Asia-Pacific Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Asia-Pacific Solar Photovoltaic (PV) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Asia-Pacific solar photovoltaic (PV) market is expected to grow at a CAGR of more than 10.38% over the period of 2020-2025. The major factor of driving the global solar PV market is the declining cost of solar PV. Solar PV module prices reduced by nearly 65% in 2019 as compared to that in 2010. This, in turn, is likely to have a positive impact on the growth of the solar photovoltaic (PV) market in the region. However, 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 growth of the market studied.

Key Highlights

• The ground-mounted solar photovoltaic market accounted for the major share of solar PV deployment in 2019 and is expected to continue its dominance over the forecast period owing to the upcoming projects.
• 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. The country accounts for over 35% of global solar energy generation, amounting to 205.72 GW in 2019.

Key Market TrendsGround Mounted Segment to Dominate the Market

• In 2019, the market share of ground-mounted solar PVs was more than 50% of the total installed solar PV capacity, as they are mainly deployed for commercial and utility purposes.
• Ground-mounted solar for commercial or utility projects is economical due to the economies of scale, large-scale installations, and operation and maintenance efficiencies. On the other hand, rooftop solar is used in small residential projects, less than 1 MW.
• Increasing competition and technical advancements in large-scale utility projects have led to cost reductions in both installation and operation & maintenance prices.
• In early 2020, Total Solar DG announced its plans to complete an initial solar project for APT Pranoto Airport in Samarinda, Indonesia. Following the government’s decision to move the capital city from Jakarta to Kutai in 2024, APT Pranoto Airport is expected to become one of the major airports in Indonesia and will be the first airport in the country to be solarised.
• And the countries like China, India and others are lined-up with various large-scale ground-mounted solar projects, which are expected to drive the market over the forecast period.

China to Dominate the Market

• China is the largest market for solar PV in the world with a cumulative installed capacity that accounted for 39.2% of the global market in 2019. Solar PV capacity in the country increased significantly from 0.864 GW in 2010 to 205.07 GW in 2019 at a compound annual growth rate of 94.2%.
• The country’s target of 105 GW of cumulative installed photovoltaic power, which was originally planned for 2020, has already been surpassed by more than 50% in 2018. The country is now targeting 210–270 GW of solar PV capacity by 2020.
• In 2019, Northwest China boasted the largest share of new PV plants with 3.43 GW of new grid-connected capacity – followed by the north of the huge nation, with 3.29 GW, and the east, with 2.28 GW.
• China revealed new solar and wind policies for subsidy-free projects. The policy was introduced to take advantage of a rapid fall in construction costs and to resolve a payment backlog issues and grid logjam projects.
• The goverment policy which helps to increase the installed capacity of solar PV system, and supplying the demant through renewable energy.

Competitive Landscape

The Asia-Pacific solar photovoltaic (PV) market is fragmented. Some of the key players in this market include JA Solar Holdings Co., Trina Solar Ltd, Adani Green Energy Ltd., Azure Power Global Limited, and First Solar Inc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Companies Mentioned
 
JA Solar Holdings Co
Trina Solar Ltd
Adani Green Energy Ltd
Azure Power Global Limited
First Solar Inc
ReneSola Ltd.
Zhejiang Chint Electrics Co Ltd
Yingli Green Energy Holding Co Ltd
Hanwha Q CELLS Co. Ltd
SMA Solar Technology AG
JinkoSolar Holdings Co. Ltd

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