Market Size of Japan Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 9.20 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Solar Energy Market Analysis
The Japanese solar energy market is expected to witness more than a 9.2% CAGR during the forecast period.
- Over the long term. Factors such as solar PV projects under construction in the pipeline and planning stages are expected to boost the cumulative installed solar energy capacity during the forecast period. Also, the market is being propelled by supportive government policies, particularly the plans formulated to encourage renewables-based power generation.
- On the other hand, increasing adoption of alternate renewable energy, such as wind, is likely to hinder market growth during the forecast period.
- Nevertheless, with a target of reducing GHG emissions by 2030, the region is expected to increase the opportunity for solar energy companies to install solar PV plants in the region during the upcoming years. Moreover, the region has plans to reduce dependency upon foreign fossil fuels like crude oil and would opt for renewable energy like solar to reduce regional expenses related to imported oil.
