APAC Solar market to reach $37 Billion in 2020
According to a new report by ApacMarket, the Asia-Pacific Solar Energy Panel (APAC) market will reach $37.8 billion by 2020, with a CAGR of 14.8 percent during 2014 – 2020.
Roof mounted solar panels is expected to generate considerable revenue for the solar energy panel market, by the year 2020.
The commercial sector will grow at the highest CAGR and generate considerable revenue for the solar energy panel market by the year 2020.
In near future, technology improvements and a rise in the demand for solar PV’s will present potential opportunities for this industry.
Government subsidies, eco-friendly technology and the decreasing costs of raw materials are key factors that supplement the growth of this market.
Presently, polycrystalline holds the largest percentage share in the market as compared to monocrystalline and thin film technologies.
In 2013, the Asia-Pacific Solar Energy Panel market generated a revenue of $14.9 billion.
Strong government support in the Asia-Pacific countries holds potential opportunities for the solar panel market.
The Asia-Pacific countries are promoting the clean energy concept with large scale solar installations across the region.
The ADB (Asian Development Bank) has invested an amount of $100 million to support and empower solar power developers in the private sector.
China is estimated to be the maximum revenue generating country for ground mount panels.
The National Development and Reform Commission (NDRC) of China has set new production targets for solar capacities to reach a minimum of 70 GW by 2017 to boost the solar panel market in China.
In India, energy diversification is essential to support the country’s long term growth in solar energy power sources.
Japan implemented large scale installations of solar panels on water bodies across the country.
Japan, presently is in the process of conceptualizing the largest floating solar installation in the world that possess a capacity to generate 15,635 MW of energy, annually.