Asia Pacific solar energy market: The regional market mainly driven by multifarious initiative taken by government to adopt solar energy sources.
According to Goldstein Research, “Solar energy market in Asia Pacific will show a tremendous growth at a CAGR of 15.8% in six to seven years. Initiative taken by governments to promote various solar energy sources is one of the major key factor that boost up the demand of solar energy resources. Recently Asia Development Bank has invested USD 110 million to encourage solar power developer in private sectors. Also various incentives, subsidies and tax exemption are given by government such as accelerated depreciation is given by government in order to install solar power plant on the rooftop under which several deduction is made.
“Asia Pacific (APAC) Solar Energy Market Outlook 2024”
The Asia Pacific Solar Energy market is segmented based on generation, solar modules, technology and application. Application is further bifurcated into agriculture and horticulture, transportation and architecture and others. Architecture segment dominated the Asia Pacific solar energy market with 35% share in 2016 due to vast use of solar energy resources in architectural rooftop etc.
Global solar energy market is expected to reach USD 430.2 billion by 2024 from USD 95.2 billion in 2016 at a CAGR of 25.01% over the forecast period in which Asia Pacific solar energy market has acquired 35% share of global solar energy market. Market value of Asia Pacific solar energy market is USD 33.33 billion in 2016 and is anticipated to reach at USD 150.5 billion by 2024 at a CAGR of 15.8% over the forecast period. Geographically, Japan is the second largest contributing country following China in Asia Pacific solar energy market. Japan has nearly 10.2 GW installation of solar power in 2016. However, India is growing at a fastest CAGR and will reach at USD 6.21 billion by 2024.
Rising demand of non conventional sources of energy: Major boost
Increase in demand of solar energy is leading to faster depletion of conventional energy such as coal and petroleum. Gaining popularity of non conventional energy such as sun, wind, tidal energy and also energy obtained from waste material is the major boost and driving the demand of non conventional energy in Asia Pacific solar energy market.
Advancement in technologies of solar energy resources: Innovations
Several new technologies are made by manufacturers of solar energy market such as solar skin design, solar power roads, wearable solar, solar tracking mount and also innovation in solar panel. Various manufacturers such as Age Power Solution, Canadian Solar and First Solar are innovating new technologies regarding these solar energy sources.
“Asia Pacific (APAC) Solar Energy Market Outlook 2024” contains detailed overview of the Asia Pacific solar energy market in terms of market segmentation by generation, by solar module, by technology and by applications
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Asia Pacific solar energy Market Report also includes competitive outlook of some of the major players which includes profiling of companies such Canadian Solar, First Solar, Huawei Technologies, JA Solar, Kyocera, Omron Corporation, Power-One Micro System Pvt. Ltd, SMA, Sungrow Power Supply Co. Ltd, Tabuchi Electric Co. Ltd, Tmeic, Trina Solar, Xiamen Kehua Hengsheng Co. Ltd and Yingli Sola. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the Asia Pacific solar energy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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