Asia Pacific Solar Photovoltaic (PV) Market Size to Expand at Significant CAGR of 10.2% during 2023–2029

Published | 14 March 2023

Asia-Pacific solar photovoltaic (PV) market is flourishing because of growing investments in solar energy and rising number of off-grid areas.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Asia-Pacific Solar photovoltaic market to grow at a CAGR of 10.22% during the forecast period between 2023 and 2029. Major growth drivers for Asia-Pacific Solar photovoltaic market include highly versatile, light weight, durable, easy to install, and with low development and constriction qualities. Likewise, the region has had consistent economic growth and rising levels of urbanization. Governments are making efforts to provide energy security for their countries, with a growing emphasis on sustainable energy. Long-pending needs for affordable energy, particularly among Southeast Asian nations, have taken a center stage. The emphasis is now on creating alternative environmentally friendly energy options that will assure the region's long-term growth and development. According to the International Energy Agency, renewable energy will account for roughly 40% of installed capacity (IEA). According to the Institute for Energy Economics and Financial Analysis and the IEA, energy needs are expected to rise by up to 80%, with the economies of the Association of Southeast Asian Nations (ASEAN) expected to triple, accompanied by an additional 25% increase in population, which is expected to reach 760 million. Also, the ongoing construction of high-capacity ground-mounted projects has raised demand for solar PV, which are recognized as an essential component of a given photovoltaic structure.

Asia-Pacific Solar Photovoltaic Market– Overview

The solar photovoltaic (PV) market refers to the industry involved in the production and installation of solar PV systems. It includes manufacturers of PV cells, modules, and mounting systems, as well as installers, distributors, and service providers. The Asia-Pacific Solar PV market is the largest in the world and has seen significant growth in recent years, driven by declining costs, supportive government policies, and increasing demand for clean energy. The region is expected to continue to lead the global solar PV market in the coming years, driven by factors such as population growth, urbanization, and the need for reliable electricity in remote areas. China is the largest market for solar PV in the region and is also the world's largest producer of solar PV modules. Other key markets in the region include India, Japan, and Australia. The market is also seeing increasing interest in emerging markets such as Indonesia, Vietnam, and the Philippines.

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Impact of COVID -19 on Asia-Pacific Solar Photovoltaic Market

COVID-19 pandemic affected solar PV system market across the Asia-Pacific region. It has disrupted global supply chains, which has led to delays and shortages of solar PV mounting systems. This has affected both the production and installation of solar PV systems in the Asia Pacific region. Several solar panel manufacturers and component suppliers in China and other parts of Asia were forced to shut down or reduce operations during the initial stages of the pandemic, which led to shortages of certain components and increased prices. Another impact of pandemic has been the delay or cancellation of some solar power projects in the Asia Pacific region. However, the pandemic has led to increased demand for renewable energy in some countries, particularly as governments look to boost economic recovery through investments in infrastructure. This has led to a number of countries in the region, including Japan, South Korea, and Australia, announcing new targets for renewable energy deployment. Also, the pandemic has highlighted the importance of reliable and resilient energy systems, particularly in remote and off-grid areas. This has led to increased interest in solar PV systems as a cost-effective and sustainable solution for providing electricity in such areas.

Asia-Pacific Solar Photovoltaic (PV) Market – By Technology

By technology, Asia-Pacific solar photovoltaic market is divided into Mono-Si, Thin Film, and Multi-Si. The Mono-Si segment holds the highest market share during the period in analysis. Mono-Si, or monocrystalline silicon, is the most widely used solar panel technology in the Asia Pacific region due to its high efficiency, long lifespan, and relatively low cost compared to other technologies. The Multi-Si technology segment is also used in the Asia-Pacific solar photovoltaic market, although to a lesser extent than Mono-Si. Multi-Si, or multi-crystalline silicon, is a less efficient technology than Mono-Si but is typically less expensive, making it a popular choice for large-scale solar power projects.

Competitive Landscape

Major players operating in Asia-Pacific solar photovoltaic market include Tata Power Solar Systems Ltd., Canadian Solar Inc., Wuxi Suntech Pawer Co. Ltd, Nextera Energy Sources LLC, BrightSource Energy Inc., and SunPower Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Asia-Pacific Solar Photovoltaic Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Asia-Pacific Solar Photovoltaic Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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