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

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/m³ 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.

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