The Asia-Pacific solar panel market is estimated to grow at a significant CAGR of 12% during the forecast period. A variety of factors such as environmental concerns, decreasing price of main raw materials (silver, polysilicon), and demand for energy due to the rise in population are driving the Asia-pacific solar panel market. Moreover, increased carbon emissions due to fossil fuel and the need for unlimited clean energy are the other factors that are contributing to the growth of the Asia-pacific solar panel market. The adoption of solar panels in various applications including making rooftop, utility lands, and others are increasing which makes them more demanding. Besides, the governments, as well as other major players, are investing in the market, and strong government support in form of tax rebates, and incentives are further projected to provide significant market growth in the near future.
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COVID-19 has jolted the global economy, and the whole world has been struggling to contain this disease. Due to COVID-19, there were no physical movements owing to the lockdown and government restrictions. Therefore, people started purchasing online to avoid going into crowded places. Following the recovery from the COVID-19 pandemic, the Asia-Pacific government is likely to take regulatory measures to boost the growth of the domestic solar energy market. Renewable energy sources are projected to be promoted by factors such as planned solar projects and government incentives to lessen reliance on fossil fuels. During the forecast period, this is expected to boost demand for solar panels in the region.
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Asia-Pacific Solar Panel Market Segmentation
By Panel Type
- Monocrystalline
- Polycrystalline
- Thin-Film
- Amorphous Silicon (A-SI)
- Cadmium Telluride (CDTE)
- Copper Indium Gallium Selenide (CIS/CIGS)
By End-User
- Residential Sector
- Commercial Sector
By Installation
- Ground-Mount
- Rooftop
Country Analysis
- China
- India
- Japan
Rest of Asia-Pacific
Company Profiles
- Canadian Solar Inc.
- Csun Solar Tech
- Evergreen Solar
- First Solar, Inc.
- Hanwha Group
- JA SOLAR Technology Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- Juwi Holding AG
- Motech Industries Inc.
- RISEN ENERGY CO., LTD.
- SoloPower Systems, Inc.
- SunEdison Inc.
- SunPower Corp.
- Wuxi Suntech Power Co., Ltd.
- Tata Power Solar Systems Ltd
- Trina Solar Ltd.
- Yingli Green Energy Holding Co. Ltd.
- Zhongli Talesun Solar Co., Ltd.
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