"Enormous potential" for solar energy in India - report

Solar energy offers enormous potential for a tropical country like India where around 45% of households, mainly rural, do not have access to electricity, according to Research and Markets’ report Indian Solar Energy Market Outlook 2012.

According to Research and Markets, India receives solar energy equivalent to more than 5 million TWh per year – more than its total annual energy consumption.

The country's geographical location, large population and government support could also assist India to become one of the most rapidly emerging solar energy markets in the world. Consequently, the country is becoming a favorite investment destination for both local as well as global players, Research and Markets says.

Demand for solar products has been rising rapidly over the recent years, especially in rural areas, and is expected to continue growing substantially during the analyst’s forecast period of 2009-2012. The total number of solar lanterns in India is projected to grow at a compound annual growth rate (CAGR) of about 40% between 2009 and 2012.

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