HyET Solar Aims To Manufacture 300 MW Solar Panels In India In Near Future.
Published Date | 2019 January 19
200 mn Euros investment on the manufacture of Solar Panel will boom the solar Market and is expected to witness positive growth over the forecast period.India: HyEt Solar, Netherlands-based producer of flexible solar modules aims to partnership with existing India based solar panel and polymer manufacturer. The company currently manufactures 5 MW solar panels and hopes to do 300 MW in India in near future. It will entail an investment of 200 mn Euro. Since 99% of the solar panel sheets are polymer will increase market of polymer manufacturer like Reliance (Industries). In a joint meeting of the Vibrant Gujarat 2019, they will sign a Memorandum of Understanding with Department of Energy and Petrochemicals, Gujarat government with an intend to set up a manufacturing facility for solar fabrication in India. The state would facilitate the company to obtain permissions, registration, approvals, and clearances from the concern departments. According to BlueWeave Consulting, Solar panel refers to PV modules designed to absorb the sun's rays as a source of energy to generate electricity and heating. It reduces the amount of electricity coming from fossil fuels by operations with clean, renewable energy from the sun. The sun produces enough energy daily to supply 10,000 times the world’s electrical needs. Solar Photovoltaic panels are packaged, connected assembly of typically 6x10 solar cells that generates and supplies solar electricity for commercial and residential applications. Installing solar panels on a house roof can decrease the household’s carbon footprint by an average of 35,180 pounds of carbon dioxide per year. Moreover, the technological innovations, advancement coupled with growing awareness for energy security and self-sufficiency along with favorable government legislations is expected to fuel solar panels market growth over the forecast period. Increasing acreages of solar power plants and increasing off-grid installations of PV systems for commercial & residential purposes, subsidies and tax benefits offered by governments for effectively utilizing barren land for solar power plants is expected to have a positive impact and are propelling the growth of the market. According to BlueWeave Consulting’s upcoming report, Titled- “Indian 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), By Region (North, West, East & South); Size and Forecast, 2019-2025”- The India solar energy market is estimated to have high growth over a forecasted period due to rising focus of the government towards sustainable energy generation, availability of abundant sunshine throughout the year makes the country an ideal location for solar power generation. Rapid population growth and increasing urbanization and industrialization is driving demand for energy, traditionally met by coal and crude oil. 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, 2019-2025”- The India solar equipment market witness robust growth over a forecasted 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. 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), By Region (North America, Europe, Asia Pacific, Latin America, Middle East And Africa); 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.