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)
The Asia Pacific solar energy market is expected to grow from US$ 1,17,078.14 million in 2022 to US$ 3,34,342.91 million by 2030. It is estimated to grow at a CAGR of 14.0% from 2022 to 2030.
Application of Solar Power in Aerospace, Space, and Defense Industries Fuels Asia Pacific Solar Energy Market
The growing technological development and government initiatives are boosting the application of solar energy in various end-use sectors such as aerospace and defense. One of the key applications of solar power in the aerospace and defense industries is solar-powered UAVs. Solar-driven UAVs are unarmed platforms that depend solely on energy powered by the SUN to properly perform their functions. Solar UAVs are utilized in roles such as communications and persistent ISR. Solar-powered UAVs help secure communication in remote areas among defense forces, improving broadband connection. In addition, spacecraft have solar panels that transform the Sun's energy into electricity that provides power to the spacecraft. Also, solar energy has been utilized to power spacecraft on Mars, including NASA's Mars Exploration Rovers—Spirit and Opportunity and Mars’ Phoenix lander. Thus, the rising application of solar power in the aerospace, space, and defense industries is likely to create lucrative opportunities for the solar energy market players to boost the adoption of solar energy-based systems in the coming years.
Asia Pacific Solar Energy Market Overview
Growing focus on curbing environmental pollution by reducing greenhouse gas emissions and rising government initiatives toward increasing the stake of renewable energy resources in the overall power mix are major reasons for solar energy market growth in Asia Pacific. China, Australia, India, and Japan are a few key countries contributing to Asia Pacific's solar energy market growth. Growing focus on concentrated solar power plants and increasing demand for energy security are important drivers for the solar energy market in Asia Pacific. Net zero carbon emission targets of major countries and reducing carbon footprint in the industrial sector are also boosting the solar energy market in Asia Pacific. The growing government initiatives regarding rebates and tax credits influence the solar energy market growth. The rebates for solar panels and rooftop solar systems are increasing the application of solar systems in residential and commercial sectors.
Some of the policies related to renewable energy:
• The Australian government has pledged to expand the share of renewable power generation in Australia’s main National Electricity Market to 82% by 2030. The Australian government also targets lowering carbon emissions by 43% by 2030 and becoming a carbon-neutral nation by 2050.
• The National Development and Reform Commission is accountable for framing and implementing strategies concerning economic and social development in the country. The power governing structure is managed by the National Energy Administration, which works with the NDRC. China aimed for non-fossil fuels to hold for 20% of the energy generation mix by 2025.
• Indian Renewable Energy Development Agency offers low-interest loans for developing eligible renewable energy projects in the country. India has targeted achieving 50% cumulative electric power installed by 2030 from renewables and net-zero carbon emissions by 2070. Moreover, in 2022, the government introduced a ‘Mission 500GW’ action plan to attain the overall renewable target.
• Japanese Ministry for Economy, Trade, and Industry’s energy department declared a subsidy system for renewable energy. The FiTs will be swapped by Feed-in Premium’s through an auction mechanism for some categories commencing from April 2022. Japan targets to achieve approximately 36-38% renewable power in its generation mix by 2030 and net carbon neutrality by 2050.
• The South Korean power market underwent reform in 2001, and the Korean Electricity Commission (KOREC) was formed under the Ministry of Knowledge Economy (MKE). The South Korean government is firmly committed to accelerating the country’s energy evolution and has targeted to grow the share of renewable power production to 20% by 2030 and approximately 30-35% by 2040.
Asia Pacific Solar Energy Market Revenue and Forecast to 2030 (US$ Million)
Asia Pacific Solar Energy Market Segmentation
The Asia Pacific solar energy market is segmented into technology, application, end user, and country.
Based on technology, the Asia Pacific solar energy market is segmented into photovoltaic systems and concentrated solar power systems. The photovoltaic systems held a larger share of the Asia Pacific solar energy market in 2022. 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 the largest share of the Asia Pacific solar energy market in 2022.
Based on end user, the Asia Pacific solar energy market is segmented into residential, commercial & industrial, and utility scale. The utility scale segment held the largest share of the Asia Pacific solar energy market in 2022.
