Power Generation and Cumulative Capacity of Solar PV Power Plants in India (2017 – 2021)
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Net electricity generated by Solar PV power plants in India reached 73,815.7 GWh in 2021, growing 22.2% YoY
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During the same year, the cumulative capacity of Solar PV power plants in India reached 50,157.4 MW, growing 21.6% YoY
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Power generation recorded a historical growth at a CAGR of 30.0% between 2017 and 2021, while the cumulative capacity growth at 22.4% between 2017 and 2021
Power Generation and Cumulative Capacity of Solar PV Power Plants in India (2017 – 2021)
With ever increasing energy demands, rising levels of pollution, fear of global warming, scarcity of fossil fuels, and increasing levels of greenhouse gases (GHG), many countries have opted for clean renewable energy sources. Many countries have signed protocols with pre-defined emission reduction targets. The Paris Agreement, is the most recent step taken by several countries whereby each country voluntarily determined their emission reduction targets, presented them, and pledged to achieve GHG reductions according to these targets. Several countries that have been party to the Paris Agreement have devised plans to reduce conventional power and aid the growth of renewable power to reduce emissions. The main renewable energy sources are Hydro, Geothermal, Wind, Solar, and Biopower.
Solar photovoltaics (PV) is an emerging technology for generating energy. Solar PV system converts sunlight into electrical energy. This technology is growing rapidly owing to the low investment required, compared to other renewable technologies. A solar PV system is powered by many interconnected PV cells, which are light-sensitive semiconductor materials assembled in the form of modules. Several modules connected form a PV array. The electricity generated is supplied to the electrical grid or to the consumer directly.
The global installed capacity for solar PV increased from 38,532 megawatts (MW) in 2010 to 738,891 MW in 2020, at a compound annual growth rate (CAGR) of 34.4%. The global installed solar PV capacity is expected to reach 2,809,170 MW by 2030. China, United States of America, Japan, India, and Germany were the top five solar PV power generation markets in 2021.
India is the fourth largest solar PV market, with a cumulative installed capacity of 50,157 MW as of 2021, growing at a CAGR of 22.4% between 2017 and 2021. The solar PV power generation increased to 3,816 GWh of electricity in 2021, growing at a CAGR of 30.0% between 2017 and 2021.
India has immense renewable energy potential, and it is one of the top five countries. The renewable power market registered considerable growth in the last 10 years, with a significant increase in the installed capacity of renewable power sources. In November 2014, the energy ministry increased the National Solar Mission (NSM) target to 100 GW of solar Photovoltaic (PV) capacity – from the previous target of 20 GW by 2022.
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