The current developments and future prospects of solar photovoltaic industry in an emerging economy of India

Solar photovoltaic (PV) is a novel and eco-friendly power source. India's vast solar resources present tremendous solar energy use prospects. The solar PV growth in India has spanned over fifty years, with a significant increase during the past decade. To meet the requirements of the rapidly expanding PV power market in India, it is essential to define, scrutinize, and comprehend the industry's development path and features. This study comprehensively analyzes the current state of solar resources, the future growth prospects of the solar PV sector, and the major factors that influence the industry's smooth growth. The study relates to the following five major factors: technological R&D, industrial planning, rules and regulations, power pricing guidelines, and projects enticement programs. To explore these elements, a multifaceted approach consisting of an inclusive literature research, statistical data inquiry, legislation review, and regulatory and policy analysis is undertaken. Analyzing the usual occurrences, the development process, and the features of the five elements permits the growth of development route models. The findings of this study provide information regarding the current development and future prospects of PV power sector in India. In today's rapidly changing social, economic, and technological landscapes, policymakers have the opportunity to gain better understanding from the ever-evolving practices and new advances in the business paradigm.

Automated summary

Solar photovoltaic (PV) is a novel and eco-friendly power source. India has vast solar resources and significant growth in the solar PV sector. Understanding the development path and features of the industry is essential to meet the expanding PV power market in India.