According to recently released report by Mercom Communications, India emerged as third largest solar market in world in 2017 behind China and United States. Mercom Communications India is arm of global clean energy consulting firm Mercom Capital Group.
Key Highlights of report
India has set new record with 9.6 GW of solar installations in 2017, which was more than double the 4.3 GW installed in 2016. In 2017, India’s solar market had grown at Compound Annual Growth Rate (CAGR) of approximately 170% since 2010. The robust growth boosted India’s total solar installed capacity to 19.6 GW as of December 2017. As of 2017-end, large-scale solar project development accounted for 92% of the all-time cumulative solar installations in India with 19.6 GW and 2017 alone made up 90% of such installations with 8.6 GW. Of the total 1.6 GW cumulative solar rooftop installations in India by 2017, 995 MW was installed last year.