The value of the solar panel market in the Asia Pacific (APAC) region is on course for rapid expansion over the next few years, reaching compound annual growth rates of 14.8%, say market research strategists ApacMarket.com.
According to ApacMarket.coms latest report, titled Asia-Pacific Solar Energy Panel Market Types, Mounting Systems, End Users, Trends, Opportunities, Growth and Forecast, 2013 2020, the market in APAC will reach $37.8 billion by 2020, boosted by continued growth in China, supportive government policies in a number of other APAC countries and a surge in commercial rooftop installations across the region.
Equally, a growing need to tackle the causes of air pollution, greenhouse gases and carbon emissions will result in a greater adoption of solar power, further swelling solar panel deployment across APAC. In the report, India was singled out as being particularly likely to pursue greener energy alternatives, with diversification of energy supply an essential goal of the current government. The Asian Development Bank (ADB) has invested $100 million into Indias solar sector in anticipation of this sea-change.
In Japan, the desire to pivot away from nuclear power and guard the nations energy supply against natural disasters will continue to steer Japanese policymakers and businesses towards solar PV, adds the report, while the news that Chinas National Development and Reform Commission (NDRC) has set a 70 GW PV production target for 2017 was also noted as significant.
The report also finds that continued technology improvements throughout the industry will trigger wider adoption and lower costs, with polycrystalline solar panels set to maintain their dominant market share in the industry.
Last year it was confirmed that the APAC region accounted for more than half of all global PV demand, led by surging installation figures in China, Japan and India.