Market Size of Asia-Pacific Rooftop Solar Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 16.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Rooftop Solar Market Analysis
The Asia-Pacific rooftop solar market is expected to grow at a CAGR of more than 16% over the forecast period.
The market was negatively impacted by COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the short term, favorable government policies and an increasing focus on gaining energy security are expected to drive the market.
- On the other hand, increasing penetration of other renewable energy sources like wind energy is major restraint expected to hinder the market's growth during the forecasted period.
- Moreover, the increasing popularity of distributed solar power generation in terms of economic benefits and ability to provide constant energy, which eliminates equipment damage due to voltage fluctuations in the conventional power grid, is expected to create significant opportunities for the Asia-pacific rooftop solar market.
- China is expected to dominate in the Asia-Pacific rooftop solar market over the forecast period due to the constantly increasing power demand in the country and the target for increasing renewable energy share in the power mix.
