AI Revolutionizes India's Solar Power and Electrical Equipment Markets

AI is Redefining the Solar Power Market in India, USD 792.5 Billion Growth Expected (2024-2028) Due to Rising Renewable Energy Investments - Technavio

NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global solar power market in India size is estimated to grow by USD 792.5 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 52.07% during the forecast period. Increasing investments in renewable energy is driving market growth, with a trend towards declining costs of solar energy. However, increase in availability of other energy sources poses a challenge. Key market players include ABB Ltd., ACME Solar, Adani Group, Azure Power Ltd., Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., ReNew Energy Plc, Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Application (Grid-connected and Off-grid), End-user (Utility and Rooftop), and Geography (APAC) Region Covered India Key companies profiled ABB Ltd., ACME Solar, Adani Group, Azure Power Global Ltd., Canadian Solar Inc., GCL System Integration Technology Co. Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., MVV Energie AG, Reliance Industries Ltd., ReNew Energy Global Plc, Risen Energy Co. Ltd., SMA Solar Technology AG, Sterling and Wilson Renewable Energy Ltd, Sungrow Power Supply Co. Ltd., Sunsure Energy, and Suzlon Energy Ltd. Key Market Trends Fueling Growth The solar power market in India has experienced significant growth due to the remarkable decrease in solar energy costs. In 2010, solar electricity cost around USD 268 per MWh, but by 2020, it had dropped to approximately USD 38 per MWh, representing an impressive 85% reduction. This cost reduction can be attributed to technological advancements, increased manufacturing capacity, economies of scale, and competitive auctions. India's solar capacity has grown from 17.8 GW in 2018 to over 40 GW by 2021. The cost competitiveness of solar power with fossil fuels is strengthening investor confidence and aiding India's transition to renewable energy sources. Additionally, importing solar panels from countries like China at affordable prices is increasing the demand for solar power systems in India, further fueling market growth. The solar power market is witnessing a significant growth with an increasing focus on renewable energy and reliance on low-carbon sources. Manufacturing facilities for solar modules and solar panels are expanding to meet the growing demand for solar power technology. Reliance Industries, among others, is investing heavily in this sector. India's Solar Park Scheme and Wind-solar hybrid policy are attracting foreign investment. Solar PV, or photovoltaic, is becoming a popular choice for power supply, with solar systems generating electricity from solar irradiance. Solar permits are streamlined to encourage adoption. Batteries and fuel cells are used to store excess energy, reducing carbon emissions and CO2. The defense sector is also adopting solar power, with GW-scale projects underway. The solar industry is also exploring green hydrogen ecosystems, using electrolyzers, as a greener way to produce hydrogen. The shift towards renewable energy is a step towards a sustainable future. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges * The global power generation market is dominated by fossil fuels, which accounted for 76.1% of the total power generated in 2019, according to the International Energy Agency. Renewable energy sources, including solar, wind, and hydropower, accounted for 23.1% of the total power generation. However, the preference for non-renewable energy sources is high due to their abundant availability and lower cost of production. In India, coal remains the primary energy source, accounting for 45%-50% of the country's energy production in 2022. Renewable energy sources, excluding large hydro, contribute 30.08% of India's total installed power capacity, with wind energy accounting for nearly twice the installed capacity of solar power. The increasing adoption of wind power and the presence of other energy sources pose a significant challenge to the growth of the solar power market in India. According to the Global Wind Energy Council, the global wind power capacity increased from 539 GW in 2017 to over 830 GW by 2022. This growth, along with the availability and affordability of other energy sources, is expected to impede the growth of the solar power market in India during the forecast period. * The solar power market is witnessing significant growth as businesses shift towards low-carbon sources of electricity. However, challenges persist. Manufacturing facilities for solar modules and solar panels face hurdles due to power supply issues. Reliance Industries, a key player, aims to increase India's renewable energy capacity. Solar irradiance varies, impacting installed capacity. Solar permits and solar PV policies need streamlining. Renewable energy integration with wind power through hybrid policies is crucial. Artificial intelligence and batteries help manage intermittency. Carbon emissions from fossil fuels must decrease. India's Solar Park Scheme and Defense Scheme encourage foreign investment. Gigawatts (GW) of solar power and green hydrogen ecosystems offer a greener way forward. Solar PV technology, electrolyzers, and fuel cells are essential components. Let's work together to overcome these challenges and build a sustainable future. