India is set to become a solar super power with its massive Solar Mission Plan which will add 20 gigawatts of solar power by 2022, says a recently released report.
The report, released on Wednesday, looked at the growth potential of 15 emerging solar markets and found that India has massive potential because of government subsidies, a need for distributed generation and increasing energy demands.
As No. 1 global solar market Germany ratchets down subsidies for solar power this year, investors looking for the next hot market for the renewable energy source should be eyeing India, according to a report by Lux Research.
Russia, Brazil and Mexico were identified in the report as potentially large solar markets even though they do not have solar incentives.
Markets that could grow rapidly this year include Cyprus, Israel and Malaysia because of government subsidies, according to the report. Those markets are unlikely to be the next Germany, however, because of their small size.
The report said South Africa and the United Kingdom were potentially strong markets because of government support for solar power.
With India, going out of its way to exploit its hydel resources that is set to have environmental and social impacts, it is good news that there are other avenues for alternative power generation.