How 2018 Is The Leading Year For Solar?
Indian solar industry witnessed big potential additions and expansions in 2017 globally. Not just China which led the boom in solar with 52 GW, but US, India, Japan, and Germany showed exquisite growth trajectory. New solar markets like South Korea, Chile, and Turkey came ahead and became GW markets in 2017.
Emerging recognition and interest in solar within growing nations in addition to dominant nations are anticipated to expose even a higher result in 2018.
How solar will charge globally
In 2018, China is expected to maintain to steer the boom; but, US’s present stance (doubtful due to US president Mr. Donald Trump) may also reduce the USA’s growth milestones in the New Year. Developing nations investing in renewable energy will surely resource renewable energy (especially solar) to account for more than 30% of total global electricity generation by 2022. Although coal will still be the number one electricity source in 2018, renewable power constantly growing is a strong signal that illustrates future power situation.
How Indian solar industry will charge in 2018
India has already claimed the layer of the third top solar market by overtaking Japan. And our nation is composed to overtake solar growth in Europe by 2022. To reach that milestone, India is specializing in solar parks (more than 50 solar parks are going to be developed), which will add to Indian solar potential immensely.
Regulations and projects have made India an appealing business platform for the future (India reached the 100th place within the list of business-ready countries). With awareness of green energy and solar market, commercial enterprise in solar will increase within the nation, leading to a solar boom.
The government of India has also introduced plans to leverage the solar potential via introducing 20 GW solar projects. New plans from MNRE to award the 77GW solar contract in the year 2018 are envisioned to offer Indian solar industry a top-notch improvisation.
New funding coming in, and authorities seeking to reinforce residential rooftop solar growth in 2018, will enhance attention in favor of solar.
With the USA hesitant to head all in solar (due to US president Mr. Donald Trump’s convictions), India could make a decisive pass to assert a larger portion of the solar export market in 2018. With anti-dumping duty imposition in impact (hopefully in 2018) and the US slowing down, it is absolutely an outstanding opportunity for India to concentrate on domestic production capability development, a good way to set up India as a pacesetter in solar export market once more (in FY13-14 solar export stood at $282.58 mn, and in FY16-17- $69.10 mn).
As the facts and projects point, 2018 goes to be a notable year for solar. But, there are still demanding situations to be tackled to unleash. Improving the coverage area and including new bits to favor domestic solar capacity enhancement, clearing out confusion regarding DCR initiatives, clarifying GST, stopping PPA re-negotiation, mandating RPO fulfillment, and stabilizing solar tariff will surely help India to reap on the possibilities that 2018 is right here with.
Worldwide solar growth surely explains the future of electricity. Furthermore, it is the right moment for India to make ambitious decisions to adopt solar, securing the future of the