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This solar power market in India report extensively covers market segmentation by Application 1.1 Grid-connected1.2 Off-gridEnd-user 2.1 Utility2.2 RooftopGeography 3.1 APAC 1.1 Grid-connected- The solar power market is growing rapidly, with businesses and homeowners increasingly turning to renewable energy sources. In 2020, the global solar power market size was valued at USD120.7 billion and is projected to expand at a compound annual growth rate (CAGR) of 14.5% from 2021 to 2028. This growth is driven by factors such as government incentives, falling solar panel prices, and increasing environmental concerns. Companies in the solar industry are investing in research and development to improve efficiency and reduce costs, making solar power a cost-effective and sustainable energy solution for businesses and individuals alike. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis Solar power, derived from Solar Photovolvoltaic (PV) technology, is a renewable and low-carbon source of electricity. The global installed capacity of solar power has been rapidly growing, with over 800 GW (gigawatts) installed as of 2021. Solar power technology converts sunlight into electricity using Solar PV systems, making it an increasingly popular choice for a greener way to generate electricity. Solar energy is a viable alternative to fossil fuels, which contribute significantly to carbon emissions. Artificial intelligence is being integrated into solar power systems to optimize energy production and reduce waste. Solar permits and the installation of Solar panels require careful planning and adherence to regulations. Tax breaks and incentives are often available to encourage the adoption of solar power and other renewable energy sources. Wind power is another renewable energy source that complements solar power in providing a diverse mix of clean energy options. Market Research Overview Solar power is an essential part of the global shift towards renewable, low-carbon sources of electricity. Solar energy is derived from the sun's solar irradiance, which is converted into electricity using solar photovoltaic (PV) technology. Solar power is becoming increasingly competitive with fossil fuels, offering a greener way to meet power supply demands. The solar power market is expanding rapidly, with new manufacturing facilities being set up and installed capacity increasing at a record pace. Gigawatts (GW) of solar PV capacity are being added every year, and the solar park scheme is attracting significant foreign investment. Solar systems are being integrated with batteries, electrolyzers, and fuel cells to create a green hydrogen ecosystem. The defense scheme is also recognizing the strategic importance of solar power and is investing in it. Solar permits are streamlined to encourage the adoption of solar power, and wind-solar hybrid policies are being adopted to optimize the use of renewable energy sources. Artificial intelligence is being used to optimize solar power generation and distribution, making it a more efficient and reliable source of electricity. The solar power technology market is expected to continue growing, offering exciting opportunities for innovation and growth. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ApplicationGrid-connectedOff-gridEnd-userUtilityRooftopGeographyAPAC 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/ai-is-redefining-the-solar-power-market-in-india-usd-792-5-billion-growth-expected-2024-2028-due-to-rising-renewable-energy-investments--technavio-302247630.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

India Electrical Equipment Market to Grow by USD 52.98 Billion (2023-2027) with AI Transforming the Industry Amid Rising Building Projects - Technavio