Based on country, the Asia Pacific solar energy market is segmented into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific solar energy market in 2022.
Abengoa SA, Acciona SA, Canadian Solar Inc, First Solar Inc, JinkoSolar Holding Co Ltd, and Trina Solar Co Ltd are some of the leading companies operating in the Asia Pacific solar energy market.
1. Introduction
1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Solar Energy Market Landscape
4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Solar Energy Suppliers
5. Asia Pacific Solar Energy Market - Key Industry Dynamics
5.1 Asia Pacific Solar Energy Market - Key Industry Dynamics
5.2 Market Drivers
5.2.1 Growing Concerns Regarding Greenhouse Gas Emission and Energy Uncertainties
5.2.2 Rising Government Initiatives for Solar Power
5.2.3 Growing Demand for Energy
5.2.4 Growing Photovoltaic Applications in Residential, Commercial, and Industrial Sectors
5.3 Market Restraints
5.3.1 Irregular Power Supply and Expensive Storage Facilities
5.3.2 High Initial Expenditure for Installation
5.4 Market Opportunities
5.4.1 Application of Solar Power in Aerospace, Space, and Defense Industries
5.5 Future Trends
5.5.1 Growing Focus on Deploying Concentrated Solar Power Technology
5.6 Impact of Drivers and Restraints:
6. Solar Energy Market - Asia Pacific Market Analysis
6.1 Asia Pacific Solar Energy Market Revenue (US$ Million), 2022 – 2030
6.2 Asia Pacific Solar Energy Market Forecast and Analysis
7. Asia Pacific Solar Energy Market Analysis - Technology
7.1 Photovoltaic Systems
7.1.1 Overview
7.1.2 Photovoltaic Systems: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.1.3 Monocrystalline
7.1.3.1 Overview
7.1.3.2 Monocrystalline: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.1.4 Polycrystalline
7.1.4.1 Overview
7.1.4.2 Polycrystalline: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.1.5 Others
7.1.5.1 Overview
7.1.5.2 Others: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2 Concentrated Solar Power Systems
7.2.1 Overview
7.2.2 Concentrated Solar Power Systems: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.3 Linear Concentrator
7.2.3.1 Overview
7.2.3.2 Linear Concentrator: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.4 Dish/Engine
7.2.4.1 Overview
7.2.4.2 Dish/Engine: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
7.2.5 Power Tower Systems
7.2.5.1 Overview
7.2.5.2 Power Tower Systems: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8. Asia Pacific Solar Energy Market Analysis – Application
8.1 Electricity Generation
8.1.1 Overview
8.1.2 Electricity Generation: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.2 Heating
8.2.1 Overview
8.2.2 Heating: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others: Asia Pacific Solar Energy Market Revenue, and Forecast to 2030 (US$ Million)
9. Asia Pacific Solar Energy Market Analysis – End User
9.1 Residential
9.1.1 Overview
9.1.2 Residential: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.2 Commercial & Industrial
9.2.1 Overview
9.2.2 Commercial & Industrial: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
9.3 Utility Scale
9.3.1 Overview
9.3.2 Utility Scale: Asia Pacific Solar Energy Market, Revenue and Forecast to 2030 (US$ Million)
10. Asia Pacific Solar Energy Market - Country Analysis
10.1 Asia Pacific Solar Energy Market
10.1.1 Asia Pacific Solar Energy Market Revenue and Forecasts and Analysis - By Country
10.1.1.1 Asia Pacific Solar Energy Market Revenue and Forecasts and Analysis - By Country
10.1.1.2 Australia: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.2.1 Australia: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.2.1.1 Australia: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.2.2 Australia: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.2.3 Australia: Asia Pacific Solar Energy Market Breakdown by End User
10.1.1.3 China: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.3.1 China: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.3.1.1 China: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.3.1.2 China: Asia Pacific Solar Energy Market Breakdown by Concentrated Solar Power Systems
10.1.1.3.2 China: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.3.3 China: Asia Pacific Solar Energy Market Breakdown by End User
10.1.1.4 India: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.4.1 India: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.4.1.1 India: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.4.2 India: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.4.3 India: Asia Pacific Solar Energy Market Breakdown by End User
10.1.1.5 Japan: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.5.1 Japan: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.5.1.1 Japan: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.5.2 Japan: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.5.3 Japan: Asia Pacific Solar Energy Market Breakdown by End User
10.1.1.6 South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.6.1 South Korea: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.6.1.1 South Korea: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.6.2 South Korea: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.6.3 South Korea: Asia Pacific Solar Energy Market Breakdown by End User
10.1.1.7 Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts to 2030 (US$ Mn)
10.1.1.7.1 Rest of Asia Pacific: Asia Pacific Solar Energy Market Breakdown by Technology
10.1.1.7.1.1 Rest of Asia Pacific: Asia Pacific Solar Energy Market Breakdown by Photovoltaic Systems
10.1.1.7.2 Rest of Asia Pacific: Asia Pacific Solar Energy Market Breakdown by Application
10.1.1.7.3 Rest of Asia Pacific: Asia Pacific Solar Energy Market Breakdown by End User
