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.

As a result of the soaring national and international support for renewable energy, residential, industrial, and commercial units are installing solar modules on rooftops and the ground. In recent years, the commercial sector adopted the highest volume of solar panels due to the mounting energy demand from shopping complexes, schools, higher education institutions, and other commercial buildings. Besides, the soaring number of hotels and restaurants, owing to the changing eating habits and flourishing tourism industry, will fuel the deployment of solar panels in these commercial structures.

The polycrystalline, monocrystalline, amorphous silicon, and cadmium telluride solar modules being deployed on the premises of manufacturing facilities, housing units, and commercial buildings are offered by JinkoSolar Holding Co. Ltd., Shenzhen Yingli New Energy Resources Co. Ltd., SunPower Corp., First Solar Inc., Canadian Solar Inc., and KACO new energy GmbH. In the coming years, monocrystalline solar modules will be installed in the highest volume due to the higher efficiency offered by them as compared to those made of other materials.