Asia-Pacific Rooftop Solar Panel Market 2020-2026

Asia-Pacific Rooftop Solar Panel Market Size, Share & Trends Analysis Report by Type (Monocrystalline Silicon, Polycrystalline Silicon, Thin-Film, and Others), By End-user (Corporate and Household) Forecast Period 2021-2027.

Asia-Pacific Rooftop Solar Panel Market is anticipated to grow at a CAGR of around 8.4% during the forecast period. The growth of the market is attributing to factors including increasing demand for green energy, as green energy is supported by various governments to promote nonhazardous sources of energy and provide electricity facilities to rural and remote areas. Further increasing concern regarding environment, decreasing solar panel prices in emerging countries. Additionally, fluctuation in crude oil prices also contributing to the growth of the market along with rising awareness among people regarding the co-effective renewable sources of energy. Other factors such as increasing government subsidies, initiatives, and schemes for rooftop solar panels.

Proper energy-storing facility and transportation is a challenge for the market as the energy is stored in batteries from which electricity is generated by solar panels, the batteries consist of high cost and maintenance. Another challenge of the high installation cost of solar panels is they are most expensive than traditional panels. The more electricity generated by a solar system more will be the high the installation cost. However, rising demand for solar panels from emerging economies such as India and China as both countries are continuously investing in solar panels to improve the environmental conditions in the region. Further, the market is estimating continuous growth as there are fewer barriers for new entrants. Many US-based manufactures are expanding their business in Asia-Pacific so that they can take advantage of cheap labor and lower prices. Furthermore, significant technological advancement in the solar panel industry such as efficiency, energy storage, design, and configuration is creating ample opportunity for market growth.

Segmental Outlook

Asia-Pacific rooftop solar panel market is segmented based on type, and end-user. Based on the type the market is segmented into monocrystalline silicon, polycrystalline silicon, thin-film, and others. Further based on end-user the market is segmented into corporate, and household.

Asia-Pacific Rooftop Solar Panel Market Growth by Type, 2020 (%)

The Polycrystalline Silicon segment is considered to dominate Asia-Pacific rooftop solar panel market.

Among type Polycrystalline silicon segment is estimated to dominate the Asia-Pacific rooftop solar panel market. polycrystalline silicon is produced from metallurgical grade silicon and a chemical purification process is used, known as the Siemens process. These are made by melting raw silicon fragments together and are one of the components of rooftop solar PV systems. Owing to the presence of several crystals in each cell, polycrystalline solar panels are also known as multi-crystalline panels. Rooftop solar panels made of polycrystalline silicon usually have a performance of 13-17%. Furthermore, the low cost of polycrystalline silicon PV panels per channel, durability and long-term design, and environmentally friendly features are some of the benefits that are driving polycrystalline solar panel adoption.

Regional Outlooks

Asia-Pacific rooftop solar panel Market is segregated geographically into China, India, Japan, and the Rest of Asia-Pacific. China projected to contribute the highest share in the Asia-Pacific solar panel market during the forecast period followed by Japan. The market is driven due to factors including increasing demand for solar energy and mass manufacturing units of solar panels. Many key players are also investing in Asia-Pacific due to factors such as high solar radiation and affordable labor. The green energy trend is also influencing the growth of the market in the region. Additionally, increasing government support and increasing awareness regarding the advantages of solar panels is also propelling the growth of the market. India is one of the countries where the growth of the market is boosted by factors such as decreasing prices of solar cells, increasing consumer tariffs, and rising government initiatives in the region. For instance, the government of India has set a 'rooftop solar program ‘for providing uninterrupted power to commercial, industrial end-user by the end of 2022.

Market Players Outlook

The key players of the Asia-Pacific rooftop solar panel market include Canadian Solar Inc., Tata Power Solar Systems Ltd, First Solar, Inc. SunPower Corp., Trina Solar Co., Ltd., Hanwha Group, and others The market players are considerably contributing to the market growth by the adoption of various strategies including mergers, and acquisitions, collaborations, and new product launches, to stay competitive in the market. For instance, in February 2019, SunPower Corp. announced its acquisitions with SolarWorld an American facility in Hillsboro. The company assembles its high-quality 19% efficient performance series solar panel (P19 or P series) for commercial purpose in US factories.

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the Asia-Pacific Rooftop Solar Panel market
• Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying 'who-stands-where in the market.