Market Trends of Asia-Pacific Distributed Solar Power Generation Industry
This section covers the major market trends shaping the APAC Distributed Solar Power Generation market according to our research experts:
Increasing Demand for Clean Electricity to Drive the Market
- Increasing demand for clean energy is one of the primary drivers for distributed solar poer generation market in the region. Distributed solar PV capacity in the region is expected to increase by over 47 GW by 2024, while commercial and industrial solar PV capacity is expected to increase by over 166.2 GW by 2024.
- Rooftop solar offers the benefits of modern electricity services to households that had no access to electricity, reducing electricity costs on islands and in other remote locations that are dependent on oil-fired generation, as well as enabling residents and small businesses to generate their own electricity.
- Commercial and industrial systems remain the largest growth segment because they are usually more inexpensive and have a relatively stable load profile during the day that can enable larger savings on electricity bills, depending on the policy scheme in place.
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China to Dominate the Market
- China has dominated the distributed solar power generation market in 2019 in the region and is expected to continue its dominance in the coming years as well. The country holds vast potential for the expansion of distributed energy systems (DES), notably in the form of off-grid and residential solar. Inefficiencies in the power grid infrastructure, power supply shortages, and the scalability of decentralized technology pave way for the deployment in the country.
- Currently distributed solar PV accounts for over 27% of China's total solar PV installed capacity. In 2017 China generated around 13.7 TWh of electricity, which is estimated to be enough to meet all energy requirements of all residential consumers of Beijing for 7.5 months.
- With the rising pollution concerns across the world due to industrialization, especially in China, the regional solar power generation has gained considerable momentum.
- Moreover, various government initiatives, such as incentives and energy saving certificates by the government in China, are also expected to encourage commercial units to adapt to distributed solar power generation during the forecast period.
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