NEW YORK, Sept. 13, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global electrical equipment market in India size is estimated to grow by USD 52.98 bn from 2023-2027, according to Technavio. The market is estimated to grow at a CAGR of 11.68% during the forecast period. Increase in number of residential and commercial building projects is driving market growth, with a trend towards growth in cross-border electricity trading. However, threat from cyberattacks in power generation industry poses a challenge. Key market players include ABB Ltd., BGR Energy Systems Ltd., Bharat Bijlee Ltd., Bharat Heavy Electricals Ltd., EMCO Ltd., ETA Elektrotechnische Apparate GmbH, Fuji Electric Co. Ltd., General Electric Co., Kirloskar Electric Co. Ltd., Larsen and Toubro Ltd., Murugappa Group, Schneider Electric SE, Shilchar Technologies Ltd., Siemens AG, Star Delta Transformers Ltd., TD Power Systems Pvt. Ltd., Thermax Ltd., Toshiba Corp., and Ujaas Energy Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period 2023-2027 Base Year 2022 Historic Data 2017 - 2021 Segment Covered Product (Cables, Transmission lines, Transformers, Switchgears, and Boilers and others), Application (Transmission, distribution, and Generation), and Geography (APAC) Region Covered India Key companies profiled ABB Ltd., BGR Energy Systems Ltd., Bharat Bijlee Ltd., Bharat Heavy Electricals Ltd., EMCO Ltd., ETA Elektrotechnische Apparate GmbH, Fuji Electric Co. Ltd., General Electric Co., Kirloskar Electric Co. Ltd., Larsen and Toubro Ltd., Murugappa Group, Schneider Electric SE, Shilchar Technologies Ltd., Siemens AG, Star Delta Transformers Ltd., TD Power Systems Pvt. Ltd., Thermax Ltd., Toshiba Corp., and Ujaas Energy Ltd. Key Market Trends Fueling Growth Cross-border electricity trading plays a crucial role in economic growth and development by addressing power shortages and price reductions in neighboring countries. With increasing urbanization and population growth, electricity demand is surging. However, many nations, such as Bangladesh, Nepal, and Myanmar, face power access issues due to insufficient generation capacity. This lack of electricity access hinders poverty reduction and economic development. Cross-border electricity trade helps mitigate these challenges, making it an attractive solution for governments. India, for instance, has emerged as a significant electricity exporter, supplying power to Nepal, Bangladesh, and Myanmar. This trend is expected to boost the demand for power generation and distribution equipment in India, fueling market growth during the forecast period. The Indian electrical equipment market is witnessing significant growth, driven by increasing demand for specialized systems in various sectors. Electrical power is at the core of this trend, with a focus on modernizing electrical distribution systems. Wiring devices, batteries and accumulators, ventilators, lighting systems, air conditioners, and fire protection are key areas of investment. Residential and nonresidential users are seeking efficient and reliable solutions for energy management. The electric grid is undergoing transformation with the integration of renewable energy sources and the rollout of smart grids. Electricity meters, distribution boards, circuit breakers, and other electrical equipment are being upgraded to support these advancements. The commercial, industrial, and mining sectors are investing in power transmission and modernization of electrical infrastructure. Electric vehicles are also gaining popularity, driving demand for charging stations and batteries. Building and construction, electric motors, lighting, and mechatronics are other major segments. Electrical energy is being sourced from AC and DC power, with a shift towards renewable energy and energy storage. Control electronics, mechanical machines, data processing, and appliances are essential components of this evolving landscape. Conductors, fittings, insulators, and other electrical components continue to play a crucial role in this market. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The Electrical Equipment Market in India is witnessing a significant threat from cyberattacks. Hackers and cybercriminals are increasingly targeting IT systems controlling and monitoring power systems, such as Supervisory Control and Data Acquisition (SCADA) systems and automatic generation control. Successful cyberattacks, particularly false data injection (FDI), can disrupt the balance between power consumption and generation, leading to deviations in grid frequency. Such deviations trigger remedial actions, including load or generator disconnections, potentially damaging equipment and causing cascading failures. These incidents can result in power outages and hinder market growth during the forecast period.The Indian electrical equipment market is witnessing significant growth, driven by increasing demand from various sectors such as OEMs, aftermarket, B2B, and B2C. Technological advancements, including IoT, 5G, semiconductor technology, and industrial IoT, are fueling innovation in sectors like industrial manufacturing, healthcare, aviation, and more. However, challenges persist, such as energy shortage and the need for sustainable power solutions. Renewable energy, power generation, and transmission lines are becoming key areas of focus. Additionally, the consumer