Market Size of Pakistan Solar Energy Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 49.68 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Pakistan Solar Energy Market Analysis
The Pakistan solar energy market is estimated to be at 1.30 gigawatts by the end of this year and is projected to reach 9.77 gigawatts in the next five years, registering a CAGR of over 49.68% during the forecast period.
- Over the medium term, favourable government policies, increasing adoption of solar PV systems, the declining price of solar panels and installation costs, and rising environmental concerns about the use of fossil fuels are the factors driving the market's growth.
- On the other hand, the market is expected to be hampered by issues like transmission and distribution losses, a lack of a solidified renewable energy policy, and unpredictability in the continuity of power supply.
- Nevertheless, Pakistan has abundant solar irradiance and receives solar energy almost throughout the year. This factor presents a phenomenal opportunity to exploit solar energy from the most irradiated sites in the country, combined with foreign investments. Additionally, the off-grid supply through micro- and mini-grids to electrify rural communities of the country and the integration of renewable energy sources in generation, transmission, and distribution systems are some factors expected to create opportunities for the market in the future.
