India has emerged as the third largest solar market in the world in 2017 behind China and the US. “In 2017, India emerged as the third largest solar market having grown at a CAGR of 170 per cent since 2010,” said Mercom Communications India in a report.
As per the report, India set a new record with 9.6 gw of solar installations in 2017, which was more than double the 4.3 gw installed in 2016. The robust growth boosted the country’s total solar installed capacity to 19.6 gw as of December 2017, it added.
“In 2017, larger players started consolidating their positions at the top as India quickly emerged as one of the most important solar markets in the world for suppliers and vendors,” said Mercom Capital Group CEO Raj Prabhu.
As of 2017-end, large-scale project development accounted for 92 per cent of the all-time cumulative solar installations in India with 19.6 gw, and 2017 alone made up 90 per cent of such installations with 8.6 gw.