Growth of Indian Solar Market,
despite the pandemic
After the second wave of Covid-19 breakout, every field has taken a sharp turn in their path. This pandemic has forced humans to change their priorities resulting in huge up-downs in the market. Some businesses and industries groomed exceptionally, where the majority of them went closer to the wreck. Now many experts believe that this situation will not leave this planet; instead, we have to learn to live alongside it.
If we look at the medical sector and secondary services connected to it, their service has worn out as they were pushed to their extreme limits. As a result, these fields improved quickly but weren't able to fulfil every need. The main reason for this can be stated as the 'change of priority.' The pandemic has also significantly affected the tertiary sector to adapt to new work culture.
However, the energy sector has seen significant growth during this time. Since power generation with conventional sources has several limitations, people and governments are shifting to better alternatives - given cost saving and contribution to the environment are at top most priorities for countries across the globe.
Before the pandemic, it was already predicted that there would be steady and significant growth in the solar market, but this pandemic has uplifted this market faster. Globally, people are getting aware of the current energy problems and shifting to renewable energy sources. Along with that, policymakers are ensuring in the coming decades the renewable sources of energy will prevail. Shedding some light on the supply chain in Solar Market, China is dominating this market as of today's date, representing 27% of total global installations. Then comes the USA with 15% of market occupancy followed by India (9%) then Japan. Recently India has achieved the highest score of 62.7 for solar in the latest edition of Ernst & Young's renewables attractiveness index, predicting a huge growth of the Solar Market in the coming few years.
If we focus on the Indian solar market, the huge uplift can be seen, and its credit goes to two important factors: 1) People's demand 2) Government's Role.
People seek a more flexible and better replacement for electricity supply coming from the government, the cost being the main reason behind it. Government authorities have decided to consider the future of the nation and possible crises that may arise in the energy sector. By taking multiple initiatives and introducing positive changes in policies, it has delineated its stand.
For example, the World's First Solar-Powered DEMU train launch in 2016 and running between Delhi and Farrukhnagar. Solar power is used to run internal devices like fans, bulbs, etc., and similar products in this train. Authorities are planning to save INR 700 Crore annually once the entire project is accomplished.
Another fantastic example is the Public Partnership Project of Cochin International Airport. It is the World's first Airport that is completely powered by solar energy. The vast solar fields at the Airport make every flight journey in Cochin eye-catchy. With ongoing and newly planned projects, the Government of India has set a target to generate 100GW electricity from Solar Energy by 2022.
Considering the size and future growth of the Solar Market, many firms are rigorously working day and night to make solar accessible for domestic needs. ZunRoof Tech Pvt Ltd is an established firm in the energy sector making their mark during this pandemic as they fulfil solar energy demand from residential homes crossing close to 20MW of solar installations across the country. The two founders Pranesh Chaudhary and Sushant Sachan have recently launched ZunSolar providing a wide range of solar products in industries’ most competitive and affordable rates in hopes to liberate each Indian citizen of high electricity bills – making electricity accessible and affordable for all. These products are now available on leading e-commerce platforms such as Amazon, Flipkart, SnapDeal and zunsolar.com. For the smart utilization of this electricity, the duo moved into the smart homes category last year, providing a range of 11 smart home devices, now available on Amazon, Flipkart, SnapDeal and zunpulse.com.
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