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Asia-Pacific Rooftop Solar Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

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  • 100 Pages
  • January 2022
  • Region: Asia Pacific
  • Mordor Intelligence
  • ID: 5530026

The Asia-Pacific rooftop solar market is expected to grow at a CAGR of more than 15.5% over the forecast period. The growth of the Asia-Pacific market is being primarily driven by China and India's solar market. The FiT policy and supportive government legislation are key drivers for the rooftop solar power market in most countries in Asia-Pacific. In addition, various initiatives taken by the government to bring energy security for their nations, with increasing focus towards energy that is sustainable is one of the major key factors that boost up the demand of rooftop solar PV in the region. However, the economic slowdown in various countries of Asia-Pacific is likely to restrain the growth of the Asia-Pacific rooftop solar market.

Key Highlights

  • Commercial and Industrial segment is expected to dominate in the Asia-Pacific rooftop solar market during the forecast period.
  • The growing interest in distributed solar power generation due to various economic benefits and a constant source of energy to eliminate downtimes and equipment damage due to voltage fluctuations in conventional power grids is likely to create a huge opportunity for rooftop solar in the region.
  • China is expected to dominate in the Asia-Pacific rooftop solar market over the forecast period.

Key Market Trends

Commercial and Industrial Segment is Expected to Dominate the Market

  • In Asia-Pacific, solar module prices are expected to continue to decline due to price competition led by Chinese manufacturers. Hence, the commercial and industrial rooftop solar market is expected to have significant growth in the region.
  • Asia-Pacific being home to several developing economies is seen as the high potential market for the rooftop solar panel companies to invest.
  • In Asia-Pacific, Total Solar Distributed Generation has completed nearly 8 MW of rooftop solar systems in first half of 2020 and is projected to complete construction of key projects by end 2020, growing its portfolio of operating solar energy assets in the region by around 60 MW.
  • Furthermore, Total Solar DG is constructing solar rooftops on 24 facilities owned by Thai agro-industrial giant Betagro Group. This is one of the largest rooftop solar portfolios in the region, with a total system size of 25 MW and over 62,000 solar panels. Annually, this will reduce carbon dioxide emissions by 26,000 tonnes, and cost savings worth several million USD.
  • At the beginning of 2020, Cleantech Solar, has secured a USD 75 million green loan for commercial and industrial rooftop solar projects in Southeast Asia from ING Bank N.V., Singapore Branch.
  • Therefore, with the undergoing and completed rooftop solar projects in the region the commercial and industrial segment is expected to dominate in the market over the forecast period.

China is Expected to Dominate the Market

  • Solar PV in China has grown exponentially. In China, the use of rooftop PV technology has been massive. As of 2019, China solar installed capacity reached 205.4 GW from 43.5 GW in 2015.
  • China installed a total capacity of 30.1 GW in 2019. In which, large-scale projects accounted for 17.91 GW of installations, and 12.2 GW of installations were through distributed projects.
  • Growing demand for clean energy and reducing price for solar PV are one of the primary drivers for the rooftop solar market in the country. Rooftop solar costs are already cheap enough to compete with industrial and commercial customer’s retail power prices in China.
  • China’s Ministry of Finance (MOF) has determined the total subsidy for PV in 2020 to amount to about CNY1.5 billion (USD214 million). CNY500 million of this is allocated for residential rooftop PV. Compared with last year, the subsidy budget was slashed by 50% from last year’s CNY3 billion.
  • In 2019, China’s renewable power generation has reached 732.3 TWh, with the highest generation. Among this, solar energy accounted for 223.8 TWh of power generation in the country. Hence, increase in the share of solar power generation in the regions energy mix is likely to have a positive impact on the rooftop solar market over the forecast period.

Competitive Landscape

The Asia-Pacific rooftop solar market is fragmented. Some of the major key players in the market include JA Solar Holdings Co., Ltd., JinkoSolar Holding Co., Ltd., Suntech Power Holdings Co., Ltd., Yingli Green Energy Holding Co., Ltd., and Canadian Solar Inc.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

This product will be delivered within 2 business days.

Table of Contents

1.1 Scope of the Study
1.2 Market Definition
1.3 Study Assumptions
4.1 Introduction
4.2 Installed Capacity and Forecast in GW, till 2025
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Force Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5.1 Location of Deployment
5.1.1 Residential
5.1.2 Commercial and Industrial
5.2 Geography
5.2.1 India
5.2.2 China
5.2.3 Japan
5.2.4 Australia
5.2.5 Rest of Asia-Pacific
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 JA Solar Holdings Co., Ltd.
6.3.2 JinkoSolar Holding Co., Ltd.
6.3.3 Suntech Power Holdings Co., Ltd.
6.3.4 Yingli Green Energy Holding Co., Ltd.
6.3.5 Canadian Solar Inc.
6.3.6 Huawei Technologies Co., Ltd.
6.3.7 Sungrow Power Supply Co. Ltd
6.3.8 Trina Solar Limited
6.3.9 Hanwha SolarOne Co. Ltd.