Solar PV Market in APAC by End-user and Geography - Forecast and Analysis 2022-2026

The solar PV market share in APAC is expected to increase to USD 150.13 million by 2026, and the market's growth momentum will accelerate at a CAGR of 21.74%.

This solar PV market in APAC research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers solar PV market in APAC segmentations by the following:

• End-user - Utility, commercial, and residential
• Geography - China, India, Japan, South Korea, and Rest of APAC

What will the Solar PV Market Size in APAC be During the Forecast Period?

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The solar PV market in APAC report also offers information on several market vendors, including 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. among others.

Solar PV Market in APAC: Key Drivers, Trends, and Challenges

The favorable government regulations is notably driving the solar PV market growth in APAC, although factors such as intermittency of solar PV systems may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the solar photovoltaic cells industry in APAC. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Solar PV Market Driver in APAC

• One of the key factors driving the PV market growth in APAC is the favorable government regulations.
• Governments across APAC support the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers.
• FiT policy in Japan was formulated to encourage investments in renewable energy technologies.
• Governments are also introducing different policies for various types of solar PV installations, such as ground-mounted installations, roof-mounted installations, and the installation of freestanding facilities.
• China is taking cognizance of the depleting fossil fuel resources and the associated carbon emission regulations.
• India is gradually adopting solar energy to achieve its carbon emission targets and reduce its dependence on fossil fuels.
• India is targeted to achieve 100 GW total installed capacity of solar power by 2022, of which 40 GW is anticipated to come from rooftop solar (RTS) PV systems. 

Key Solar PV Market Trend in APAC

• Advances in thin-film solar PV modules is one of the key PV market trends in APAC that is expected to impact the industry positively in the forecast period.
• CIGS thin films can be easily fabricated on flexible substrates that make them lightweight. Thus, CIGS thin films have the potential to reduce device fabrication and installation costs.
• The beneficial effects of heavy alkali doping ha boosted the performance of CIGS solar cells by over 20%.
• 3D-printed panels are lighter in weight because advanced techniques are developed to print super-thin solar strips.
• The affordability of the technology has made it a good solution in emerging countries that do not have easy access to electricity.
• The advances in thin-film technologies are anticipated to increase the size of the solar PV market in APAC in the coming years.

Key Solar PV Market Challenge in APAC

• One of the key challenges to the PV market growth in APAC is the intermittency of solar PV systems.
• The intermittent nature of solar PV systems is a significant challenge that affects the adoption of solar PV systems. As when the solar PV system is not at its peak production, a secondary power system such as wind power, a battery, or grid power is needed for power generation.
• The solar PV output is not continuous and depends on several factors such as the degree of shade, panel efficiency, and solar irradiation that vary over the duration of the day and under overcast conditions.  
• During the night, solar PVs do not function due to the lack of sunlight.
• Cloudy and rainy weathers also affect the power generation of solar PV systems.  
• Solar PVs have an average efficiency of approximately 15%.
• Although solar PV technology is constantly evolving, the conversion rate of solar PVs cannot match that of fossil fuels, which may limit the market growth.

This solar PV market in APAC analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the solar photovoltaic (PV) market in APACas a part of the global renewable electricity market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the solar PV market in APAC during the forecast period.

Who are the Major Solar PV Market Vendors in APAC?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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.
• Waaree Energies Ltd.

This statistical study of the solar PV market in APAC encompasses successful business strategies deployed by the key vendors. The solar PV market in Asia-Pacific is fragmented and the vendors are deploying growth strategies such as technological innovation to compete in the market.

Product Insights and News

• ABB Ltd. - The company offers solar PV such as OVR PV T2.
• Adani Green Energy Ltd. - The company offers solar PV products such as Encore Multi crystalline, Eternal Mono PERC, and Elan Bifacial.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The solar PV market in APAC forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Solar PV Market in APAC Value Chain Analysis

Our report provides extensive information on the value chain analysis for the solar PV market in APAC, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Solar PV Market in APAC?

China, India, South Korea, and Japan are the key markets for solar PVs in APAC. Market growth in India will be faster than the growth of the market in other regions.

The increase in investments in renewable energy, favorable government policies, schemes, and funds, and declining costs of solar PV systems will facilitate the solar PV market growth in India over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The COVID-19 pandemic negatively impacted investments in the energy sector. As most governments have imposed strict lockdowns to stop the spread of COVID-19, a majority of the plants manufacturing wind turbine equipment and other related equipment were temporarily closed. However, the regional market is expected to recover due to supporting government policies and targets for the adoption of renewable power, decreasing costs coupled with advanced renewable energy technologies, and favorable environmental characteristics of renewable energy. 

What are the Revenue-generating End-user Segments in the Solar PV Market in APAC?

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The solar PV market share growth in APAC by the utility segment will be significant during the forecast period. A utility-scale solar PV plant supplies energy to a utility by generating solar PV and feeding it into the power grid. Factors such as favorable government support and a decline in the costs of solar PV installation are expected to drive segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the solar PV market size in APAC and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Solar PV Market in APAC Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive solar PV market growth in Asia-Pacific during the next five years
• Precise estimation of the solar PV market size in APAC and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the solar PV industry in APAC  
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of solar PV market vendor in APAC 

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