by 2030. This capacity increase is estimated to generate approximately 3 lakh direct jobs and 9 lakh (900,000) indirect jobs.
The government’s emphasis on renewable energy and initiatives such as the National Solar Mission have boosted India’s solar manufacturing industry. The government has also implemented a number of policies and programmes to encourage local solar manufacture, such as the Production-Linked Incentive (PLI) programme. The government has set aside Rs 4,500 crore ($600 million) for the solar PV segment under this scheme, which is intended to generate 10 GW of manufacturing capacity.
Several Indian companies have also invested in solar manufacturing. For example, Adani Solar has established a 1.2 GW solar cell and module production facility in Gujarat.
Tata Power Solar has a 1.1 GW production site in Bangalore, while Waaree Energies has a 2 GW capacity distributed over three locations in Maharashtra and Gujarat. These and other companies are likely to expand their capacity in the future years.
The global need for renewable energy has also boosted India’s solar manufacturing industry. As countries around the world strive to transition to clean energy, demand for solar panels and other solar technology is likely to rise.
This opens the door for Indian manufacturers to enter the global market. Finally, India’s solar manufacturing business is predicted to boom in the future years, with the country on track to become the world’s second-largest solar maker by 2026. This development is likely to be driven by the government’s focus on renewable energy, programmes such as the PLI plan, and global demand for solar equipment. The industry’s expansion is also projected to generate jobs and contribute to the country’s economic prosperity.