Forecast: Solar Energy Capacities in India

India's solar energy capacity exhibited robust growth, surging from 1.6 thousand Megawatts in 2013 to 76.45 thousand Megawatts in 2023. This represents a notable presence in renewable energy development. The most significant year-on-year growths were around 2014 and 2017 with increases of 135.88% and 82.9% respectively. Over the last couple of years, the growth rates have moderated with a year-on-year increase of 27.1% in 2022 and 21.07% in 2023. The Compound Annual Growth Rate (CAGR) over the past five years has slowed to 22.73%, reflecting a maturing market.

Future trends to watch for:

• Continued expansion with a forecasted CAGR of 9.5% over the next five years.
• Expected solar capacity to reach 141.1 thousand Megawatts by 2028.
• Potential technological advancements and policy incentives.
• Increasing investment in grid infrastructure and energy storage solutions.