Market Size of Indonesia Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 10.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Indonesia Solar Energy Market Analysis
The Indonesia solar energy market is expected to register a CAGR of more than 10% during the forecast period.
COVID-19 negatively impacted the market in 2020. Presently the market is likely to reach pre-pandemic levels.
- Over the medium term, factors like increasing demand for renewable energy due to developmental activities and decreasing cost of solar PV technology are expected to drive the market.
- On the other hand, heavy dependency on fossil fuels to meet the energy demand is a significant restraint hindering the market's growth.
- Nevertheless, the increasing concern over environmental emission control, which leads to the premature retirement of existing coal power plants, is expected to create enormous opportunities for Indonesia's solar energy market.
