Asia-Pacific Solar Energy Panels Market: Current Analysis and Forecast (2021-2027)

Asia-Pacific Solar Energy Panels Market: Current Analysis and Forecast (2021-2027)

  • UnivDatos Market Insight
  • August 2021
  • Power
  • 191 pages

Report Description

Solar energy is the cleanest and one of the most abundant renewable sources of energy available as this energy is harnessed from sun. there are basically three main ways to harness solar energy: photovoltaics, solar heating & cooling and concentrating solar power. Solar panels are also known as PV panels are used to convert light from the sun into electricity that can be used to power electrical loads. Solar panels can be used for wide variety of applications including remote power systems for cabins, telecommunication equipment, remote sensing, among others.

Asia is known for it’s unhealthy air quality owing to the increasing pollution levels in the region. According to the IQAir World Air Quality Report, Bangladesh & Pakistan has the poorest air quality in Asia and the world. As per the worldwide survey conducted in 2019, 21 out of the 30 most polluted cities were in India. The US AQI number averaged out at 152 and the PM2.5 figure recorded was 58.08µg/m?3; in the same year. This concentration was 5 times higher than that recommended by the WHO which can lead to serious respiratory problem for those exposed to it. Also, the State of Global Air 2020 stated that air pollution is the one of the leading cause of deaths amongst all forms. In 2019, nearly more than1.6 million deaths were due to the poor air quality in India alone. Further, the household and outdoor particulate matter pollution was the leading death cause for more than 1,00,000 infants during the first month of their lives in the same year. Owing to these alarming facts and increasing concern about the deteriorating environment there is wide adoption of cleaner energy sources including solar energy propelling the solar energy panels market across the APAC region.

Based on technology, the market is fragmented into monocrystalline, polycrystalline, thin films and Others. The monocrystalline segment generated revenue of USD XX million in 2020 and is expected to grow at  a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F as they are one of the oldest and efficient alternatives to produce electricity through solar energy.

Based on the deployment, the market is fragmented into rooftop solar and ground mounted. The rooftop solar segment of Asia-Pacific solar energy panels market dominated the market with around XX % market share. The segment generated the revenue of USD XX Mn in 2020 and is expected to grow at a CAGR of XX% during the forthcoming years owing to the various advantages offered by this type of deployment.

Furthermore, the market is also fragmented into residential, commercial and industrial, based on the end-user. The commercial segment grabbed XX% market share in 2020 and dominated the market. Moreover, the trend of dominance is expected to remain the same in the forecast period as well. 

For a better understanding of the market adoption of the solar energy panels market, the market is analyzed based on its presence in the countries such as China, Japan, India, Australia and Rest of APAC. China constitutes a major market for the solar energy panels industry and generated revenue of USD XX Million in 2020 owing to the emerging demand for clean energy owing to the rising death due to pollution from fossil fuel vehicles in the country. Also, the presence of well-established players in the country is adding pace to the growth of the market in the same.

Some of the major players operating in the 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. Several M&As along with partnerships have been undertaken by these players to develop solar energy panels.

Asia-Pacific Solar Panels Market was valued at US$ XX billion in 2020 and is anticipated to reach US$ XX billion by 2027 displaying an elevated CAGR of XX% over the forecast period (2021-2027). Solar energy is the cleanest and one of the most abundant renewable sources of energy available as this energy is harnessed from the sun. there are basically three main ways to harness solar energy: photovoltaics, solar heating & cooling and concentrating solar power. Solar panels are also known as PV panels are used to convert light from the sun into electricity that can be used to power electrical loads. Solar panels can be used for a wide variety of applications including remote power systems for cabins, telecommunication equipment, remote sensing, among others.

Asia is known for its unhealthy air quality owing to the increasing pollution levels in the region. According to the IQAir World Air Quality Report, Bangladesh & Pakistan has the poorest air quality in Asia and the world. As per the worldwide survey conducted in 2019, 21 out of the 30 most polluted cities were in India. The US AQI number averaged out at 152 and the PM2.5 figure recorded was 58.08µg/m?3; in the same year. This concentration was 5 times higher than that recommended by the WHO which can lead to a serious respiratory problem for those exposed to it. Also, the State of Global Air 2020 stated that air pollution is one of the leading causes of deaths amongst all forms. In 2019, nearly more than 1.6 million deaths were due to poor air quality in India alone. Further, household, and outdoor particulate matter pollution was the leading death cause for more than 1,00,000 infants during the first month of their lives in the same year. Owing to these alarming facts and increasing concern about the deteriorating environment there is wide adoption of cleaner energy sources including solar energy propelling the solar energy panels market across the APAC region. 

Furthermore, the growth of this market can be attributed to the growing industrialization, urbanization, and population in the region. Economic growth is causing the demand for power in the region which results in more electricity supplies and the Paris act and other environmental policies lead to increasing investments in renewable power and infrastructure. 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. Also, the highest number of Solar PVs are expected to be installed in Asia in the upcoming years which in turn is propelling the growth of the Asia-Pacific Solar Energy Panels market across the globe.

