Home Uncategorized How will the Solar Panel Market form up in 2022?

How will the Solar Panel Market form up in 2022?

How will the Solar Panel Market form up in 2022?


Solar Panel market is rising throughout the globe as demand is selecting up throughout all of the areas whether or not it’s  creating nations or developed nations. According to Wikipedia, Solar Energy Market reached to 3,90,000 Cr. (USD 52 billion) within the 12 months 2018 and is predicted to succeed in to 16,72,500 Cr. (USD 223 billion) in 12 months 2026. This change we’re experiencing led by many causes akin to: 

  1. Product reliability and sustainability
  2. Cost of producing Solar panel is lowering
  3. Solar Awareness has elevated
  4. Cost of electrical energy is continually within the rise and it breached all earlier ranges
  5. Climate change and corrective measures have turn out to be a necessity now
  6. Many Countries have set Net Zero Target by 12 months 2050

In Last 10 years China has turn out to be the hub of photo voltaic panel manufacturing plant and it has exported throughout the globe. So Far China has put in 254 GW, USA has put in 75 GW and India has put in 40 GW by the 12 months 2020. India has set the goal to put in 280 GW photo voltaic panels by 12 months 2030.

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In India, Gujarat, Maharashtra, Rajasthan and Tamil Nadu are main states in set up of photo voltaic panels. India has the biggest photo voltaic park put in of 2.2 GW in Bhadla, Rajasthan.

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

Solar Panels set up in India is rising quick, because of many authorities initiative akin to

  1. Grid linked photo voltaic system (subsidy on photo voltaic system)
  2. KUSUM Yojana (Solar Water pump set up at subsidies fee)
  3. PLI Scheme for Manufacturers (Produce photo voltaic panel in India)

Key Challenges that also stay to be checked out:

  1. Solar consciousness – extra penetration is required
  2. Product is dear (one time price)- the worth for a lot of customers remains to be prohibitive
  3. Easy Finance not available- the loans : EMI choices are but to be streamlined
  4. Land Availability
  5. Government coverage should not constant – this varies from state to state and turns into cumbersome

In India, Loom Solar is solar-tech firm which primarily works with residential dwelling homeowners to offer them photo voltaic system options within the vary of three KW to 50 KW. So far, this firm has put in photo voltaic system in 50,000 houses and is poised to develop yearly.



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