7.4GW! India's Installed Photovoltaic Capacity in The First Three Quarters Increased By 335% Year-on-year
Dec 14, 2021
According to this report, as of the third quarter of 2021, the installed capacity of new photovoltaic systems in India reached more than 7.4GW, an increase of 335% compared with the 1.73 GW in 2020.
As of the end of the third quarter of 2021, the cumulative installed photovoltaic systems in India reached 46.6 GW.
These statistics have greater significance, because despite the various challenges faced by the Indian photovoltaic market, the installed capacity is still growing rapidly. In recent months, due to the increase in raw material prices and the sudden surge in freight costs, a heavy burden has been placed on the photovoltaic projects being installed.
The report pointed out that for some time, the price of photovoltaic modules has been rising in a spiral. The price of photovoltaic modules has risen for the sixth consecutive quarter, which has never happened in the past ten years.
Raj Prabhu, CEO of Mercom Investment Group, said: “2021 is the year in which the Indian photovoltaic market was most affected by the new crown pneumonia epidemic. Despite the epidemic and supply challenges, the Indian photovoltaic market is moving towards its best year on record. Moving forward. Although the price of photovoltaic modules is high and there are uncertainties in the transmission problem of Great Indian Bustard in Rajasthan, we expect the Indian photovoltaic market to perform strongly in 2022. Of course, there are also some unfavorable factors, such as the GST Increases, cuts in investment costs, and payment issues have all increased the challenges faced by photovoltaic developers and restricted market growth.
In addition, India's domestic photovoltaic manufacturers hope to use the 40% basic tariff imposed in April 2022 to promote the rapid growth of manufacturing capacity. As the prices of imported goods become more expensive, we expect that our procurement strategy in the second quarter of next year will begin to undergo dramatic changes. "
