Asia-Pacific Solar Photovoltaic Market Size
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | > 10.38 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Solar Photovoltaic Market Analysis
The Asia-Pacific Solar Photovoltaic (PV) Market is expected to grow at a CAGR of more than 10.38% 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 long term, the major factor driving the global solar PV market is the declining cost of solar PV module prices. This, in turn, is likely to have a positive impact on the growth of the solar photovoltaic (PV) market in the region.
- On the other note, the high installation cost and poor maintenance practices are restraining factors for the growth of the solar photovoltaic market. Moreover, the increasing deployment of alternative renewable energy sources is expected to hinder the market's growth.
- Nevertheless, commercial and industrial sectors are showing a growing interest in distributed solar power generation due to various economic benefits and a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids. This is expected to create a huge opportunity for distributed solar PV market in the region in the near future.
- China is expected to dominate the market over rising environmental concerns and economic benefits of domestic solar power generation.
Asia-Pacific Solar Photovoltaic Market Trends
This section covers the major market trends shaping the APAC Solar Photovoltaic Market according to our research experts:
Ground Mounted Segment to Dominate the Market
- Ground-mounted solar panels are solar arrays that are installed at the ground level. These systems are usually more expensive than rooftop installations but could maximize energy production at a larger level. In 2021, the market share of ground-mounted solar PVs was more than 50% of the total installed solar PV capacity, as they are mainly deployed for commercial and utility purposes.
- Ground-mounted solar for commercial or utility projects is economical due to the economies of scale, large-scale installations, and operation and maintenance efficiencies. On the other hand, rooftop solar is used in small residential projects, less than 1 MW.
- Increasing competition and technical advancements in large-scale utility projects have led to cost reductions in both installation and operation & maintenance prices. As of 2021, Asia has reached 484.93 GW of solar PV installed capacity, which has grown 18.49% more compared to 409.25 GW installed in 2020.
- Going forward, in December 2021, the Indian Ministry of New and Renewable Energy (MNRE) invited applications for the Expression of Interest (EOI) to evaluate Phase II of the Grid Connected Rooftop Solar Program. The program is a part of the National Solar Mission (NSM), which aims at installing 40 GW capacity of grid-connected solar rooftop installation systems by the end of 2022.
- In January 2022, Reliance Industries signed an agreement with the Gujarat government to invest USD 603 billion in Gujarat over 10-15 years to set up 100 GW renewable energy power plants and a green hydrogen ecosystem. Renewable energy power plants include solar power plants at a utility-scale. RIL is expected to invest INR 60,000 crore in setting up manufacturing facilities for solar PV modules, electrolyzers, batteries, and fuel cells for the upcoming renewable projects.
- Moreover, in September 2022, Hitachi Astemo installed India's first solar PV plant at the Jalgaon manufacturing plant in Maharashtra. The 3 MW solar power plant will be built in an area of 43301 sqm. The ground-mounted solar power plant will consist of 7128 ground-mounted solar panels and ten inverters and is expected to get commissioned by 2023.
- Owing to the above points, the ground-mounted segment is expected to dominate the Asia-Pacific Solar Photovoltaic (PV) Market during the forecast period.
China to Dominate the Market
- China is the largest market for solar PV across the globe, with a cumulative installed capacity that accounted for more than 40% of the global market in 2021. The solar power share in China's renewable power generation mix was recorded as 282 million kilowatts at the end of 2021. The government has envisaged various initiatives to increase this share of solar energy in the near future.
- As of 2021, China recorded a solar PV capacity of 306.403 GW, which has grown 20.91% higher than the 253.418 GW installed in 2020. Also, China revealed new solar and wind policies for subsidy-free projects. The policy was introduced to take advantage of a rapid fall in construction costs and to resolve payment backlog issues and grid logjam projects.
- In the year 2021, the country hit a breaking record of solar power capacity with 54.9 gigawatts to its grid. According to China's energy authority (CEA), the country managed to increase its capacity by 14 per cent compared to the capacity made by the previous year while gaining 31 percent of its total capacity additions over the year. By the end of the year 2021, China obtained a total solar capacity of 306.56 GW, which can cover the power generation of Germany, based on the National Energy Administration.
- Moreover, in June 2022, Concord New Energy connected a new 70 MW solar plant to the grid in China. The project, which is situated on a pond, also supports fish and shrimp aquaculture. Trina Solar supplied 670 W solar panels for the installation.
