The implementation of the Jawaharlal Nehru National Solar Mission (JNNSM) by the Government of India (GoI) is driving growth in the solar industry, specifically, the manufacturing of cells and modules. This will drive growth in related upstream chemicals and materials markets.
Mumbai/India – New analysis from Frost & Sullivan, Strategic Insight on the Indian Market for Chemicals and Materials Used in Photovoltaics, finds that the market was worth $1.05 billion in 2012 and estimates this to reach $2.05 billion in 2015. The research covers chemicals and materials used to manufacture solar cells (polysilicon, metal paste and wet process chemicals) and solar modules (frontsheet, backsheet and encapsulants).
“With high peak power deficit, erratic crude oil prices, coal shortages and uncertainty of nuclear power, renewable energy sources such as solar power will be the future of sustainable power generation,” noted Frost & Sullivan Analyst. “New opportunities to explore in the market for chemicals and materials used in solar cells and modules are presented with the JNNSM mandating indigenization of solar cells and modules.”