India’s growing solar energy sector is on track to surpass the US solar energy market in 2020, according to a new study.
The growth in the sector has been so rapid that it will surpass the annual growth of the US market by 2021, the research firm iResearch found.
According to the report, India will have 1.5GW of installed solar PV capacity by the end of 2020, or 5.5% of the country’s total solar capacity.
This will make India the world’s fourth-largest solar market, behind China, Brazil and South Korea, according the report.
Solar panels, inverters, and batteries are also being installed in the country, with India’s total installed solar capacity at 2GW.
The report said that India’s annual solar PV market is forecast to grow at 9% in 2020 compared to the average growth rate of 6.7% for the global market.
It said India’s growth will be driven by solar modules and inverters that are now more common in residential and commercial buildings than in commercial and industrial use.
It also predicts that solar PV will continue to be a key source of electricity in the future.
The research firm said that the growth in solar PV has led to a dramatic shift in the global manufacturing sector, which has reduced its reliance on imports.