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Asia Pacific On Grid Solar PV Market Size - By End-Use (Residential, Commercial & Industrial, Utility), Country Outlook & Forecast, 2024 – 2032
- Report ID: GMI8871
- Published Date: Apr 2024
- Report Format: PDF
Asia Pacific On Grid Solar PV Market Size
Asia Pacific On Grid Solar PV Market was valued at USD 71.5 billion in 2023 and is set to grow at a CAGR of 4% from 2024 to 2032.
Large scale renewable energy deployment owing to growing sustainable energy targets in line with falling prices of solar panels, inverters, and balance of system components will stimulate the product adoption. For instance, in January 2024, the Government of India launched its first on grid solar project with battery energy storage system at Lakshadweep islands. Rapid urbanization, industrialization, and economic growth will eventually increase the energy demand, thereby influencing the market dynamics.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Asia Pacific On Grid Solar PV Market Size in 2023: | USD 71.5 Billion |
| Forecast Period: | 2024 to 2032 |
| Forecast Period 2024 to 2032 CAGR: | 4% |
| 2032 Value Projection: | USD 100.1 Billion |
| Historical Data for: | 2019 to 2023 |
| No. of Pages: | 150 |
| Tables, Charts & Figures: | 250 |
| Segments covered: | End-Use and Region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Asia Pacific On Grid Solar PV Market Trends
Growing adoption of digital technologies facilitating remote monitoring, operation, and maintenance of the systems coupled with its key features including distributed generation which contributes to enhance energy resilience by diversifying the energy mix will drive the business scenario. In addition, the major authorities are continuously adopting solar energy to fulfill clean energy requirements across multiple application, which will augment the business landscape.
Asia Pacific On Grid Solar PV Market Analysis
Based on end-use, the utility on grid solar PV market is projected to surpass USD 56 billion by 2032, on the account of upsurge in advancements of solar PV technologies, including high-efficiency solar panels, energy storage solutions, and digital monitoring systems along with rising electricity prices from conventional sources. Further, ability to offer renewable and low-carbon energy solutions, enabling stakeholders to reduce their carbon footprint and meet sustainability goals will complement the business landscape.
Commercial & industrial on grid solar PV witnessed a market share of over 18% in 2023. Green procurement policies incentivizing investments across solar PV installations coupled with increasing research and development initiatives will strengthen the industry growth. Moreover, ongoing introduction of various roadmaps and plans to achieve cost effectiveness and economies of scale will in turn stimulate the product penetration.
China on grid solar PV market is estimated to reach USD 51 billion by 2032. Introduction of incentives including feed-in tariffs, tax credits, subsidies, and renewable energy targets in conjunction with investments in grid modernization and smart grid infrastructure have facilitated the integration of solar PV into existing electricity grids, thereby driving the industry statistics. Furthermore, restructuring and revamping of existing infrastructure in line with continuous integration of utility-scale renewable infrastructure across various economies will sway the business trends.
Asia Pacific On Grid Solar PV Market Share
Trina Solar, Canadian Solar, JA SOLAR Technology Co., Ltd., Jinko Solar, First Solar and Havells India Ltd. hold majority of the industry share. Collaborations often focus on technology transfer, capacity building, policy development, and market expansion initiatives. Public-private partnerships (PPPs) facilitate joint investments in on-grid solar PV projects, leveraging the strengths of both public and private sectors to overcome financing, regulatory, and technical challenges. Therefore, these partnerships enable full potential of solar energy to meet the region's growing energy demand sustainably.
Asia Pacific On Grid Solar PV Market Companies
Major key players operating across the on-grid solar PV industry include:
- Amplus Solar
- Canadian Solar
- First Solar
- Havells India Ltd.
- Indosolar
- JA SOLAR Technology Co., Ltd
- JinkoSolar
- LONGi
- LOOM SOLAR PVT. LTD.
- Rays Power Infra
- RISEN ENERGY Co., LTD
- Sunova Solar
- Trina Solar
Asia Pacific On-Grid Solar PV Industry News
- In February 2024, AirTrunk, and ib vogt signed data center renewable energy Virtual Power Purchase Agreement under Corporate Green Power Programme of Malaysia. AirTrunk will receive solar energy from over 30 MW solar farm for its JHB1 data center. Therefore, the company will mark its another initiative towards Net Zero and decarbonize APJ's electricity grid.
- In January 2024, Surfactor Asia Pacific Sdn Bhd started its renewable energy project with solar technology at Johar facility in Malaysia. The project consists of solar panels covering a car park and two buildings. This strategic step aligns with National Energy Transition Roadmap of the country, thereby the company will significantly support the sustainability commitments in Asia Pacific region.
Asia Pacific on grid solar PV market research report includes an in–depth coverage of the industry with estimates & forecast in terms of revenue in ‘MW & USD Billion’ from 2019 to 2032, for the following segments:
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Market, By End-Use
- Residential
- Commercial & Industrial
- Utility
The above information has been provided for the following countries:
- China
- Australia
- India
- Japan
- South Korea
- Thailand
- Philippines
- Vietnam
- Malaysia
- Singapore
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Asia Pacific On Grid Solar PV Market Scope
