NOVEMBER 20239SOLAR MODULE MANUFACTURING ESTIMATED TO GROW BY 62 PERCENT: ICRAPROPERTY DEVELOPERS CAPITALIZING ON EV INDUSTRY SUCCESSICRA predicts that the national capacity for manufacturing domestic solar photovoltaic (PV) modules will reach 60 gigawatts (GW) by 2025. According to the rating agency, module manufacturing capacity is projected to increase by 62 percent from the current level of 37 GW to 60 GW. According to ICRA, the capacity awarded under the production-linked incentive (PLI) scheme is expected to drive an increase in the solar power capacity to nearly 100 GW. This growth is fueled by robust policy support and the rising demand from domestic installations.China dominates the solar photovoltaic (PV) module supply chain, holding more than 80 percent of manufacturing capacity in polysilicon, wafers, cells, and modules. When comparing, it becomes apparent that India has a lower manufacturing capacity, primarily limited to the final manufacturing stage. Over the medium term, the PLI scheme is expected to bring about a transformation by establishing integrated module units in India.The Government of India (GoI) has awarded incentives for setting up a module manufacturing capacity of 48 GW, including fully integrated facilities of 24 GW, i.e., from polysilicon to module. Agrowing number of developers in India are putting electric vehicle chargers in the parking lots of new developments, hoping to boost property values and attract more buyers in a country where charging infrastructure can't keep up with the growth in electric car sales.While EVs accounted for just 2.4 percent of India's vehicle sales in the first half of this year, sales of electric vehicles rose 137 percent to 48,000 units in the same period, research firm Canalys said. The world's most populous country aims for electric cars to make up a third of all vehicle sales by 2030, but a lack of public charging stations could derail those goals.According to the Department of Energy, there are currently 435 electric cars for every public charging station nationwide, compared to 26 electric cars per charger in the United States, according to data from the Alliance for Automotive Innovation.For now, property developers including Sobha, and property management firm Prestige, are using this shortage to their advantage, betting that EV chargers in residential properties will make clients pay a premium for units like swimming pools used to in the past. TOP STORIES
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