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Investments in the renewable energy sector to thrust the market growth

June 5, 2023 3:49 pm

Investments in the renewable energy sector to thrust the market growth
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India’s energy consumption to rise, providing profitable investment opportunities for industry participants in the future.

The global solar power market is projected to reach USD 373.84 billion by 2029, exhibiting a CAGR of 6.9 percent during the forecast period. Primary market drivers for the expansion are increased environmental pollution, falling prices of materials like silver and polysilicon, and various schemes offered by the government throughout the world for installation.

Growing investments in the renewable energy sector fueling solar panel industry growth
The increasing investments in the renewable energy sector are one of the main reasons driving the growth of the solar panel industry. Global investments in renewable energy have increased due to their competitive production costs and low carbon emissions. For instance, between April and December 2022, $14.5 billion was spent in India’s renewable energy industry. Several nations rely on renewable energy sources to supply more than 50 percent of their yearly energy requirements. Around $2.4 trillion has invested in renewable energy by 2022. The energy sector sees increased investments as the focus shifts to renewable energy sources. This is anticipated to drive the growth of the solar energy sector internationally, which will fuel the global solar panel market’s growth throughout the anticipated period. As a result, this element is fueling the market CAGR.

Advantages of solar PV systems
Moreover, solar PV systems are simple to install and functional in all temperature conditions in the presence of sunlight. Variations in solar panels are also predicted to increase demand for solar PV systems and, consequently, PV panels. Such variations are currently being produced and used in several nations.

Emphasis on electrification of rural regions
A lot of governments are emphasising the electrification of rural regions more. India’s economy is doing well, yet many areas need access to grid-connected energy. In tune with the economic growth, the need for energy has also grown dramatically in India. India’s energy consumption is expected to continue to rise for decades to come, offering profitable investment opportunities to the industry’s participants. As a result, it is projected that this factor would accelerate worldwide solar panel market growth.

In addition, the government has budgeted more than USD 30 billion, or Rs 2.44 lakh crore, to build a reliable transmission system in line with its goal of generating 500 GW of renewable energy by 2030– about 280 GW (over 60 percent) is expected from solar.

In collaboration with states and other stakeholders, a high-level group created a comprehensive plan titled “Transmission System for Integration of over 500 GW RE Capacity by 2030.”

The plan provides a general plan of the necessary transmission system for having 537 GW of Renewable Energy capacity by 2030, which is a significant step towards realising the objective of integrating 500 GW of non-fossil fuel-based power by 2030 and about 280 GW (over 60 percent) is expected from solar.

Government initiatives and Rayzon Solar’s expansion
With the same motto, Rayzon Solar has also chosen to increase the manufacturing capacity to 2500 MW in India in response to the growing need for more solar energy generation. The 1000 MW capacity in India will shortly be increased to a total capacity of 2500 MW. Rayzon Solar is always up-to-date with its technology and innovation, soon we will introduce N-Type solar modules and Topcon solar modules up to 700Wp, which deliver both efficiency and stability.

We at Rayzon Solar focus on three commitments to our consumers: quality, timely product delivery, and after-sales support. These commitments are crucial for all market segments, and we are developing a culture that prioritises the needs of our customers.

For more details, visit: www.rayzonsolar.com
Call: 1800 123 1232

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