Sunday Jan 29, 2023

Solar PV Market in APAC — Technavio’s Report expects market size to grow by USD 150.13 Mn – PR Newswire


Technavio identifies ABB Ltd., Adani Green Energy Ltd., Azure Power, Canadian Solar Inc., First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Lanco Infratech Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Mitsubishi Electric Corp., MVV Energie AG, Renesola Ltd., Risen Energy Co. Ltd., Sterling and Wilson Powergen Pvt. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Co. Ltd., Trina Solar Co. Ltd., and Waaree Energies Ltd. as some of the dominant market participants.

The market is primarily driven by the presence of favorable government regulations in APAC countries. Governments across APAC are encouraging the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. For instance, Japan has recently introduced the FiT policy to encourage investments in renewable energy technologies. The policy covers various aspects of the solar PV energy industry, including eligibility criteria, bonuses, and various other grants. The availability of such policies is increasing the adoption of solar PV panels, thereby driving the growth of the market in focus.

In addition, the declining cost of solar PV panels and the increasing adoption of microgrids will offer immense growth opportunities for market players. However, factors such as the intermittency of solar PV systems, low energy conversion of solar panels, and high initial investment and maintenance costs of solar PV systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View Sample Report Here

The solar PV market in APAC is segmented as below:

  • End-user
    • Utility
    • Commercial
    • Residential

The utility segment is the prime end-user in the market. The availability of favorable government support and a decline in the costs of solar PV installation is driving the growth of the segment. The market growth in the segment will be significant during the forecast period.

  • Geography
    • China
    • India
    • Japan
    • South Korea
    • Rest Of APAC

China emerged as the major market for solar PV in APAC in 2021. The regional market is driven by the country’s increasing number of residential solar PV installations. Also, the increasing electrification of rural areas, growing off-grid installations, and the declining cost of solar PV systems are anticipated to foster the growth of the solar PV market in China during the forecast period.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our solar PV market in APAC report covers the following areas:

Solar PV Market in APAC 2022-2026: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the solar PV market in APAC. Backed with competitive intelligence and benchmarking, our research report on the solar PV market in APAC is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Solar PV Market in APAC 2022-2026: Key Highlights

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