Asia-Pacific Rooftop Solar Panel Market Size, Share & Trends Analysis Report by Panel Type (Monocrystalline, Polycrystalline, and Thin-Film), and by End-User (Residential Sector and Commercial Sector) Forecast Period (2022-2028)
The Asia-Pacific rooftop solar panel market is estimated to grow at a considerable CAGR of 8.4% 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. Rooftop Solar panels are more popular around the world as 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 rooftop solar panel market.
The Asia-Pacific solar panel market is segmented based on panel type and end-user. Based on the panel type, the market is classified into monocrystalline silicon, polycrystalline silicon, and thin film. Based on end-user, the market is segregated into the residential sector and commercial sector. The monocrystalline sub-segment is anticipated to hold a prominent share in the rooftop solar panel market during the forecast period. Monocrystalline solar panels are widely adopted in residential installation applications. On the other hand, monocrystalline solar panels generated more energy, and have the highest capacity compared to other solar panels. These solar panels have efficiency ranges from 17% to 22%. Apart from this, monocrystalline solar cells in solar panels require less space to reach a given power capacity due to high efficiency. The cost of the monocrystalline solar panel is high compared to polycrystalline and thin-film because of their manufacturing process, which leads to the limited adoption of these solar panels. The incentives are provided by the government in the form of subsidies to install solar panels. This, in turn, is likely to have a positive impact on the adoption of monocrystalline solar panels in the region. On the other hand, the rapid development in technology to produce monocrystalline solar cells with less production cost is boosting the growth and development of monocrystalline solar panels in the Asia-Pacific region. 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.
The Asia-Pacific rooftop solar panel market is segregated geographically into China, India, Japan, and the Rest of Asia-Pacific. Japan is anticipated to contribute a considerable share of the Asia-Pacific rooftop 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 the 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 rooftop solar panel market are Evergreen Solar, JA SOLAR Technology Co., Ltd., Sharp Corp., Suzhou Talesun Solar Technology Co., Ltd, Tata Power Solar Systems Ltd, 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 November 2021, At the COP26 climate conference in Glasgow, The International Solar Alliance (ISA), the India Presidency of the ISA, and the UK COP Presidency revealed plans for the first international network of global interconnected solar power grids.
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
- Asia-Pacific Rooftop Solar Panel Market Research and Analysis by Panel Type.
- Asia-Pacific Rooftop Solar Panel Market Research and Analysis by Application.
The Report Covers
- Comprehensive research methodology of the Asia-Pacific rooftop 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 rooftop solar panel market.
- Insights about market determinants that are stimulating the Asia-Pacific rooftop solar panel market.
- Detailed and extensive market segments with the regional distribution of forecasted revenues.
- Extensive profiles and recent developments of market players.
Table of Contents
Companies Mentioned
A selection of companies mentioned in this report includes:
6.1. Canadian Solar Inc.6.2. CsunSolar Tech
6.3. DelSolar Co., Ltd.
6.4. Desert Technologies
6.5. Evergreen Power Solution Inc.
6.6. First Solar, Inc.
6.7. Hanwha Corp.
6.8. JinkoRooftop Solar Holding Co., Ltd.
6.9. Juwi Holding AG
6.10. KYOCERA Corp.
6.11. Motech Industries Inc.
6.12. Renesola Zhejiang Ltd.
6.13. RISEN ENERGY CO., LTD.
6.14. SoloPower Systems, Inc.
6.15. SunEdison Inc.
6.16. SunPower Corp.
6.17. Wuxi Suntech Power Co., Ltd.
6.18. Trina Rooftop Solar Ltd.
6.19. Yingli Green Energy Holding Co. Ltd.
6.20. Zhongli TalesunRooftop Solar Co., Ltd.
