Market Size of Asia-Pacific Solar Photovoltaic (PV) Industry
| 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.
