India Solar Surge: Set to Shine as World's Second Largest Market by 2026

India is on the trajectory to become the world's second-largest solar market by 2026. The nation's rapid addition of 50 GW solar capacity in just 14 months underscores this growth. Driven by initiatives like PM Surya Ghar and PM KUSUM 2.0, solar capacity is expected to reach 280–300 GW by 2030.

India is on the brink of overtaking other major players to become the world's second-largest solar market in terms of annual installations by 2026, according to the National Solar Energy Federation of India (NSEFI). This comes as India experienced its fastest addition of solar capacity, reaching the 150 GW milestone.

The rapid increase is majorly attributed to initiatives such as PM Surya Ghar, PM KUSUM 2.0, and an anticipated surge in demand due to the National Green Hydrogen Mission. These efforts align with India's target of achieving a 500 GW non-fossil capacity by 2030.

Subrahmanyam Pulipaka, NSEFI's CEO, highlighted that Distributed Renewable Energy (DRE) and Commercial & Industrial (C&I) solar sectors would spearhead growth. The government programs and policy enablers are fostering an environment for accelerated deployment of renewable energy, contributing to the country's imminent prominence in the global solar arena.

(With inputs from agencies.)