According to a new report by UnivDatos Market Insights, Monocrystalline Solar Panel Market, is expected to reach USD 757.4 Billion in 2030 by growing at a CAGR of 21.8%. Moreover, the need to meet net zero emission goals across the globe in various countries and rising consumer awareness towards environmentally friendly energy is acting as a catalyst in the growth of the Monocrystalline Solar Panel Market globally during the projected period. Solar power generation needs to grow by a CAGR of 25% for the period of 2022-30 in order to meet the targets set by the Net Zero Emissions 2050 policy.
Solar PV generation increased by 22%, an amount of 179 TWh in 2021 to exceed 1,000 TWh overall power. Solar PV is one of the world's lowest-cost options for electricity generation. Solar PV accounts for nearly 3.6% of electricity generation globally and it is the third largest renewable electricity technology behind wind and hydropower. Countries worldwide are heavily investing in renewable energy to meet their renewable energy targets. The solar energy market is one of the prominent sources of energy that has seen a massive boom in the last decade
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Some of the policies that are majorly impacting the Monocrystalline Solar Panel market are –
Ø China published its 14th Five-Year Plan in June 2022, which includes an ambitious target of 33% of electricity generation to come from renewables by 2025 (up from about 29% in 2021), including an 18% target for wind and solar technologies.
Ø In August 2022, the federal government of the United States introduced the Inflation Reduction Act, a law significantly expanding support for renewable energy in the next 10 years through tax credits and other measures.
Ø In July 2021, the European Commission proposed to increase the bloc’s renewable energy target for 2030 from 32% to 40%. The proposed target was further increased by the REPowerEU Plan to 45% in May 2022 (which would require 1 236 GW of total installed renewable capacity, including 600 GW of solar PV). Many European countries have already expanded their solar PV support mechanisms in order to accelerate capacity growth with a view to the 2030 targets and in response to the energy crisis caused by Russia’s invasion of Ukraine.
Ø During COP26, held in November 2021 in Glasgow, India announced new 2030 targets of 500 GW of total non-fossil capacity and 50% renewable electricity generation share (more than double the 22% share in 2020), as well as net zero emissions by 2070, with solar PV being one of the main technologies used to achieve these goals.
Increasing Investment from the Private Sector:
Private companies are driving the growth of the Global Monocrystalline Solar Panel Market
Globally, The private sector’s main activity in solar energy deployment can be divided into two categories:
Ø Companies investing in distributed (including rooftop) solar PV installations on their own buildings and premises – responsible for almost 30% of total installed PV capacity as of 2021.
Ø Companies entering into corporate power purchase agreements (PPAs) – signing direct contracts with solar PV plant operators for the purchase of generated electricity. Solar PV plants dominate renewables PPAs, with a share of almost 75% in 2020.
U.S. businesses and top global brands are making historic investments in solar energy. As of June 2022, Meta leads the nation with the most solar capacity installed, followed closely by Amazon, Apple, Walmart and Microsoft. Nearly 19 gigawatts (GW) of solar capacity has been installed with commercial and corporate off-takers, more than half of which has come online since 2020.
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Conclusion
In conclusion, the Monocrystalline Solar Panel market is poised for significant growth. The increasing demand for sustainable energy sources and the declining costs of solar panels are key factors driving this growth.
Moreover, governments worldwide are promoting the adoption of solar energy to reduce carbon emissions. The U.S., for instance, has been investing in research for more efficient solar technology to make it more accessible for residential and commercial uses. Furthermore, advancements in battery technologies for solar energy storage are expected to boost the demand for the Monocrystalline solar panel market. Companies are also investing in better solar panels, with a higher solar-to-energy conversion yield in the market. Therefore, the Monocrystalline Solar Panel market is not only contributing to the growth of renewable energy but is also a promising sector for investment and development.
