Bangladesh Solar Energy Market Size
| Study Period: | 2018- 2028 |
| CAGR: | > 8.56 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Bangladesh Solar Energy Market Analysis
The Bangladeshi solar energy market is expected to register a CAGR of more than 8.56% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to regional lockdowns and delays in ongoing and upcoming projects. Currently, the market has rebounded to pre-pandemic levels.
- Factors such as supportive government policies, rising environmental concerns, incentives, and tax benefits for solar panel installations are expected to drive the market during the forecast period.
- However, the increasing adoption of alternative clean energy sources and the high initial investment costs of solar projects are expected to hinder market growth during the forecast period.
- Bangladesh has set an ambitious goal of generating more than 4,100 megawatts of electricity from renewable energy sources by 2030. Solar power is likely to account for half of the country's power generation, creating a significant opportunity for the country's solar energy market.
Bangladesh Solar Energy Industry Segmentation
Solar energy is the conversion of energy present in the sun and is one of the renewable energies. Once the sunlight passes through the earth’s atmosphere, most of it is in the form of visible light and infrared radiation. Solar cell panels are used to convert this energy into electricity. The Bangladeshi solar energy market is segmented by technology into solar photovoltaic (PV) and concentrated solar photovoltaic (CSP). The market sizing and forecasts have been done based on installed capacity (megawatts).
Bangladesh Solar Energy Market Trends
Solar Photovoltaic (PV) Segment Expected to Dominate the Market
- The solar PV segment is likely to hold the largest market share during the forecast period, owing to the declining costs of solar modules and the versatility of these systems for various applications, like electricity generation and water heating.
- According to the International Renewable Energy Agency, the installed solar PV capacity in Bangladesh was around 537 MW in 2022, up from 480 MW in 2021. The growth resulted from huge deployments of solar PV installations in Bangladesh, particularly for utility projects. The Bangladeshi Ministry of Energy and Power has more plans to increase the solar PV installed capacity.
- In January 2022, the Bangladeshi government approved a 70 MW solar PV plant in the Pabna region. Under a 20-year commitment, the government is expected to pay USD 0.1015/kWh for the electricity the projects produce, amounting to USD 215 million.
- Additionally, in January 2023, Rays Power Infra switched on a 275 MW DC solar project in Sundarganj, Bangladesh. The project is the largest solar energy project in the country.
- Therefore, due to these developments, the solar PV segment is expected to hold the largest market share in Bangladesh during the forecast period.
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Increasing Electricity Demand to Drive Market Growth
- Electricity is a major energy source in the industrial and agricultural sectors in Bangladesh. The Bangladeshi Ministry of Energy and Power predicts that the country is expected to suffer power shortages as the development of new power plants lags behind the country's rapidly expanding energy consumption.
- As of 2021, the country had generated 97.9 TWh of electricity, and the electrical generation capacity in the country increased from about 5 gigawatts in 2009 to 25 gigawatts in 2021, and access to energy expanded to nearly 95% of the population.
- Moreover, the Bangladeshi government is planning to raise an investment of USD 127 billion in the power sector to increase the electricity generation capacity and meet the expected demand for electricity by 2041.
- Also, in 2021, the Bangladeshi government asked all public departments to install rooftop PV under the net metering program and set a target of achieving 300 MW of power within four years.
- By 2041, the Bangladeshi government (GOB) wants to secure 40% of its electric energy producing capacity from renewable sources. To accomplish this goal, GOB has launched a number of projects to promote renewable energy from diverse sources, including solar, wind, biomass, biogas, and hydro.
- Furthermore, in November 2021, the nation announced an ambitious climate change and renewables target at the United Nations Climate Change Conference (COP 26). Under this, the country aims to build 12 solar projects by 2030, with an investment cost of USD 162 million, which will add 500 MW of solar power to the country's energy portfolio.
- Thus, Bangladesh is focusing on renewable energy sources to meet the future demand for electricity, propelling the growth of the country's solar energy market.
Bangladesh Solar Energy Industry Overview
The Bangladeshi solar energy market is moderately fragmented. Some of the major companies operating in the market (in no particular order) include Solar Electro Bangladesh Ltd., Solarland Bangladesh Co. Ltd., Bangladesh China Renewable Energy Company (Pvt.) Limited, Alfanar Group, and Green Power Ltd.
Bangladesh Solar Energy Market Leaders
Solarland Bangladesh Co. Ltd.,
Solar Electro Bangladesh Ltd.
Green Power Ltd.
Alfanar Group
Bangladesh China Renewable Energy Company (Pvt.) Limited
*Disclaimer: Major Players sorted in no particular order
Bangladesh Solar Energy Market News
- September 2022: The Bangladesh Power Development Board (BPDB) revealed in a filing before the Dhaka Stock Exchange that a solar power project with a capacity of 30 MW was operationalized in the northern region of Bangladesh.
- January 2023: The Bangladeshi government signed two agreements with a solar project backed by China for its implementation in Sirajganj. A 68 MW solar power project worth USD 87.7 million on a 210-acre piece of land on the bank of the Jamuna river in Sirajganj is the first initiative of the joint venture, which aims to supply 500 MW of electricity.
Bangladesh Solar Energy Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Renewable Energy Mix, Bangladesh, 2022
4.3 Solar Energy Installed Capacity and Forecast, in GW, till 2028
4.4 Government Policies and Regulations
4.5 Recent Trends and Developments
4.6 Market Dynamics
4.6.1 Drivers
4.6.2 Restraints
4.7 Supply Chain Analysis
4.8 PESTLE Analysis
5. MARKET SEGMENTATION BY TECHNOLOGY
5.1 Solar Photovoltaic (PV)
5.2 Concentrated Solar Power (CSP)
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 Solarland Bangladesh Co. Ltd.
6.3.2 Solar Electro Bangladesh Ltd.
6.3.3 Green Power Ltd.
6.3.4 Alfanar Group
6.3.5 Bangladesh China Renewable Energy Company (Pvt.) Limited
6.3.6 Joules Power Ltd.
6.3.7 Symbior Solar
6.3.8 Trina Solar Co. Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Bangladesh Solar Energy Market Research FAQs
What is the study period of this market?
The Bangladesh Solar Energy Market is studied from 2018 - 2028.
What is the growth rate of Bangladesh Solar Energy Market?
The Bangladesh Solar Energy Market is growing at a CAGR of >8.56% over the next 5 years.
Who are the key players in Bangladesh Solar Energy Market?
Solarland Bangladesh Co. Ltd., , Solar Electro Bangladesh Ltd., Green Power Ltd., Alfanar Group, Bangladesh China Renewable Energy Company (Pvt.) Limited are the major companies operating in Bangladesh Solar Energy Market.
Bangladesh Solar Energy Industry Report
Statistics for the 2023 Bangladesh Solar Energy market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Bangladesh Solar Energy analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Bangladesh Solar Energy Report Snapshots
