The Asia-Pacific solar panel market is estimated to grow at a significant CAGR of 12% during the forecast period. A variety of factors such as environmental concerns, decreasing price of main raw materials (silver, polysilicon), and demand for energy due to the rise in population are driving the Asia-pacific solar panel market. Moreover, increased carbon emissions due to fossil fuel and the need for unlimited clean energy are the other factors that are contributing to the growth of the Asia-pacific solar panel market. The adoption of solar panels in various applications including making rooftop, utility lands, and others are increasing which makes them more demanding. Besides, the governments, as well as other major players, are investing in the market, and strong government support in form of tax rebates, and incentives are further projected to provide significant market growth in the near future
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Asia-Pacific Monocrystalline market holds the highest share in 2020. It is also anticipated to grow at a considerable CAGR during the forecast period 2021-2017. 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 provided by the government in the form of subsidies to install a solar panel. 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 the monocrystalline solar panel in the Asia-Pacific region.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Asia-Pacific Solar Panel Market by Panel Type
- Monocrystalline
- Polycrystalline
- Thin-Film
- Amorphous Silicon (A-SI)
- Cadmium Telluride (CDTE)
- Copper Indium Gallium Selenide (CIS/CIGS)
Asia-Pacific Solar Panel Market byEnd-User
- Residential Sector
- Commercial Sector
Asia-pacific Solar Panel Market by Installation
- Ground-Mount
- Rooftop
Country Analysis
- China
- India
- Japan
- Rest of Asia-Pacific
Company Profiles
- Canadian Solar Inc.
- Csun Solar Tech
- Evergreen Solar
- First Solar, Inc.
- Hanwha Group
- JA SOLAR Technology Co., Ltd.
- JinkoSolar Holding Co., Ltd.
- Juwi Holding AG
- Motech Industries Inc.
- RISEN ENERGY CO., LTD.
- SoloPower Systems, Inc.
- SunEdison Inc.
- SunPower Corp.
- Wuxi Suntech Power Co., Ltd.
- Tata Power Solar Systems Ltd
- Trina Solar Ltd.
- Yingli Green Energy Holding Co. Ltd.
- Zhongli Talesun Solar Co., Ltd.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the Asia-Pacific 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.
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