According to a new report by APAC Market “Asia-Pacific Solar Energy Panel Market – Types, Mounting Systems, End Users, Trends, Opportunities, Growth and Forecast, 2013 – 2020“, the Asia-Pacific solar energy panel market is expected to reach $37.8 billion by 2020, registering a compound annual growth rate (CAGR) of 14.8% during 2014 – 2020.
Solar panel market growth factors
Government subsidies, eco-friendly technology and the decreasing costs of raw materials are key factors that supplement the growth of this market.
Some key factors
- The Asia-Pacific Solar Energy Panel market generated a revenue of $14.9 billion in the year 2013.
- The ADB (Asian Development Bank) has invested an amount of $100 million to support and empower solar power developers operating in the private sector.
- The impending need for clean energy to reduce air pollution, carbon emissions and greenhouse gases favored with strong government initiatives in major countries of the Asia-Pacific.
- The Asia-Pacific countries are commendably promoting the clean energy concept with large-scale solar installations across the region.
- Solar panels are rapidly gaining acceptance and are largely used in the making of rooftops, industrial parks, utility lands, and even backpacks.
Frequent earthquakes and the nuclear plant tragedy has gravely hampered the energy sector of Japan. Following this, Japan has strengthened its approach towards the sources and applications of renewable energy.
In what proved to be a revolutionary concept, Japan implemented large-scale installations of solar panels on water bodies across the country.
Japan, presently is in the process of conceptualizing the largest floating solar installation in the world that possess a capacity to generate 15,635 megawatts of energy, annually.
Energy diversification in India is essential to support the country’s long-term growth in solar energy power sources.
The National Development and Reform Commission (NDRC) of China has set new production targets for solar capacities to reach a minimum of 70 GW by 2017. This move should remarkably boost the solar panel market in China.
- Roof mounted solar panels should generate considerable revenue for the solar energy panel market, by the year 2020.
- The commercial sector would grow at the highest CAGR and generate a considerable revenue for the solar energy panel market by the year 2020.
- China is estimated to be the maximum revenue generating country for ground mount panels.
- Presently, polycrystalline holds the largest percentage share in the market as compared to monocrystalline and thin film technologies.
Technology improvements and a rise in the demand for solar PV’s should present potential opportunities for this industry in the near future.
To access the full report visit APAC Market website.