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Solar PV Market in APAC — Technavio's Report expects market size to grow by USD 150.13 Mn

Solar PV Market in APAC — Technavio's Report expects market size to grow by USD 150.13 Mn

NEW YORK, Aug. 4, 2022 /PRNewswire/ — The “Solar PV Market in APAC by End-user and Geography – Forecast and Analysis 2022-2026” report has been added to Technavio’s offering. According to the report, the market will observe an incremental growth of USD 150.13 million between 2021 and 2026, accelerating at a CAGR of 21.74% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample PDF Report Here

The solar PV market in APAC is fragmented due to the presence of numerous international and regional players. The market constitutes pure-play, industry-focused, and diversified vendors. The competition in the market is high due to the presence of a wide range of competitors offering many products and solutions. However, the high capital requirement is expected to bring down the threat of rivalry in the market to moderate. The high demand for sustainable power is expected to create significant growth opportunities for market players.

Technavio identifies 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. as some of the dominant market participants.

The market is primarily driven by the presence of favorable government regulations in APAC countries. Governments across APAC are encouraging the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. For instance, Japan has recently introduced the FiT policy to encourage investments in renewable energy technologies. The policy covers various aspects of the solar PV energy industry, including eligibility criteria, bonuses, and various other grants. The availability of such policies is increasing the adoption of solar PV panels, thereby driving the growth of the market in focus.

In addition, the declining cost of solar PV panels and the increasing adoption of microgrids will offer immense growth opportunities for market players. However, factors such as the intermittency of solar PV systems, low energy conversion of solar panels, and high initial investment and maintenance costs of solar PV systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View Sample Report Here

The solar PV market in APAC is segmented as below:

  • End-user
    • Utility
    • Commercial
    • Residential

The utility segment is the prime end-user in the market. The availability of favorable government support and a decline in the costs of solar PV installation is driving the growth of the segment. The market growth in the segment will be significant during the forecast period.

  • Geography
    • China
    • India
    • Japan
    • South Korea
    • Rest Of APAC

China emerged as the major market for solar PV in APAC in 2021. The regional market is driven by the country’s increasing number of residential solar PV installations. Also, the increasing electrification of rural areas, growing off-grid installations, and the declining cost of solar PV systems are anticipated to foster the growth of the solar PV market in China during the forecast period.

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our solar PV market in APAC report covers the following areas:

Solar PV Market in APAC 2022-2026: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the solar PV market in APAC. Backed with competitive intelligence and benchmarking, our research report on the solar PV market in APAC is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Solar PV Market in APAC 2022-2026: Key Highlights
  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will assist solar PV market growth in APAC during the next five years
  • Estimation of the solar PV market size in APAC and its contribution to the parent market
  • Predictions on upcoming trends and changes in consumer behavior
  • The growth of the solar PV market in APAC
  • 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 vendors in APAC
Related Reports:

Solar PV Market in APAC: Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 21.74%

Market growth 2022-2026

USD 150.13 million

Market structure

Fragmented

YoY growth (%)

20.84

Regional analysis

China, India, Japan, South Korea, and Rest of APAC

Performing market contribution

APAC at 100%

Key consumer countries

China, India, Japan, South Korea, and Rest of APAC

Competitive landscape

Leading companies, competitive strategies, consumer engagement scope

Companies profiled

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.

Market Dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, and market condition analysis for the forecast period.

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table Of Contents:

1 Executive Summary

  • 1.1 Market overview
    • Exhibit 01: Executive Summary – Chart on Market Overview
    • Exhibit 02: Executive Summary – Data Table on Market Overview
    • Exhibit 03: Executive Summary – Chart on Country Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by End-user
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 13: Chart on APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 14: Data Table on Regional – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 15: Chart on APAC: Year-over-year growth 2021-2026 (%)
    • Exhibit 16: Data Table on Regional – Market size and forecast 2021-2026 ($ billion)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 17: Five forces analysis – Comparison between 2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 23: Chart on Market condition – Five forces 2021 and 2026

5 Market Segmentation by End-user

  • 5.1 Market segments
    • Exhibit 24: Chart on End-user – Market share 2021-2026 (%)
    • Exhibit 25: Data Table on End-user – Market share 2021-2026 (%)
  • 5.2 Comparison by End-user
    • Exhibit 26: Chart on Comparison by End-user
    • Exhibit 27: Data Table on Comparison by End-user
  • 5.3 Utility – Market size and forecast 2021-2026
    • Exhibit 28: Chart on Utility – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 29: Data Table on Utility – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 30: Chart on Utility – Year-over-year growth 2021-2026 (%)
    • Exhibit 31: Data Table on Utility – Year-over-year growth 2021-2026 (%)
  • 5.4 Commercial – Market size and forecast 2021-2026
    • Exhibit 32: Chart on Commercial – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 33: Data Table on Commercial – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 34: Chart on Commercial – Year-over-year growth 2021-2026 (%)
    • Exhibit 35: Data Table on Commercial – Year-over-year growth 2021-2026 (%)
  • 5.5 Residential – Market size and forecast 2021-2026
    • Exhibit 36: Chart on Residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 37: Data Table on Residential – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 38: Chart on Residential – Year-over-year growth 2021-2026 (%)
    • Exhibit 39: Data Table on Residential – Year-over-year growth 2021-2026 (%)
  • 5.6 Market opportunity by End-user
    • Exhibit 40: Market opportunity by End-user ($ billion)

6 Customer Landscape

  • 6.1 Customer landscape overview
    • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