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. are some of the prominent players operating in the solar energy panels market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst Technology, Monocrystalline segment holds the major share”

Based on technology, the market is fragmented into monocrystalline, polycrystalline, thin films, and Others. The monocrystalline segment generated revenue of USD XX million in 2020 and is expected to grow at a CAGR of XX% during the forecast period to reach a market valuation of USD XX million by 2027F as they are one of the oldest and efficient alternatives to produce electricity through solar energy. For instance, the efficiency of these solar panels ranges between 17% to 22%. Also, these solar panels have monocrystalline solar cells that require less space to reach a certain capacity of power owing to their high efficiency.

“Amongst Deployment, Rooftop Solar segment holds the major share”

Based on deployment, the Asia-Pacific solar energy panels market is segmented into rooftop solar and ground-mounted. The rooftop solar segment accounted for a market valuation of US$ XX billion in 2020 and is expected to reach US$ XX billion by the year 2027 growing with a CAGR of XX% over the projected timeframe. Rooftop mounted solar panels are the most common type of installation of solar panels where solar panels are installed directly on the roof. Rooftop mounting of solar systems offers many advantages over ground-mounted solar panels which in turn is responsible for the growth of this segment. Some advantages of rooftop solar are lower cost of installation as compared to ground-mounted solar panels and panels protect the roof from unwanted exposure to certain elements.

“Amongst End-User, Commercial segment holds the major share”

Based on end-user, the market is also fragmented into residential, commercial, and industrial, based on the end-user. The Industrial segment grabbed XX% market share in 2020 and is expected to grow with a CAGR of XX% to reach a market valuation of USD XX million by 2027. The growth of this segment is attributed to the growing demand for energy in the industrial sector in the APAC region. For instance, in 2020 the energy demand by the industrial sector in the Asia-Pacific region accounted for 104 quadrillion British thermal units. 

“China represents one of the largest markets of Solar Energy Panels market” 

For a better understanding of the market dynamics of the solar energy panels market, a detailed analysis was conducted for different countries across the Asia-pacific region including China, Japan, India, Australia, and the Rest of APAC. China dominated the market and grabbed around XX% market share owing to the increasing adoption of renewable energy and increased solar PV capacity in the country. For instance, in China, solar PV capacity increased substantially from 0.864 GW in 2010 to 205.07 GW in 2019 at a CAGR of 94.2%.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive regional level analysis of the industry

Customization Options:

Asia-Pacific solar energy panels market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

Companies Covered

  • 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.

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Table of Content

1 MARKET INTRODUCTION
1.1 Market Definitions
1.2 Objective of the Study
1.3 Limitation
1.4 Stake Holders
1.5 Currency Used in Report
1.6 Scope of the Solar Energy Panels Market Study
2 RESEARCH METHODOLOGY OR ASSUMPTION
2.1 Research Methodology for the Solar Energy Panels Market
2.1.1 Main Objective of the Solar Energy Panels Market

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 COVID-19 IMPACT

6 ASIA-PACIFIC SOLAR ENERGY PANELS MARKET REVENUE

7 MARKET INSIGHTS BY TECHNOLOGY

7.1 Thin Film
7.2 Monocrystalline
7.3 Polycrystalline
7.4 Others

8 MARKET INSIGHTS BY DEPLOYMENT
8.1 Rooftop Solar
8.2 Ground Mounted

9 MARKET INSIGHTS BY END-USERS
9.1 Residential
9.2 Commercial
9.3 Industrial

10 MARKET INSIGHTS BY COUNTRY
10.1 China
10.2 Japan
10.3 India
10.4 Australia
10.5 Rest of Asia Pacific
11 SOLAR ENERGY PANELS MARKET DYNAMICS
11.1 Market Drivers
11.2 Market Challenges
11.3 Impact Analysis

12 SOLAR ENERGY PANELS MARKET OPPORTUNITIES

13 SOLAR ENERGY PANELS MARKET TRENDS & INSIGHTS

14 LEGAL & REGULATORY FRAMEWORK

15 DEMAND AND SUPPLY SIDE ANALYSIS

15.1 Demand Side Analysis
15.2 Supply Side Analysis
15.2.1 Top Product Launches
15.2.2 Top Business Partnerships
15.2.3 Top Merger & Acquisitions

16 VALUE CHAIN ANALYSIS

17 COMPETITIVE SCENARIO

17.1 Porter’s Five forces analysis
17.1.1 Bargaining power of Supplier
17.1.2 Bargaining power of Buyer
17.1.3 Industry Rivalry
17.1.4 Availability of Substitute
17.1.5 Threat of new Entrants

18 COMPANY PROFILED
18.1 Siemens AG
18.1.1 Key Facts
18.1.2 Business Description
18.1.3 Key Product/Services Offerings
18.1.4 Growth Strategy
18.1.5 SWOT Analysis
18.1.6 Key Financials
18.1.6.1 Revenue Split
18.1.6.2 Financial Overview of Siemens AG
18.1.7 Recent Developments
18.1.7.1 Product Launch
18.1.7.2 Partnerships
18.1.7.3 Business Expansion and Investments
18.1.7.4 Merger and Acquisition
18.2 First Solar Inc
18.3 Trina Solar Ltd
18.4 JA Solar Holding Co
18.5 Adani Green Energy Ltd
18.6 Huawei Technologies
18.7 Azure Power Global Limited
18.8 Suntech Power Holdings
18.9 SolarWorld
18.10 Canadian Solar Inc

19 DISCLAIMER

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