Asia Pacific On Grid Solar PV Market Size - By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 - 2032

Asia Pacific On Grid Solar PV Market Size - By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 - 2032

Asia Pacific On Grid Solar PV Market size is projected to expand at 4% CAGR from 2024 to 2032. The rapid urbanization and industrialization are increasing the energy demand across the region, making solar power an attractive solution. The launch of government policies and incentives, like subsidies, tax benefits, and renewable energy targets is driving the adoption on grid solar PVs. Significant advancements are reducing the cost of solar PV systems to enhance their affordability and efficiency.

In September 2023, the Asian Development Bank (ADB) and the Government of Mongolia inaugurated a 10-megawatt solar photovoltaic power plant in Govi-Altai province. The Serven plant will generate approximately 20 million kilowatt-hours of energy annually and is expected to reduce carbon dioxide emissions by 15,000 tons per year. The rising environmental concerns and commitments to reduce carbon footprints is also driving the shift towards renewable energy. There has been considerable expansion of infrastructure and grid connectivity. The growing awareness and acceptance of clean energy among consumers and businesses is also supporting the industry expansion.

The market is segregated into end-use, and region.

Asia Pacific on grid solar PV market from the residential end-use segment will expand at notable rate between 2024 and 2032. The rising electricity costs is encouraging homeowners in the region to seek cost-effective energy solutions, making solar PV systems attractive. The rollout of government incentives, like subsidies and tax rebates, is enhancing the affordability and adoption rates.

The increasing awareness of environmental sustainability is also encouraging the shift to renewable energy. Strong advancements in solar panels are improving efficiency and reducing installation costs. The development of financing options, like solar loans and leases, is also making solar PV systems more accessible to residential users.

Japan on grid solar PV market is projected to showcase strong growth between 2024 and 2032, led by the launch of government initiatives and incentives, such as feed-in tariffs and subsidies. High electricity prices are making solar PV systems economically attractive for both residential and commercial users in the region. The commitment of Japan to reduce carbon emissions and transition toward renewable energy sources is accelerating the product appeal.

The presence of limited fossil fuel resources and vulnerability to energy supply disruptions are increasing the emphasis on energy security through solar power. The surging public awareness and support for clean energy are further driving the regional market progression.