7 Geographic Landscape

  • 7.1 Geographic segmentation
    • Exhibit 42: Chart on Market share by geography – 2021-2026 (%)
    • Exhibit 43: Data Table on Market share by geography – 2021-2026 (%)
  • 7.2 Geographic comparison
    • Exhibit 44: Chart on Geographic comparison
    • Exhibit 45: Data Table on Geographic comparison
  • 7.3 China – Market size and forecast 2021-2026
    • Exhibit 46: Chart on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 47: Data Table on China – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Chart on China – Year-over-year growth 2021-2026 (%)
    • Exhibit 49: Data Table on China – Year-over-year growth 2021-2026 (%)
  • 7.4 India – Market size and forecast 2021-2026
    • Exhibit 50: Chart on India – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 51: Data Table on India – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 52: Chart on India – Year-over-year growth 2021-2026 (%)
    • Exhibit 53: Data Table on India – Year-over-year growth 2021-2026 (%)
  • 7.5 Japan – Market size and forecast 2021-2026
    • Exhibit 54: Chart on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 55: Data Table on Japan – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 56: Chart on Japan – Year-over-year growth 2021-2026 (%)
    • Exhibit 57: Data Table on Japan – Year-over-year growth 2021-2026 (%)
  • 7.6 South Korea – Market size and forecast 2021-2026
    • Exhibit 58: Chart on South Korea – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 59: Data Table on South Korea – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 60: Chart on South Korea – Year-over-year growth 2021-2026 (%)
    • Exhibit 61: Data Table on South Korea – Year-over-year growth 2021-2026 (%)
  • 7.7 Rest of APAC – Market size and forecast 2021-2026
    • Exhibit 62: Chart on Rest of APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 63: Data Table on Rest of APAC – Market size and forecast 2021-2026 ($ billion)
    • Exhibit 64: Chart on Rest of APAC – Year-over-year growth 2021-2026 (%)
    • Exhibit 65: Data Table on Rest of APAC – Year-over-year growth 2021-2026 (%)
  • 7.8 Market opportunity by geography
    • Exhibit 66: Market opportunity by geography ($ billion)

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Impact of drivers and challenges
    • Exhibit 67: Impact of drivers and challenges in 2021 and 2026
  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 68: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 69: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 70: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 71: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 72: Matrix on vendor position and classification
  • 10.3 ABB Ltd.
    • Exhibit 73: ABB Ltd. – Overview
    • Exhibit 74: ABB Ltd. – Business segments
    • Exhibit 75: ABB Ltd. – Key offerings
    • Exhibit 76: ABB Ltd. – Segment focus
  • 10.4 Adani Green Energy Ltd.
    • Exhibit 77: Adani Green Energy Ltd. – Overview
    • Exhibit 78: Adani Green Energy Ltd. – Product / Service
    • Exhibit 79: Adani Green Energy Ltd. – Key offerings
  • 10.5 Azure Power
    • Exhibit 80: Azure Power – Overview
    • Exhibit 81: Azure Power – Product / Service
    • Exhibit 82: Azure Power – Key news
    • Exhibit 83: Azure Power – Key offerings
  • 10.6 Canadian Solar Inc.
    • Exhibit 84: Canadian Solar Inc. – Overview
    • Exhibit 85: Canadian Solar Inc. – Business segments
    • Exhibit 86: Canadian Solar Inc. – Key news
    • Exhibit 87: Canadian Solar Inc. – Key offerings
    • Exhibit 88: Canadian Solar Inc. – Segment focus
  • 10.7 First Solar Inc.
    • Exhibit 89: First Solar Inc. – Overview
    • Exhibit 90: First Solar Inc. – Business segments
    • Exhibit 91: First Solar Inc. – Key news
    • Exhibit 92: First Solar Inc. – Key offerings
    • Exhibit 93: First Solar Inc. – Segment focus
  • 10.8 Huawei Technologies Co. Ltd.
    • Exhibit 94: Huawei Technologies Co. Ltd. – Overview
    • Exhibit 95: Huawei Technologies Co. Ltd. – Business segments
    • Exhibit 96: Huawei Technologies Co. Ltd. – Key offerings
    • Exhibit 97: Huawei Technologies Co. Ltd. – Segment focus
  • 10.9 JA Solar Technology Co. Ltd.
    • Exhibit 98: JA Solar Technology Co. Ltd. – Overview
    • Exhibit 99: JA Solar Technology Co. Ltd. – Product / Service
    • Exhibit 100: JA Solar Technology Co. Ltd. – Key offerings
  • 10.10 Lanco Infratech Ltd.
    • Exhibit 101: Lanco Infratech Ltd. – Overview
    • Exhibit 102: Lanco Infratech Ltd. – Product / Service
    • Exhibit 103: Lanco Infratech Ltd. – Key offerings
  • 10.11 Tata Power Co. Ltd.
    • Exhibit 104: Tata Power Co. Ltd. – Overview
    • Exhibit 105: Tata Power Co. Ltd. – Business segments
    • Exhibit 106: Tata Power Co. Ltd. – Key news
    • Exhibit 107: Tata Power Co. Ltd. – Key offerings
    • Exhibit 108: Tata Power Co. Ltd. – Segment focus
  • 10.12 Trina Solar Co. Ltd.
    • Exhibit 109: Trina Solar Co. Ltd. – Overview
    • Exhibit 110: Trina Solar Co. Ltd. – Business segments
    • Exhibit 111: Trina Solar Co. Ltd. – Key offerings
    • Exhibit 112: Trina Solar Co. Ltd. – Segment focus

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Inclusions and exclusions checklist
    • Exhibit 113: Inclusions checklist
    • Exhibit 114: Exclusions checklist
  • 11.3 Currency conversion rates for US$
    • Exhibit 115: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 116: Research methodology
    • Exhibit 117: Validation techniques employed for market sizing
    • Exhibit 118: Information sources
  • 11.5 List of abbreviations
    • Exhibit 119: List of abbreviations
About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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