Research and consulting firm GlobalData has published a new report that suggests PV module growth in the Asia-Pacific (APAC) region is likely to enjoy a modest performance over the coming year.
The report estimates a Compound Annual Growth Rate (CAGR) of 7.9%, rising in revenue from $6.7 billion in 2012 to $8.6 billion by 2015.
However, APACs solar installation growth will increase at a far greater rate, finds GlobalData’s report, which anticipating a CAGR increase of 18.6% per year, rising from 19.6 GW cumulative installed capacity in 2012 to 420.6 GW by 2030. Last year, the twin market leaders of Japan and China accounted for 77% of all installations in APAC’s solar PV industry a share that will fall slightly but still be dominant in the coming years.
"Governments in the region are promoting solar PV through long-term policies, financial incentives, subsidies and tax benefits," said GlobalDatas senior analyst covering Alternative Energy, Prasad Tanikella. "The strong commitment from APACs countries towards the development of solar energy has led to many research and development initiatives and increased solar power plant installations, which will drive future market growth."
The APAC region already boasts three of the worlds leading manufacturing nations for solar energy systems China, Japan and Taiwan, with Tanikella confident that continued favorable conditions in the region will contribute to a thriving manufacturing industry for years to come.
"Domestically available polysilicon, a favorable regulatory environment and an easily available and inexpensive labor force has allowed APAC companies, such as Yingli Green Energy, Canadian Solar Inc., Trina Solar, LDK Solar and Suntech Power Holdings Co., to lead solar module production with annual capacities of over 1,000 MW each," concluded the analyst.