Report : Asia Pacific Solar Energy Market Forecast to 2030 – Regional Analysis – by Technology (Photovoltaic Systems and Concentrated Solar Power Systems), Application (Electricity Generation, Heating, and Others), and End User (Residential, Commercial & Industrial, and Utility Scale)
At 14.0% CAGR, the Asia Pacific Solar Energy Market is speculated to be worth US$ 3,34,342.91 million by 2030, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacific solar energy market was valued at US$ 1,17,078.14 million in 2022 and is expected to reach US$ 3,34,342.91 million by 2030, registering a CAGR of 14.0% from 2022 to 2030. Growing greenhouse gas emission and energy uncertainties and growing photovoltaic applications in residential, commercial, and industrial sectors are among the critical factors attributed to the Asia Pacific solar energy market expansion.
The growing energy prices and uncertainty of energy supply in some remote locations have boosted the application of solar photovoltaics. Building-integrated photovoltaics are solar power-producing systems equipped with building components such as roofs, windows, and facades. It fulfills the dual purpose of converting solar energy into electricity and provides building envelope functions such as waterproofing, weather protection, and noise protection. In addition, the utilization of solar energy to generate heat for industrial applications, including improved oil recovery, water desalination, food processing, mineral processing, and chemical production, is increasing rapidly across various industries. Thus, the growing application of solar photovoltaics in residential, commercial, and industrial sectors for rooftop solar, rural homes, villages in developing nations, offshore oil platforms, lighthouses, desalination plants, and remote health clinics is driving the solar energy market.
On the contrary, irregular power supply and expensive storage facilities hamper the Asia Pacific solar energy market.
Based on technology, the Asia Pacific solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems segment held 99.9% share of Asia Pacific solar energy market in 2022, amassing US$ 1,16,952.06 million. It is projected to garner US$ 3,31,894.71 million by 2030 to expand at 13.9% CAGR during 2022–2030. The photovoltaic systems is further sub segmented into monocrystalline, polycrystalline, and others. The concentrated solar power systems is further sub segmented into linear concentrator, dish/engine, and power tower systems.
Based on application, the Asia Pacific solar energy market is segmented into electricity generation, heating, and others. The electricity generation segment held 71.4% share of Asia Pacific solar energy market in 2022, amassing US$ 83,605.59 million. It is projected to garner US$ 2,46,993.45 million by 2030 to expand at 14.5% CAGR during 2022–2030.
Based on end user, the Asia Pacific solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held 67.2% share of Asia Pacific solar energy market in 2022, amassing US$ 78,631.65 million. It is projected to garner US$ 2,23,256.53 million by 2030 to expand at 13.9% CAGR during 2022–2030.
Based on country, the Asia Pacific solar energy market has been categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. Our regional analysis states that China captured 59.8% share of Asia Pacific solar energy market in 2022. It was assessed at US$ 70,042.07 million in 2022 and is likely to hit US$ 2,04,016.04 million by 2030, exhibiting a CAGR of 14.3% during 2022–2030.
Key players operating in the Asia Pacific solar energy market are Abengoa SA, Acciona SA, Canadian Solar Inc, First Solar Inc, JinkoSolar Holding Co Ltd, and Trina Solar Co Ltd, among others.
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