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Installations of solar power generation capacities worldwide are projected to touch 54,500 MW this year while India is expected to add 1,800 MW during the same period, says a report.
"Another solid year is in store for the global solar industry and new streams of funding are coming into the sector," Mercom Capital Group, a global clean energy communications and consulting firm, said.
Indian solar installations in calendar year 2014 totalled 883 MW, down slightly compared to 1,004 MW installed in 2013.
"India failed to reach the GW mark in 2014 but is expected to double in size to about 1.8 GW (1,800 MW) in 2015," Mercom said today.
One GW (gigawatts) is equal to 1,000 MW (megawatts)
The government has set an ambitious target of having 1,00,000 MW solar power generation capacity by 2022.
Mercom Capital said new funding mechanisms are helping in reducing the cost of financing and are bringing in new streams of funding into the sector.
"The solar industry is forecast to continue its growth in 2015 with installations reaching approximately 54.5 GW," it noted.
According to the report, while actual installation numbers for 2014 are trickling in, China recently reported installation figures of 10.60 GW which implies that it missed its installation goal of 13 GW by more than 2 GW.
"This will have implications on total global installations. China also revised its 2013 actual installation figures down from 12.9 GW to 10.95 GW," it added.