Asia-Pacific Solar Energy Panels Market: Business Expansion Strategies, Growth Dynamics, Opportunities and Challenges Forecast to 2027

The demand for solar energy panels is witnessing an uptick on account of the wide adoption of renewable energy sources across the region owing to the growing carbon dioxide emissions across Asia. For instance, Asia-Pacific will emit 32.5 billion tons of carbon dioxide by 2030 accounting for nearly 48% of the world’s share. Further, it is expected that China, India, and Indonesia will collectively account for nearly 89% share of Asia-Pacific’s greenhouse gases emission by 2030.

Furthermore, the growth of this market can also be attributed to the growing industrialization, urbanization, and population leading to an increase in energy demand across the region. Additionally, the declining price of solar panels is also increasing investments in the field. According to IRENA, the number of solar PVs in Asia was 280 in 2018 which is expected to grow to 1,860 in 2030 and 4,837 in 2050. ??

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The recent COVID-19 pandemic has disrupted the world like never before and is bringing economies to a halt. In September 2020, the Asian Development Bank reduced its previous projections of Southeast Asia's GDP growth for 2020 to reflect broad declines in consumption, investment, and trade. The region's economy is now expected to shrink 3.8% in 2020, with eight of 11 nations posting negative growth. the coronavirus outbreak has also disrupted the supply chains of solar equipment which in turn is affecting many solar projects across the region. For instance, India’s solar project execution was at its peak in the last quarter of the financial year with an ambitious target of achieving 100GW solar energy target by 2022. this project was affected tremendously as nearly 80% of solar cells and modules along with various equipment are imported to India from China.???

According to UnivDatos Market Insights (UMI)’ research report “Asia-pacific Solar Energy Panels Market Analysis, 2020”, the Asia-Pacific solar energy panels market is projected to grow at a CAGR of XX% during 2021-27F owing to the government’s regulation to reduce the dependency on the fossil fuel in energy generation and to seize the power production from coal plants across several countries. ?The past few years have witnessed a rise in solar energy capacity in Asia. In 2019, the solar energy capacity in Asia is estimated to be approximately 330.79 thousand megawatts. This was a dramatic increase from 2010, in which the solar energy capacity in Asia was approximately 5.5 megawatts.?

Based on the Technology, the market is fragmented into a thin film, monocrystalline polycrystalline, and others. Monocrystalline Segment accounted for the largest share in 2020 and is anticipated to register a lucrative CAGR during the forecast period. The growth of this segment is attributed to the wide adoption of monocrystalline solar panels for residential applications. In addition to this, the high energy generation capacity and high durability of these solar panels are further propelling the growth of this segment. For instance, the longevity of monocrystalline solar cells is up to 30 years.

However, the polycrystalline segment is also expected to grow at a considerable CAGR during the forecasted period.

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Rooftop Solar Segment to Witness Robust growth

Based on deployment, the market is fragmented into rooftop solar and ground-mounted. The rooftop solar segment had the highest revenue and CAGR growth in the analyzed period owing to the increase in installed solar rooftop capacity and several advantages offered by this deployment such as lower installation costs, limited unauthorized visitors, and no requirement of land for the installation of these panels. ?

China to Grab Lion’s Share, and witnessed Explicit Growth

Based on the country, China dominated the Asia-Pacific solar energy panels market in 2020. The region is projected to maintain its dominance during the forecasted period 2021-27 owing to increasing demand for renewable energy sources. For instance, China had 175 GW of solar energy in 2018 and is expected to reach 1,412 GW by 2030. China is expected to skyrocket with a CAGR of XX% in the forecast period owing, as stated in UnivDatos Market Insights (UMI)’ research report “Asia-Pacific Solar Energy Panels Market Analysis, 2020”.??

According to UnivDatos Market Insights (UMI)’, the key players with a considerable market share in the Solar Energy Panels Market are First Solar Inc, Trina Solar Ltd., JA Solar Holdings Co, Adani Green Energy Ltd., Azure Power Global Limited, Siemens AG, Huawei Technologies, Suntech Power Holdings, SolarWorld, Canadian Solar Inc., among others. The players are focused on launching new products for gaining customers' traction and expanding their geographical reach to get a competitive edge in the industry.

§?In July 2021, Trina Solar launched a Vertex solar module with a power output of 510 W. The module relies on PERC cells with a size of 210mm and features an efficiency of 21.2%.

§?In October 2020, RenewSys launched the DESERV Galactic Ultra series of mono-facial modules with 505W peak output and 20.17% efficiency. The modules are India’s first to reach 505Wp, and the world’s first mono-facial panels to cross the peak output of 500 W using G1-sized (158.75mm) cells.

“Asia-Pacific Solar Energy Panels Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and opportunities available for solar energy panels providers across the Globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of go to Market Strategies and identifying the blue ocean for its offerings.

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Market Segmentation:

1.?????By Technology (Thin Film, Monocrystalline, Polycrystalline, and Others)

2.?????By Deployment (Rooftop Solar and Ground Mounted)

3.?????By End-User (Residential, Commercial, and Industrial)

4.?????By Country (China, India, Japan, Australia, and Rest of Asia-Pacific)

5.?????By Company (First Solar Inc, Trina Solar Ltd., JA Solar Holdings Co, Adani Green Energy Ltd., Azure Power Global Limited, Siemens AG, Huawei Technologies, Suntech Power Holdings, SolarWorld, Canadian Solar Inc., etc.)

Key questions answered in the study:

1.?????What are the current and future trends of the solar energy panels industry?

2.?????How the industry has been evolving in terms of end-user demand and technology areas?

3.?????How the competition has been shaping across the countries followed by their comparative factorial indexing?

4.?????What are the key growth drivers and challenges for the solar energy panels industry?

5.?????What is the customer orientation, purchase behavior, and expectations from the solar energy panels firms across various regions??