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 Acciona SA
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Abengoa SA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Trina Solar Co Ltd
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 First Solar Inc
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 JinkoSolar Holding Co Ltd
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Canadian Solar Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Word Index
List of Tables
Table 1. Asia Pacific Solar Energy Market Segmentation
Table 2. List of Vendors in the Value Chain
Table 3. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Table 4. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Technology
Table 5. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Photovoltaic
Table 6. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Concentrated Solar Power
Table 7. Upcoming CSP Solar Projects
Table 8. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – Application
Table 9. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million) – End User
Table 10. Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Country
Table 11. Australia: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 12. Australia: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 13. Australia: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 14. Australia: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 15. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 16. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 17. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Concentrated Solar Power Systems
Table 18. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 19. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 20. India: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 21. India: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 22. India: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 23. India: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 24. Japan: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 25. Japan: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 26. Japan: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 27. Japan: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 28. South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 29. South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 30. South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 31. South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 32. Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Technology
Table 33. Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Photovoltaic Systems
Table 34. Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By Application
Table 35. Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn) – By End User
Table 36. List of Abbreviation
List of Figures
Figure 1. Asia Pacific Solar Energy Market Segmentation, By Country
Figure 2. PEST Analysis
Figure 3. Ecosystem: Asia Pacific Solar Energy Market
Figure 4. Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Solar Energy Market Revenue (US$ Million), 2022 – 2030
Figure 6. Asia Pacific Solar Energy Market Share (%) – Technology, 2022 and 2030
Figure 7. Photovoltaic Systems: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 8. Monocrystalline: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Polycrystalline: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. Others: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 11. Concentrated Solar Power Systems: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Linear Concentrator: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Dish/Engine: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. Power Tower Systems: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 15. Asia Pacific Solar Energy Market Share (%) – Application, 2022 and 2030
Figure 16. Electricity Generation: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 17. Heating: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 18. Others: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 19. Asia Pacific Solar Energy Market Share (%) – End User, 2022 and 2030
Figure 20. Residential: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 21. Commercial & Industrial: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 22. Utility Scale: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Million)
Figure 23. Asia Pacific Solar Energy Market, By Key Country – Revenue (2022) (US$ Million)
Figure 24. Asia Pacific Solar Energy Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 25. Australia: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 26. China: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 27. India: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 28. Japan: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 29. South Korea: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 30. Rest of Asia Pacific: Asia Pacific Solar Energy Market Revenue and Forecasts To 2030 (US$ Mn)
- Abengoa SA
- Acciona SA
- Canadian Solar Inc
- First Solar Inc
- JinkoSolar Holding Co Ltd
- Trina Solar Co Ltd
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific Solar Energy Market.
- Highlights key business priorities in order to assist companies to realign their business strategies.
- The key findings and recommendations highlight crucial progressive industry trends in the Asia Pacific Solar Energy Market, thereby allowing players across the value chain to develop effective long-term strategies.
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
- Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the market, as well as those hindering it.
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution.