Asia Pacific On Grid Solar PV Market Analysis

Asia Pacific On Grid Solar PV Market Analysis

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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.