Asia-Pacific Solar Panel Market to Witness Growth Acceleration by 2029

The Asia-Pacific solar panel market is estimated to grow at a significant CAGR of 12% during the forecast period. The continued advancement in technology to produce next-generation solar panels is a major factor contributing to the growth of the market in the Asia-Pacific region. Solar panels are widely used by the residential sector to reduce electricity bills. Attributing to it being a renewable and non-polluting property; solar panels cut down the bills and are more secure than any other electric resource which is why they are highly adopted in household applications. Ongoing technological advancements in solar panels to enhance their efficiency are required as a response to rising gas emissions, air pollution, and global warming. The key companies across the globe are highly inclined toward providing a new and reliable renewable energy source in collaboration with automation companies to support green power generation by harnessing solar energy. For instance, in 2022, Siemens and Desert Technologies launched a joint venture to develop and invest in solar and smart infrastructure in several regions including Asia. The venture named Capton Energy aims to build up a portfolio of investments in projects with an aggregate capacity of more than 1 GW and will support projects providing clean, reliable, and affordable energy in areas needed. Furthermore, continuous effort to stay at the forefront of technology and product innovation by providing solar panels with high efficiency is further adding to the growth of the market. For instance, in 2021, Loom Solar, a growing Solar Tech start-up under Govt. of India’s Start-Up India initiative launched India’s most efficient solar panels under Loom Solar’s ‘Shark’ series. The series comes with Pure Mono PERC solar technology with 144 Solar cells, and 9 bus bars, which makes them one of the world’s most advanced technological products. 

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Market Coverage

·        The market number available for – 2022-2029

·        Base year- 2022

·        Forecast period- 2023-2029

Segment Covered- 

·        By Type

·        By Application 

·        Competitive Landscape- Canadian Solar Inc., Wuxi Suntech Power Co., Ltd., Tata Power Solar Systems Ltd, First Solar, Inc. SunPower Corporation, Trina Solar Ltd., Juwi  AG, Motech Industries, Inc., Hanwha Group, and others.

Asia-Pacific Solar Panel Market Report Segment

By Panel Type

·        Monocrystalline 

·        Polycrystalline 

·        Thin-Film 

By Application 

·        Residential Sector

·        Commercial Sector 

By Installation

·        Ground-Mount

·        Rooftop

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Asia-Pacific Solar Panel Market Report Segment by Country 

·        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.

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