The solar PV market in share APAC will post an incremental growth of USD 150.13 million, progressing at a CAGR of 21.74% during the forecast period. The favorable government regulations will offer immense growth opportunities to market vendors. The solar PV market in APAC is fragmented, and the vendors are deploying growth strategies such as low-pricing strategies and strengthening the local customer base to compete in the market.
Technavio’s report on “Solar PV Market in APAC by End-user and Geography - Forecast and Analysis 2022-2026” provides a detailed analysis of the prevalent market forces, trends, and challenges likely to impact the market in focus.
The solar PV market in APAC is segmented by End-user (Utility, commercial, and residential) and Geography (China, India, Japan, South Korea, and Rest of APAC)
The growth of the solar PV market size in APAC by the utility segment will be significant during the forecast period. Factors such as favorable government support and a decline in the costs of solar PV installation are expected to drive segment growth during the forecast period.
The favorable government regulations will directly influence the solar PV market in APAC. In addition, the advances in thin-film solar PV modules are the major solar PV market trends in APAC that will positively impact the market growth. However, factors such as the intermittency of solar PV systems will hamper the solar PV market growth in APAC.
The market is fragmented due to the presence of several players. Some of the major solar PV market vendors in APAC are 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.
To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments. To survive and succeed in such an intensely competitive market, players must distinguish their product and service offerings through clear and unique value propositions.
Download the Free PDF sample report for highlights on the market size, growth momentum, regional growth opportunities, vendor analysis, and other factors influencing the market growth.
Precise market size estimation during the forecast period 2022-2026.
CAGR of the solar PV market in APAC forecast during 2022-2026.
Market-level data on units, average selling prices, and values of the solar PV market share in APAC.
Prediction of the upcoming trends, drivers, and factors that challenge the growth of the solar PV market in APAC.
Solar PV industry growth across APAC
