With big solar projects on the cards in India, global and Indian solar energy firms see huge opportunities in the country. This has also led to the growth of franchise sector as more and more brands have started franchising here. Take a look at the bright
Factors like depleting resources and increasing power shortages are leading to the growth of greener method of solar energy. Prices are going down, thus demand is increasing. And since, Indian solar manufacturing companies are self-reliant and Chinese ones are losing faith among people for lack of quality, there is a lot in the kitty.
Solar market in India, which is expected to create a lot of job opportunities and avenues for investors, could be worth billions of dollars over the next decade. The total solar industry is estimated at about Rs 400 crore and is expected to touch 18.7 million by 2022. The solar industry is expected to grow at least 20 times within two-three years. “Though, the market is still fragmented and much needs to be done to give life to the industry, which is soon going to be the next big thing. Presently, it’s more of a business to business concept as the material directly goes to the client from the manufacturer and there is less scope for dealer, distributors or franchisees. However, things are changing and in the coming time, more investor, government and industry participation is expected to be seen,” comments Jitendra Narain, Founder, CEO, MF Energy Solutions Pvt Ltd.
Policy makers have set an ambitious target in regard with solar energy, which is going to give a push to the market. Solar power in India is hoped to see a massive scale-up of 100,000 MW as Indian Prime Minister Narendra Modi has set a deadline to achieve this goal by 2019.
Thus, the plan of adding 100,000 MW of solar power will entail investment of around $110 billion, including transmission capacity, and draw solar brands to the Indian market. Of the $15-20 billion that India will require annually, about $6 billion is likely to come from foreign investors. And this is likely to create a lot of opportunities for entrepreneurs as dealers, distributors and franchisees are going to get benefit.
What this sector needs?
The solar sector needs a lot of attention from the government. “The industry needs better installation and services to give life to dealers, distributors and franchise network. The Indian players also need government-sponsored loans and manufacturing incentives to turn the tide,” feels Jitendra Narain.
Probable franchisees check this out
There are number of brands like Madhuri Solar, Solar Basket, MF Energy and King Sun, which are offering franchise opportunities for probable franchisees. A person can open a franchise solar energy outlet with an investment which may start from as low as Rs 2 lakh and go up to Rs 50 lakh and in crores. Since, tier-II and III cities are hot markets for the sector, so there ought to be a lot of options for those who want to run a solar business.