Solar PV Market in APAC -- Technavio's Report expects market size to grow by USD 150.13 Mn
NEW YORK, Aug. 4, 2022 /PRNewswire/ -- The "Solar PV Market in APAC by End-user and Geography - Forecast and Analysis 2022-2026" report has been added to Technavio's offering. According to the report, the market will observe an incremental growth of USD 150.13 million between 2021 and 2026, accelerating at a CAGR of 21.74% during the forecast period. The report provides a comprehensive analysis of recent developments, new product launches, major revenue-generating segments, and market behavior across geographies. Download Sample PDF Report Here
The solar PV market in APAC is fragmented due to the presence of numerous international and regional players. The market constitutes pure-play, industry-focused, and diversified vendors. The competition in the market is high due to the presence of a wide range of competitors offering many products and solutions. However, the high capital requirement is expected to bring down the threat of rivalry in the market to moderate. The high demand for sustainable power is expected to create significant growth opportunities for market players.
Technavio identifies ABB Ltd., Adani Green Energy Ltd., Azure Power, Canadian Solar Inc., First Solar Inc., Golden Concord Holdings Ltd., Huawei Technologies Co. Ltd., JA Solar Technology Co. Ltd., Lanco Infratech Ltd., Larsen and Toubro Ltd., Mahindra and Mahindra Ltd., Mitsubishi Electric Corp., MVV Energie AG, Renesola Ltd., Risen Energy Co. Ltd., Sterling and Wilson Powergen Pvt. Ltd., Sungrow Power Supply Co. Ltd., Tata Power Co. Ltd., Trina Solar Co. Ltd., and Waaree Energies Ltd. as some of the dominant market participants.
The market is primarily driven by the presence of favorable government regulations in APAC countries. Governments across APAC are encouraging the adoption of solar PV systems by providing incentives, subsidies, and tax benefits to producers and consumers. For instance, Japan has recently introduced the FiT policy to encourage investments in renewable energy technologies. The policy covers various aspects of the solar PV energy industry, including eligibility criteria, bonuses, and various other grants. The availability of such policies is increasing the adoption of solar PV panels, thereby driving the growth of the market in focus.
In addition, the declining cost of solar PV panels and the increasing adoption of microgrids will offer immense growth opportunities for market players. However, factors such as the intermittency of solar PV systems, low energy conversion of solar panels, and high initial investment and maintenance costs of solar PV systems will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. View Sample Report Here
The solar PV market in APAC is segmented as below:
The utility segment is the prime end-user in the market. The availability of favorable government support and a decline in the costs of solar PV installation is driving the growth of the segment. The market growth in the segment will be significant during the forecast period.
China emerged as the major market for solar PV in APAC in 2021. The regional market is driven by the country's increasing number of residential solar PV installations. Also, the increasing electrification of rural areas, growing off-grid installations, and the declining cost of solar PV systems are anticipated to foster the growth of the solar PV market in China during the forecast period.
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our solar PV market in APAC report covers the following areas:
Solar PV Market in APAC 2022-2026: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the solar PV market in APAC. Backed with competitive intelligence and benchmarking, our research report on the solar PV market in APAC is designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.
Solar PV Market in APAC 2022-2026: Key Highlights
Table Of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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