electronics segment, including smartphones, laptops, wearable electronics, and bioelectrical devices, is booming. Machinery, cables, wires, batteries, and transmission and distribution equipment are also in high demand for commercial building projects and power sector development. Cross-border electricity trading and advanced technologies like digital twins, stretchable electronic applications, driverless cars, and AI-powered computer assistants are shaping the future of the market. USB ports and portable electronic devices continue to be essential components in our daily lives. The market for luxury consumer electronics, electric lighting equipment, and household appliances is also expanding. Overall, the electrical equipment market in India is a dynamic and evolving space, presenting numerous opportunities for growth and innovation. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This electrical equipment market in India report extensively covers market segmentation by Product 1.1 Cables1.2 Transmission lines1.3 Transformers1.4 Switchgears1.5 Boilers and othersApplication 2.1 Transmission2.2 distribution2.3 GenerationGeography 3.1 APAC 1.1 Cables- The Indian electrical equipment market, with a focus on cables, is poised for growth due to the expanding residential and commercial sectors. The increasing population and resulting demand for more housing units will fuel the need for electricity transmission. India's low-cost labor advantage attracts foreign companies, encouraging construction industry investment. Government initiatives like the Atal Distribution Transformation Yojana aim to enhance state distribution company efficiency, ensuring electricity access to all citizens. These factors collectively contribute to the rising demand for cables and the subsequent market expansion during the forecast period. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2023-2027) and historic data (2017 - 2021) Research Analysis The Electrical Equipment Market in India is witnessing significant growth due to the increasing demand for electricity in various sectors. Commercial building projects, power generation, and renewable energy are major drivers of this market. The power sector is undergoing a transformation with the focus on modernization and upgrading of transmission lines, transformers, switchgears, boilers, and other electrical machinery. The demand for specialized systems, energy storage solutions like batteries and accumulators, and electrical distribution systems is increasing. Residential users are also contributing to the market growth with the increasing adoption of appliances, rechargeable batteries, and lighting. The market for electrical equipment also caters to industries requiring power sources, data processing, electromechanical, and mechatronics solutions. The market encompasses a wide range of products including cables, transmission and distribution equipment, wiring devices, control electronics, and mechanical machines. Market Research Overview The Electrical Equipment Market in India is witnessing significant growth due to increasing commercial building projects, power generation, and renewable energy initiatives in the power sector. The market encompasses a wide range of products including Cables, Transmission lines, Transformers, Switchgears, Boilers, Machines, Specialized systems, Wiring devices, Batteries and accumulators, and various types of Electrical Energy equipment such as AC and DC, Electric motors, Lighting, Rechargeable batteries, Control electronics, Mechatronics, and Appliances. The market caters to both Residential and Nonresidential users, with applications in various sectors like power transmission, mining, commercial, industrial, and more. The market also includes Electrical distribution systems, Electric meters, Distribution boards, Circuit Breakers, and various types of Power sources. The market is served by both OEMs and Aftermarket players, catering to B2B and B2C segments. Technological advancements in areas like IoT, 5G, Semiconductor technology, Industrial manufacturing, Healthcare, Aviation, and Industrial IoT are driving innovation in the market. The market also includes emerging technologies like Stretchable electronic applications, Smartphones, Laptops, Wearable electronics, Bioelectrical devices, Driverless cars, and AI-powered computer assistants. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ProductCablesTransmission LinesTransformersSwitchgearsBoilers And OthersApplicationTransmissionDistributionGenerationGeographyAPAC 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: [email protected] Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/india-electrical-equipment-market-to-grow-by-usd-52-98-billion-2023-2027-with-ai-transforming-the-industry-amid-rising-building-projects--technavio-302246550.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs