Bharat Heavy Electricals Ltd (BHEL) bags order worth Rs 800 crore for setting up two solar power plants secured from NTPC Ltd. and Gujarat State Electricity Corporation Ltd., expected to promulgate the Solar Power Plant & Equipment market in India.
India: Bharat Heavy Electricals Ltd (BHEL), the country’s largest power equipment manufacturer, has bagged two orders worth Rs 800 crore for setting up solar power plants of 200 Megawatt (Mw) capacity for NTPC and Gujarat State Electricity Corporation (GSECL). The NTPC order envisages setting up India’s largest floating SPV plant of 100 MW capacity at NTPC Ramagundam in Telangana while the GSECL order involves setting up a 100 MW ground-mounted SPV plant at Raghanesda Ultra Mega Solar Park at Banaskantha in Gujarat. BHEL is currently offering Engineering, Procurement and Construction (EPC) solutions for both off-grid and grid-interactive solar photovoltaic plants at multiple locations in India. It has a current portfolio of over 1 Gigawatt of solar photovoltaic plants including 500 Mw capacity that is already commissioned. Besides, space-grade solar panels using high-efficiency cells and space-grade battery are being manufactured at its Electronics Systems Division, Bengaluru.
According to BlueWeave Consulting, the global solar energy industry is boosting on accounts of a rising population coupled with increasing non-conventional energy prices. The key factors which are positively driving the solar energy market include growing environmental concerns such as greenhouse gas emission accompanied by increasing energy consumption. Solar energy is an ideal long-term source of clean energy that can be used as a viable alternative to currently prevalent nonrenewable sources such as coal, gas, and oil. Moreover, the rate of adoption is increasing due to natural resource depletion and increasing awareness of Solar PV's potential to alleviate pollution. Furthermore, multiple subsidies and tax benefits were offered by governments for effectively utilizing barren land for solar power plants are propelling the growth of the market.
A decrease in water footprint associated with solar energy systems has fueled demand in power generation sectors. Electricity demand in Asia has increased rapidly and is expected to rise further in the years to come and clean energy from the wind and sun solar panels reduce the amount of electricity generating from fossil fuel. Building solar projects over water are becoming more common in Asia due to population density and competition for available land. Also, Floating solar projects also have logistical advantages. They can be placed near existing electricity transmission infrastructure at hydropower sites, and close to demand centers. Floating solar project could result in improvement in fishing yields because elevated panels provide optimal room for fish while also providing them with shade. The demand for solar cells has gained major traction owing to a surge in floating solar projects, followed by an increase in applications in the architectural sector. The technological innovations, advancement coupled with growing awareness of energy security and self-sufficiency along with favorable government legislation is expected to fuel solar power plant and equipment market growth over the forecast period.
According to BlueWeave consulting’s upcoming report, Titled-“ Global Solar Energy Market, by Technology(Photovoltaic Cells, Concentrated Solar Power Systems), Solar Module(Monocrystalline, Polycrystalline, Cadmium Telluride, Amorphous Silicon Cells,and Others), Generation (First, Second, and Third), and Application(Agriculture & Horticulture, Architecture, Transportation, and Others), ByRegion (North America, Europe, Asia Pacific, Latin America, Middle East AndAfrica); Size and Forecast, 2019-2025” – For many years solar was considered as the main pillar of a future renewable energy based system. Demand for a solar panel is increasing prominently all over the world. North America market for solar panels has been growing rapidly especially due to the growth of residential solar applications in the U.S. Global solar panels market is characterized by improving conversion efficiency by key market participants. Key companies operating in this market include Suntech, Sharp Solar, First Solar, Trina Solar, Yingli, Hanwha Solarone, Canadian Solar, SunPower, SolarWorld, and Renewable Energy Corporation.
According to the upcoming report by BlueWeave Consulting on “India Solar Photovoltaic (PV) Market By Type (Utility Scale, Rooftop), By Technology (Fixed Tilt, Single-axis Tracker), By Region (North, West, East & South); Size and Forecast, 2014-2025” The Indian solar photovoltaic market has seen tremendous growth over the projected period. Various subsidies and incentives provided by the government have created a good amount of awareness and agreeableness among the end users for adopting solar power as an alternative source of energy over conventional sources. With an increasing focus of the government on the development of the renewable energy sector, technical improvements, solar power cost, and the price will drive the solar photovoltaic market in India.
According to BlueWeave consulting’s upcoming report, Titled-“India Solar Power Equipment Market, By Equipment (Solar Panels, Mounting, Racking, & Tracking System, Storage System, and Others) and By Application (Residential, Nonresidential, and Utility), By Region (North, West, East & South); Size and Forecast, 2014-2025,” The India solar equipment market witnessed robust growth over a forecast period due to technology advancements and improvements in manufacturing processes. However, rising government investments in the sector, increasing technological advancements and growing environmental concerns are expected to boost solar equipment market over the forecasted years.