How will the Solar Panel Market shape up in 2022?

Solar Panel market is growing across the globe as demand is picking up across all the regions whether it’s  developing countries or developed countries. According to Wikipedia, Solar Energy Market reached to 3,90,000 Cr. (USD 52 billion) in the year 2018 and is expected to reach to 16,72,500 Cr. (USD 223 billion) in year 2026. This change we are experiencing led by many reasons such as: 

  1. Product reliability and sustainability
  2. Cost of manufacturing Solar panel is reducing
  3. Solar Awareness has increased
  4. Cost of electricity is constantly in the rise and it breached all previous levels
  5. Climate change and corrective measures have become a necessity now
  6. Many Countries have set Net Zero Target by year 2050

In Last 10 years China has become the hub of solar panel manufacturing plant and it has exported across the globe. So Far China has installed 254 GW, USA has installed 75 GW and India has installed 40 GW by the year 2020. India has set the target to install 280 GW solar panels by year 2030.

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In India, Gujarat, Maharashtra, Rajasthan and Tamil Nadu are leading states in installation of solar panels. India has the largest solar park installed of 2.2 GW in Bhadla, Rajasthan.

Read Also: Will this decade turn out to be India’s moment in the sun?

Solar Panels installation in India is growing fast, thanks to many government initiative such as

  1. Grid connected solar system (subsidy on solar system)
  2. KUSUM Yojana (Solar Water pump installation at subsidies rate)
  3. PLI Scheme for Manufacturers (Produce solar panel in India)

Key Challenges that still remain to be looked at:

  1. Solar awareness - more penetration is needed
  2. Product is expensive (one time cost)- the price for many users is still prohibitive
  3. Easy Finance not available- the loans : EMI options are yet to be streamlined
  4. Land Availability
  5. Government policy are not consistent - this varies from state to state and becomes cumbersome

In India, Loom Solar is solar-tech company which primarily works with residential home owners to provide them solar system solutions in the range of 3 KW to 50 KW. So far, this company has installed solar system in 50,000 homes and is poised to grow every year.

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