Most of us know Taiwanese manufacturer Foxconn for it’s work on iPhones, iPad, PlayStation 4, Xbox and the Wii U, but with more than a million employees, the company has a rapidly expanding solar division. As the global movement to sustainable energy sources surges ahead, even developing countries like India need lots of solar panels and fast.
Softbank of Japan is the latest foreign player to enter the market and will use Foxconn to make up a key part of a larger $134.5 Billion solar industry in India. Most of this investment is coming from international companies. India expects their peak power requirements to double in the next 5 years from around 140,000 megawatts to 280,000 megawatts. To service that increased demand, new solar needs to be switched on and with local production of panels being as much as 45% more expensive than imported ones, there’s a big international audience, ready to help.
India’s government has made a dramatic change in their approach to powering their rapidly expanding country. They have now removed a lot of international restrictions on power production which opens the door for companies to setup massive import processes that would produce the panels off-shore cheaply, then sell into the Indian market.
Back in 2013, the Indian solar industry had investment of around $100 Billion, making a $35 Billion growth in 2 years. Expect that to continue as their population isn’t showing any signs of slowing down. The biggest issue with power generation in general right now is storing it. Many websites report significant usage during the day, but dramatic drops at night as the power generation of local solar implementations go dark. In larger, more developed parts the power would be connected to the grid, but again this comes with extra expense.
As of July 2015, India’s population is 1.28 Billion, the second most populated country in the world, only lead barely by China at 1.37 Billion.
More information at AsiaOne.