The global solar panel market is expanding as demand rises in all regions, whether emerging or developed. According to Wikipedia, the solar energy market is worth $390 million. (USD 52 billion) in 2018 and is predicted to reach 16,72,500 crores in 2019. In the year 2026, (USD 223 billion) will be spent. Many factors have contributed to the current change we are witnessing, including:
- Product dependability and longevity
- The cost of producing solar panels is decreasing.
- The public’s awareness of the sun has grown.
- The cost of electricity is steadily rising, and it has now surpassed all prior highs.
- Climate change has become a necessity, and remedial actions are now required.
- Many countries have established a goal of achieving net zero emissions by 2050.
In the last ten years, China has become the world’s leading manufacturer of solar panels, exporting them all over the world. By 2020, China will have placed 254 GW, the United States will have installed 75 GW, and India will have installed 40 GW. India has set a goal of installing 280 GW of solar panels by 2030.
Gujarat, Maharashtra, Rajasthan, and Tamil Nadu are the most solar-panel-installed states in India. Bhadla, Rajasthan, features the world’s largest solar park, with a capacity of 2.2 GW.
Solar panel installation in India is rapidly increasing, thanks to a number of government initiatives such as the National Solar Mission.
- Solar system that is connected to the grid (subsidy on solar system)
- Yojana KUSUM (Solar Water pump installation at subsidies rate)
- Manufacturers’ PLI Program (Produce solar panel in India)
The following are some of the key challenges that need to be addressed:
- Solar awareness is required, and more penetration is required.
- Product is costly (one-time fee) – for many people, the pricing is still prohibitive.
- Easy Finance isn’t available for the loans because the EMI alternatives haven’t been optimised yet.
- Availability of Land
- Government policy is inconsistent, varying from state to state and becoming inconvenient.