The Indian market for solar lanterns and solar home systems is expected to reach a size of up to USD 327 million by 2023, according to a new GOGLA-commissioned report. Prepared by cKinetics, the Peering into the future report reveals that increasing incomes and greater energy demand will drive market growth.
Most of the futures sales are estimated to come from lanterns with additional services (e.g. mobile phone charging or radio) and larger solar home systems with a capacity of 100 Watt peak or higher.
The report also looks at the government-driven segment of the market. A recently announced government scheme is expected to lead to the installation of 1.75 million off-grid solar pumps by 2022 – nearly ten times the number of currently installed pumps.
Strengthening distribution and sector-specific financing are crucial factors in unlocking the sector’s full potential.
The report was released today at the India Distributed Energy Forum & Expo, organized by GOGLA, IFC Lighting Asia/India and Ashden India Collective.