Page 154 - CW E-Magazine (19-11-2024)

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MARKET OUTLOOK capacity worldwide. Solar generation shift toward sustainable energy, with Solar PV monocrystalline modules
has surged similarly, rocketing from 1.03- energy investments rising from $2.4- have hit record-breaking 24.9% effi -
India’s nutraceutical industry poised for global TWh in 2000 to 1,628.27-TWh in 2023. trillion in 2018 to $3.1-trillion by ciency. Multi-junction perovskite cells
2024. Solar leads renewable energy are set to disrupt the solar panel indus-
growth with supportive initiatives By the close of 2030, the capacity investments, accounting for 59% try, promising even higher effi ciency,
for global solar manufacturing is pro- of the total, driven by lower costs. lower production costs, and seamless
The global nutraceutical market is Processing. The TF also includes signi-  A thriving startup ecosystem and jected to reach 7,203-GW, more than APAC leads global solar investments: integration with diverse surfaces –
currently estimated at around $400-bn, fi cant industry representation, ensuring a growing number of successful twice the anticipated demand. Solar the region is pouring $223-bn into leaving traditional silicon panels in the
blending the fi elds of food, pharmaceu- industry concerns and challenges are nutraceutical companies catalysing cell prices have reached $0.037/watt, solar in 2023, while the EMEA has dust.
ticals, and biotechnology. India stands addressed. sectoral growth. while advanced mono TOPCon and experienced modest solar investment
out as a key player, supported by its mono PERC module prices have fallen growth ($91-bn), followed by the The manufacturing process has
rich heritage of traditional knowledge, The TF’s mandate includes propos- The TF’s initiatives have led to signi- below $0.10/watt, indicating a trend Americas ($78-bn). undergone signifi cant improvements,
especially in Ayurveda, and a unique ing policy measures to address chal- fi cant advancements, including: towards greater affordability in solar resulting in a reduction in silicon
ecosystem that fosters growth in this lenges and drive initiatives toward the  Development of the fi rst-ever Harmo- technology. World Technology Report usage-from consuming 16-gm/Wp

sector. However, India’s share remains “Harmonized System of Nomencla- nised System of Nomenclature The report showcases advance- (Watt peak) in 2004 to 2-gm/Wp
under 2% globally, primarily due to a ture” and other international standards. codes for streamlined trade. The clean energy industry now ments in solar technology, emphasising in 2023. This not only refl ects the
lack of defi ned industry classifi cation  Creation of the fi rst-ever Produc- fuels 16.2-mn jobs, with solar leading breakthroughs in effi ciency, sustain- strides made in optimizing material
within Indian ministries, limiting targeted Key advantages for India in the tion-Linked Incentive (PLI) scheme the charge at 7.1-mn – up 44% from ability, and affordability. Highlights effi ciency, but also underscores the
sector support. nutraceutical industry include: for nutraceuticals. 4.9-mn in 2022. Furthermore, 86% of include record-setting 24.9% effi ciency potential for further cost reductions

 A longstanding history in health  Formation of a dedicated nutraceuti- these jobs are concentrated in just ten in solar PV modules, an 88% reduction and environmental benefi ts. The global
Recognising the sector’s immense science, especially Ayurveda, offering cal industry panel under SHEFEXIL countries. in silicon usage since 2004, and a 90% weighted average LCOE for utility-
potential, the Council of Scientifi c and unique traditional knowledge; (Shellac & Forest Products Export drop in utility-scale solar PV costs, scale solar PV dropped by 90% – from
Industrial Research (CSIR) constituted  The presence of 52 agroclimatic Promotion Council) to enhance regu- World Investment Report fostering resilient, cost-effective energy $0.460/kWh in 2010 to $0.044/kWh in

a Nutraceutical Sector Task Force (TF) zones, making India ideal for culti- latory and export support. SHEFEXIL This report highlights a global solutions. 2023.
in November 2021 under the chairman- vating medicinal plants; has recommended nutraceuticals
ship of the Principal Scientifi c Adviser  A robust hub of over 1,700 medici- remain classifi ed as food products AUCTION

to the Government of India. This TF nal plants, including globally recog- under FSSAI’s jurisdiction. Addition-
includes representatives from various nised curcumin, bacopa and ashwa- ally, nutraceutical exporters are now Mines Ministry announces preferred bidders
ministries, including the Department gandha, awaiting modern scientifi c included in the Remission of Duties
of Commerce, Department of Pharma- validation; and Taxes on Export Products (RoD- for eight critical mineral blocks
ceuticals, Food Safety and Standards  Expertise in pharmaceutical for- TEP) Scheme, aligned with the Bio- The Mines Ministry has announced Commenting on the development, Oil

Authority of India (FSSAI), Ministry mulation, infl uencing high-quality diversity Act 2023, to offset export preferred bidders for eight critical mine- India said it has been selected as the pre-
of AYUSH, and the Ministry of Food nutraceutical standards; and costs and ensure EU compliance. ral blocks bid out during the fourth ferred bidder for the Phop Graphite and
round of auctions. Hindustan Zinc Ltd. Vanadium Block in Arunachal Pradesh.
INDUSTRY OVERVIEW (HZL), Vedanta, Oil India, Orissa Meta- The company quoted 76.05% as auction
International Solar Alliance releases four reports liks, and Mamco Mining have bagged premium for this mine.
these blocks.
HZL bagged the Balepalyam Tung-
on solar industry These blocks were bid out on auc- sten and Associated Mineral Block in
The third edition of the ‘World solar energy in advancing sustainable tion premium offered by a company. Andhra Pradesh and the Nayakkar-
Solar Report’ was released at the 7th energy solutions worldwide, offering Bidders quote the percentage of reve- patti Tungsten Block in Tamil Nadu.
Assembly of the International Solar stakeholders valuable insights into the nue they intend to share from mining Vedanta was the highest bidder for the
Alliance (ISA) focusing on global solar industry’s rapid evolution. proceeds. Mamco Mining. At 2.55%, the Depo Depo Vanadium and Graphite Block in
growth, investment trends, technologi- Vanadium and Graphite Block has Arunachal Pradesh and the Sanyasi-
cal advancements, and Africa’s green The World Solar Market Report The highest auction premium has received the auction premium. koppa Cobalt, Manganese and Iron
hydrogen potential. First introduced The report reveals exceptional solar been quoted for the Barwar Phosphorite Block in Karnataka.
in 2022, the report provides a compre- growth, with global capacity soaring Block in Uttar Pradesh by Mamco Min- These blocks contain deposits of
hensive overview of global progress in from 1.22-GW in 2000 to 1,418.97-GW ing at 320%. Endolin-Isholin Graphite strategic minerals such as phosphorite, The critical minerals, essential for
solar technology, key challenges, and in 2023. In 2023 alone, 345.83-GW of Block in Arunachal Pradesh got the graphite, and vanadium, essential for high-tech and green energy applica-
investment trends in the sector. The lat- solar power was added, accounting for second highest auction premium com- high-tech and green energy applica- tions, play a crucial role in reducing
est edition emphasises the vital role of three-quarters of all new renewable mitment at 237.50%, also quoted by tions. India’s dependence on imports.

154 Chemical Weekly November 19, 2024 Chemical Weekly November 19, 2024 155

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