- Furthermore, in October 2022, State Power Investment Corp. (SPIC) announced that it had completed the pilot solar power plant near the town of Zhengdou in China's Sichuan province. The Xingchuan Demonstration Photovoltaic Power Station is the first unit of a 600 MW project that SPIC is building in the area at a planned cost of USD 444.2 million.
- Owing to the above points, China is expected to dominate the Asia-Pacific Solar Photovoltaic (PV) market during the forecast period.
Asia-Pacific Solar Photovoltaic Industry Overview
The Asia-Pacific Solar Photovoltaic (PV) Market is fragmented. Some of the key players in this market (not in a particular order) include JA Solar Holdings Co., Trina Solar Ltd, Adani Green Energy Ltd., Azure Power Global Limited, and First Solar Inc.
Asia-Pacific Solar Photovoltaic Market Leaders
JA Solar Holdings Co
Trina Solar Ltd
Adani Green Energy Ltd
Azure Power Global Limited
First Solar Inc
*Disclaimer: Major Players sorted in no particular order
Asia-Pacific Solar Photovoltaic Market News
- August 2022: ENGIE, a global leader in energy transition and renewable power generation, announced that it had reached the commercial operation date of the Kerian Solar Project. The plant is located in the state of Perak, Malaysia. The project has a 136.44 MWp capacity and was developed by Kerian Solar, a special-purpose company formed by a joint venture between TTL Energy Sdn Bhd.
- January 2022: Huaneng Power International commissioned a 320 MW floating solar PV array in China's Shandong province. The project is being deployed on a reservoir near its 2.65 GW Dezhou thermal power station in two phases.
Asia-Pacific Solar Photovoltaic Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Solar PV Installed Capacity and Forecast in GW, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitutes Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Product Type
5.1.1 Thin Film
5.1.2 Multicrystalline Silicon
5.1.3 Monocrystalline Silicon
5.2 End-User
5.2.1 Residential
5.2.2 Commercial
5.2.3 Utility
5.3 Deployment
5.3.1 Ground Mounted
5.3.2 Rooftop Solar
5.4 Geography
5.4.1 China
5.4.2 India
5.4.3 Japan
5.4.4 South Korea
5.4.5 Rest of Asia-Pacific
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 JA Solar Holdings Co
6.3.2 Trina Solar Ltd
6.3.3 Adani Green Energy Ltd
6.3.4 Azure Power Global Limited
6.3.5 First Solar Inc
6.3.6 ReneSola Ltd.
6.3.7 Zhejiang Chint Electrics Co Ltd
6.3.8 Yingli Green Energy Holding Co Ltd
6.3.9 Hanwha Q CELLS Co. Ltd
6.3.10 SMA Solar Technology AG
6.3.11 JinkoSolar Holdings Co. Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Asia-Pacific Solar Photovoltaic Industry Segmentation
Solar photovoltaic energy or PV solar energy directly converts sunlight into electricity, using a technology based on the photovoltaic effect.
The Asia-Pacific Solar Photovoltaic (PV) Market is segmented by product type, end-user, deployment, and geography. By product type, the market is segmented by thin film, multi-crystallinee silicon, and monocrystalline silicon. By end-user, the market is segmented into residential, commercial, and utility. By deployment, the market is segmented by ground-mounted and rooftop solar. The report also covers the market size and forecasts for the Asia-Pacific Solar Photovoltaic (PV) Market across the major countries. For each segment, the market size and forecasts have been done based on installed capacity (GW).
| Product Type | |
| Thin Film | |
| Multicrystalline Silicon | |
| Monocrystalline Silicon |
| End-User | |
| Residential | |
| Commercial | |
| Utility |
| Deployment | |
| Ground Mounted | |
| Rooftop Solar |
| Geography | |
| China | |
| India | |
| Japan | |
| South Korea | |
| Rest of Asia-Pacific |
Asia-Pacific Solar Photovoltaic Market Research FAQs
What is the current Asia-Pacific Solar Photovoltaic (PV) Market size?
The Asia-Pacific Solar Photovoltaic (PV) Market is projected to register a CAGR of greater than 10.38% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Solar Photovoltaic (PV) Market?
JA Solar Holdings Co, Trina Solar Ltd, Adani Green Energy Ltd, Azure Power Global Limited and First Solar Inc are the major companies operating in the Asia-Pacific Solar Photovoltaic (PV) Market.
What years does this Asia-Pacific Solar Photovoltaic (PV) Market cover?
The report covers the Asia-Pacific Solar Photovoltaic (PV) Market historical market size for years: 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Solar Photovoltaic (PV) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Solar PV in APAC Industry Report
Statistics for the 2024 Solar PV in APAC market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Solar PV in APAC analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
