Asia-Pacific Solar Energy Panels Market is Expected to Foresee Significant Growth during the Forecast Period. China to Witness the Highest Growth
Asia-Pacific Solar Energy Panels Market is expected to reach the market valuation of US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027) from US$ XX million in 2020. Solar panels often referred to as photo-voltaic (PV) modules are comprised of numerous photo-voltaic cells that are assembled and mounted in a framework for installation. These panels make use of the sunlight as the source of energy to generate direct current electricity.
The Asia-Pacific solar energy panels market is proliferating on account of rising concern about the ever-rising emission of greenhouses (GHGs) particularly CO2. For instance, in 2020, 16.75 billion metric tons of carbon dioxide emissions were produced in the Asia-Pacific region. This was more than the combined total emissions of all other regions that year. Also, amongst all the APAC countries, China alone accounted for nearly 60% of Asia-Pacific carbon dioxide emissions, and 31% of the global total. Owing to these alarming facts, the demand for renewable energy sources is increasing all over Asia. Also, the limited existence of fossil fuel on the earth and the fluctuating prices is a key factor that is driving the demand for renewable energy, globally.
Additionally, the market is also boosting on account of rapid technological advancements in solar energy and growing investments by various private firms as well as government leading to the development of robust infrastructure for the usage of solar energy in Asia-Pacific countries. For instance, according to the survey conducted by multinational market research & consulting firm in 2019 regarding the level of solar energy infrastructure in some selected countries of the APAC region, amongst all nearly 63% of the participants stated that the solar energy infrastructure of China was either very or fairly good. After China, 53% of respondents agreed that India has a good infrastructure for solar energy. On the other hand, only 23% of respondents stated the solar energy infrastructure in Japan was very or fairly good.
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Based on deployment, the Asia-Pacific solar energy panels market is segmented into rooftop solar and ground-mounted. The rooftop solar segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe as it is one of the most common types of installation of solar panels where solar panels are installed directly on the roof. Further, the huge installed capacity of rooftop solar across the region is also driving the segment growth. For instance, As of June 2020, the South Asian country had an installed solar rooftop capacity of approximately 4,373 megawatts in the commercial and industrial sectors.
Based on end-user, the market is also fragmented into residential, commercial, and industrial, based on the end-user. The Industrial segment grabbed XX% market share in 2020 and is expected to grow with a CAGR of XX% to reach a market valuation of USD XX million by 2027. The growth of this segment is attributed to the rising growth rate of the industry sector in Asia-Pacific. For instance, in 2020, the industry sector in Bangladesh grew by 6.5% and in China it grew by 2.6%.
Additionally, the report provides detailed initiatives that are being taken in the field of solar energy panels across Asia-Pacific. The report provides a detailed analysis of countries including China, Japan, India, Australia, and Rest of Asia-Pacific. China dominated the market in 2020, with XX% share owing to the growing demand for clean energy and rise in renewable power installation. For instance, China has the highest number of installed solar PVs in the world and by 2050 it is expected to have more than 50% share of all solar PVs in the world followed by North America at 20% and Europe at 10%, according to IRENA.
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First Solar Inc, Trina Solar Ltd., JA Solar Holdings Co, Adani Green Energy Ltd., Azure Power Global Limited, Siemens AG, Huawei Technologies, Suntech Power Holdings, SolarWorld, Canadian Solar Inc. are some of the prominent players operating in the solar energy panels market. Several M&As along with partnerships have been undertaken by these players to make solar panels as cost-effective and as widely available as possible.
Asia-Pacific Solar Energy Panels Market Segmentation
Market Insight, by Technology
- Thin Film
Market Insight, by Deployment
- Rooftop Solar
- Ground Mounted
Market Insight, by End-User
Market Insight, by Country
- Rest of Asia-Pacific
Top Company Profiles
- First Solar Inc
- Trina Solar Ltd
- JA Solar Holdings Co
- Adani Green Energy Ltd
- Azure Power Global Limited
- Siemens AG
- Huawei Technologies
- Suntech Power Holdings
- Canadian Solar Inc.