Indonesia Solar Energy Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Indonesia solar energy market is expected to register a CAGR of more than 1.6% during the forecast period, 2022-2027. The COVID-19 pandemic led to the shutdown of solar system components manufacturing units during Q1 2020 in China, which impacted the supply chain. The door-to-door sales of solar PV systems were also limited as the households were reluctant to make big purchases. However, from H2 2020, the market recovered from the COVID-19 impact and led to the resumption of several stalled PV projects in the country. The declining cost of solar PV technology, the flexibility, and the green method of power generation is expected to drive the market during the forecast period. However, heavy dependence on fossil fuels is expected to restrain the growth of the market.
Key HighlightsThe Indoesia solar energy market is moderately fragmented. Some of the major players in the market include Canadian Solar Inc., PT. Surya Utama Nuansa, PT Solardex Energy Indonesia, PT. Sumber Energi Surya Nusantara, and PT Sumber Energi SUnited Kingdomses Makmur.
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