About this market Development of smart cities to drive market growth. The smart city is a designation given to a municipality or a city that uses information and communication technologies (ICT) to increase operational efficiency, performance, and quality of urban services such as transportation, energy, and utilities to reduce the costs, wastage, and resource consumption. The goal of a smart city is to enhance the citizens’ quality of living through smart technology. Governments across the world are implementing many initiatives for sustainable smart city developments. Many countries, including India, have set their focus on building smart cities. Technavio’s analysts have predicted that the solar power market in India will register a CAGR of over 38% by 2023.
Market Overview Favorable government regulations The use of alternative energy sources to fossil fuels such as solar energy is necessary to reduce GHG emissions. Governments across the world support the adoption of solar energy by providing incentives, subsidies, and tax benefits to producers and consumers. Low conversion efficiency of solar PV An off-grid system needs to be self-sufficient in terms of capacity to meet its overall needs. In most off-grid projects, a grid source is usually non-existent, and even if it exists, it is highly unreliable. Hence, it requires a sizable PV system and energy storage to generate and store enough power to meet the total electricity needs. Solar power is a clean and abundant source of energy. However, it is low on efficiency. For the detailed list of factors that will drive and challenge the growth of the solar power market in India during the 2019-2023, view our report.
Competitive Landscape The market appears to be fragmented and with the presence of several companies including ABB and Adani Enterprises the competitive environment is quite intense. Factors such as the development of smart cities and the favorable government regulations, will provide considerable growth opportunities to solar power manufactures. ABB, Adani Enterprises, Canadian Solar, Huawei Technologies, JA SOLAR, and Sterling and Wilson are some of the major companies covered in this report.
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