The Lux Research has identified India as the budding market for solar energy taking into consideration the availability of sunlight, population, existing electricity demand, low grid effectiveness and encouraging rules and regulations.
In the next two decades, the demand of energy in India will get double and there will be millions of people deprived of electricity, so at such point of time 40 GW of the total power demand will be catered by solar energy. India where effectiveness of power grids is doubtful, solar power projects will prove beneficial in saving electricity and providing power to off-grid population.
The status of best market for solar energy is currently held by Germany, which contributed almost 50% in the global solar market. The title of next big solar market can be given to India as it has immense sunlight, increasing demand and vast population, as per a new report by Lux Research.
Last year, Germany’s share in global solar market was 8 gigawatts. Other nations that also contributed significantly to solar market in 2010 include Japan, China and Italy. Italy generated 1.9 gigawatts of solar power in 2010. The U. S. caters to just 6.5% of global photovoltaics – solar panel technology demand. The UK could also account for 5% share in the global solar market. Though it doesn’t have immense sunlight, it offers premium prices for renewable energy and has an efficient system for the sanction of subsidies.