The International Renewable Energy Agency (IRENA) states that the installed capacity of solar photovoltaic (PV) power plants increased from 580,759 Megawatts (MW) in 2019 to 707,494 MW in 2020. Additionally, the installed capacity of solar thermal power plants surged from 6,374 MW in 2019 to 6,475 MW in 2020. These power plants harness energy from the sun and use it to generate heat and electricity. The increasing capacity of installed PV cells and thermal power plants, owing to the mounting focus on sustainable living, will encourage the adoption of solar modules.
The surging installation of solar panels, on account of the rising national and international support, in terms of financial incentives and favorable policies, will fuel the distributed solar power generation market growth in the coming years. For instance, the Solar Risk Mitigation Initiative (SRMI) has been launched by the World Bank and Agence Française de Développement (AFD) to tackle the technical, financial, and policy challenges associated with scaling up solar energy production.
Moreover, the increasing global concerns for sustainable development are propelling the shift toward off-grid power generation. For instance, Goal 7 of the Sustainable Development Goal of the United Nations (UN) aims to provide access to reliable, affordable, modern, and sustainable energy for all by 2030. Furthermore, Goal 7 targets the doubling of the global rate of improvement in energy efficiency, enhancements in international cooperation, to allow access to clean energy technology and research, and encouraging investment in clean energy technology and infrastructure.
According to P&S Intelligence, Asia-Pacific (APAC) is expected to lead the distributed solar power generation market in the foreseeable future due to the shortage of power supply, weak grid connectivity, and extensive government support being offered in developing countries, such as Thailand, China, Indonesia, and India. For instance, the Pradhan Mantri Kisan Urja Suraksha evam Utthaan Mahabhiyan (PM KUSUM) scheme targets the installation of ground-mounted renewable energy plants with a total capacity of 10,000 MW by 2022. These solar plants will additionally be connected to the grid, so farmers can sell the extra energy to the power utilities.
Therefore, the escalating environmental concerns and mounting international and national support for renewable energy will boost the adoption of distributed solar power generation modules.
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