APAC Solar Panel Market 2022-2028

Asia-Pacific Solar Panel Market Size, Share & Trends Analysis Report by Panel Type (Monocrystalline, Polycrystalline, and Thin-Film), By End-User (Residential Sector and Commercial Sector), By Installation (Ground-Mount, and Rooftop) Forecast Period (2022-2028)

The Asia-Pacific solar panel market is estimated to grow at a significant CAGR of 12% during the forecast period. A solar panel, often known as a PV panel, is a group of solar (or photovoltaic) cells that generate electricity using natural sunlight. It is made up of multiple solar cells that are placed in a grid-like pattern on the surface and are constructed of silicon, boron, and phosphorus. Solar panels are becoming more popular around the world because they do not cause pollution and their installation aids in the reduction of harmful greenhouse gas emissions. In addition, advances in quantum physics and nanotechnology and rising demand for solar panels in commercial, and residential sectors can offer a lucrative opportunity to the key market players in this region. Apart from this, the competition with a well-established oil and gas market and lack of proper energy storage and energy transportation facility is a major restraint of the market which hindered the growth of the Asia-Pacific solar panel market.

The Asia-Pacific solar panel market is segmented based on type and end-user. Based on type, the market is classified into monocrystalline silicon, polycrystalline silicon, and thin film. Asia-Pacific solar panel market is segmented based on the panel type, end-user, and installation. Based on the panel type, the solar panel market is classified into monocrystalline, polycrystalline, and thin-film solar panels. Further, on the basis of end-user, the market is segregated into the residential sector and commercial sector. Similarly, based on installation, the Asia-Pacific solar panel market is divided into ground-mount, and rooftop. Monocrystalline silicon panels comprise monocrystalline solar cells and are environment-friendly & non-toxic. Implementation of several advanced technologies by key players to achieve extremely high solar cell efficiency is one of the major factors driving the segment growth. For instance, In 2021, JinkoSolar Holding Co., Ltd. announced that the maximum solar conversion efficiency of its large-area N-type monocrystalline silicon solar cells reached 25.25%, setting a new world record. The company has so far set three world records for the most advanced large-area N-type cell in the world in less than one year.

Asia-Pacific Solar Panel Market is segregated geographically into China, India, Japan, and the Rest of Asia-Pacific that. Japan is anticipated to contribute considerable share in the Asia-Pacific solar panel market during the forecast period. The factors contributing to the growth of this region include government initiatives to encourage and promote renewable energy by adoption of solar power. This is expected to increase the adoption of solar power for domestic purposes, thereby, creating opportunities for the growth of the market over the forecast period. For instance, in 2021, In Japan, a draft proposal on green building requirements was approved pointing out that Japan is striving toward having PV systems installed on 60% of single-family houses by 2030 to promote renewable energy toward its goal of achieving net-zero emissions by 2050.

The key market players in the Asia-Pacific solar panel market are Canadian Solar Inc., Wuxi Suntech Power Co., Ltd., Tata Power Solar Systems Ltd, First Solar, Inc. SunPower Corporation, Trina Solar Ltd., Juwi AG, Motech Industries, Inc., Hanwha Group, and others. To sustain a strong position in the market, these players adopt different marketing strategies such as mergers and acquisitions, partnerships, collaborations, R&D, project development, geographical expansion so on. For an instance, In 2022, as an effort to finance solar power projects State Bank of India (SBI) launched a centralized processing cell - Surya Shakti Cell in collaboration with Tata Power Solar Systems. The Surya Shakti Cell will process all the loan applications for Solar Projects (capacity up to 1 MW) sourced from across India, for installation by business entities as well as households.

Research Methodology

The market study of the Asia-Pacific solar panel market is incorporated by extensive primary and secondary research conducted by the research team at research has been conducted to refine the available data to break down the market into various segments, and derive the total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior, and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives as possible, managers, key opinion leaders, and industry experts. Primary research brings authenticity to our reports.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research papers, and news blogs.
• Company websites and their product catalog.

The report provides an in-depth analysis of the market size, and intended quality of the service preferred by consumers. The report will serve as a source for a 360-degree analysis of the market thoroughly integrating different models.

Market Segmentation

1. Asia-Pacific Solar Panel Market Research and Analysis by Panel Type.
2. Asia-Pacific Solar Panel Market Research and Analysis by Application.
3. Asia-Pacific Solar Panel Market Research and Analysis by Installation.

The Report Covers

• Comprehensive research methodology of the Asia-Pacific solar panel market.
• This report also includes a detailed and extensive market overview with key analyst insights.
• An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
• Analysis of regional regulations and other government policies impacting the Asia-Pacific solar panel market.
• Insights about market determinants that are stimulating the Asia-Pacific solar panel market.
• Detailed and extensive market segments with the regional distribution of forecasted revenues.
• Extensive profiles and recent developments of market players.